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== Front Page ==
= Full Year 2025 Earnings – Financial Supplement =






== Summary ==
= Financial Supplement - Table of Contents =






== 13. Activity indicators ==
= Gross Written Premiums & Other Revenues, New Business Value & Present Value of Expected Premiums =


=== 1H24 ===
=== 1H24 ===


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, 1H24 (Euro million)
|+ 📊 AXA Consolidated — Activity Indicators, 1H24 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | Total
Line 24: Line 24:
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 59,872.00000
| style="text-align:right" | 59,872
| style="text-align:right" | 32,522
| style="text-align:right" | 32,522
| style="text-align:right" | 26,505.000
| style="text-align:right" | 26,505
| style="text-align:right" | 6,673
| style="text-align:right" | 6,673
| style="text-align:right" | 17,419.000
| style="text-align:right" | 17,419
| style="text-align:right" | 9,086.000
| style="text-align:right" | 9,086
| style="text-align:right" | 787
| style="text-align:right" | 787
| style="text-align:right" | 57
| style="text-align:right" | 57
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="background:#f8f9fa;text-align:right" | '''1,206.000'''
| style="text-align:right" | 1,206
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''1,206.000'''
| style="text-align:right" | 1,206
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''953.000'''
| style="text-align:right" | 953
| style="background:#f8f9fa;text-align:right" | '''253.000'''
| style="text-align:right" | 253
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131.000
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,131.000
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 919.000
| style="text-align:right" | 919
| style="text-align:right" | 213.000
| style="text-align:right" | 213
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 456.000
| style="text-align:right" | 456
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 456.000
| style="text-align:right" | 456
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 333.000
| style="text-align:right" | 333
| style="text-align:right" | 123.000
| style="text-align:right" | 123
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" |    Tax
| style="text-align:right" | (381.000)
| style="text-align:right" | (381)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (381.000)
| style="text-align:right" | (381)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (299.000)
| style="text-align:right" | (299)
| style="text-align:right" | (83.000)
| style="text-align:right" | (83)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588.000
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,588.000
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 18,234.000
| style="text-align:right" | 18,234
| style="text-align:right" | 7,354.000
| style="text-align:right" | 7,354
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.047
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.047
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.052
| style="text-align:right" | 5.2%
| style="text-align:right" | 0.034
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 97: Line 97:


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, Full Year 2024 (Euro million)
|+ 📊 AXA Consolidated — Activity Indicators, FY24 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! 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;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! 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;" | Life
! style="background:#eaecf0;text-align:right;width:9em;" | Health
! 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;" | Asset Management
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
! style="background:#eaecf0;text-align:right;width:6em;" | Bank
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 110,316.000
| style="text-align:right" | 110,316
| style="text-align:right" | 56,514
| style="text-align:right" | 56,514
| style="text-align:right" | 51,983.000
| style="text-align:right" | 51,983
| style="text-align:right" | 12,167
| style="text-align:right" | 12,167
| style="text-align:right" | 34,497.000
| style="text-align:right" | 34,497
| style="text-align:right" | 17,486.000
| style="text-align:right" | 17,486
| style="text-align:right" | 1,701
| style="text-align:right" | 1,701
| style="text-align:right" | 118
| 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" | IFRS17/9 New Business Value (NBV) (a)
| style="background:#f8f9fa;text-align:right" | '''2,264.000'''
| style="text-align:right" | 2,264
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''2,264.000'''
| style="text-align:right" | 2,264
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''1,792.000'''
| style="text-align:right" | 1,792
| style="background:#f8f9fa;text-align:right" | '''473.000'''
| style="text-align:right" | 473
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 2,169.000
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,169.000
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,770.000
| style="text-align:right" | 1,770
| style="text-align:right" | 399.000
| style="text-align:right" | 399
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 824.000
| style="text-align:right" | 824
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 824.000
| style="text-align:right" | 824
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 594.000
| style="text-align:right" | 594
| style="text-align:right" | 231.000
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" |    Tax
| style="text-align:right" | (729.000)
| style="text-align:right" | (729)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (729.000)
| style="text-align:right" | (729)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (572.000)
| style="text-align:right" | (572)
| style="text-align:right" | (158.000)
| style="text-align:right" | (158)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 50,896.000
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 50,896.000
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 36,860.000
| style="text-align:right" | 36,860
| style="text-align:right" | 14,036.000
| style="text-align:right" | 14,036
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.044
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.044
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.049
| style="text-align:right" | 4.9%
| style="text-align:right" | 0.034
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 182: Line 182:


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, 1H25 (Euro million)
|+ 📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, PVEP, NBV Margin), 1H25, EUR mm
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! 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;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! 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;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! 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;" | Asset Management
Line 194: Line 194:
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 64,251.000
| style="text-align:right" | 64,251
| style="text-align:right" | 34,097
| style="text-align:right" | 34,097
| style="text-align:right" | 29,230.000
| style="text-align:right" | 29,230
| style="text-align:right" | 7,223
| style="text-align:right" | 7,223
| style="text-align:right" | 19,081.000
| style="text-align:right" | 19,081
| style="text-align:right" | 10,149.00
| style="text-align:right" | 10,149
| style="text-align:right" | 875
| style="text-align:right" | 875
| style="text-align:right" | 49
| 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" | IFRS17/9 New Business Value (NBV) (a)
| style="background:#f8f9fa;text-align:right" | '''1,189.000'''
| style="text-align:right" | 1,189
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''1,189.000'''
| style="text-align:right" | 1,189
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''928.000'''
| style="text-align:right" | 928
| style="background:#f8f9fa;text-align:right" | '''260.00'''
| style="text-align:right" | 260
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,184.000
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,184.000
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 950.000
| style="text-align:right" | 950
| style="text-align:right" | 234.00
| style="text-align:right" | 234
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 382.000
| style="text-align:right" | 382
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 382.000
| style="text-align:right" | 382
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 270.000
| style="text-align:right" | 270
| style="text-align:right" | 113.00
| style="text-align:right" | 113
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" |    Tax
| style="text-align:right" | (378.000)
| style="text-align:right" | (378)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (378.000)
| style="text-align:right" | (378)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (292.000)
| style="text-align:right" | (292)
| style="text-align:right" | (86.00)
| style="text-align:right" | (86)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,918.000
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,918.000
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 19,487.000
| style="text-align:right" | 19,487
| style="text-align:right" | 6,430.00
| style="text-align:right" | 6,430
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.046
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.046
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.048
| style="text-align:right" | 4.8%
| style="text-align:right" | 0.04
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 267: Line 267:


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, Full Year 2025 (Euro million)
|+ 📊 AXA Consolidated — Activity Indicators, FY25 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | P&C
! 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;" | Life & Health
! style="background:#eaecf0;text-align:right;width:6em;" | o/w Employee Benefits**
! 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;" | Life
! style="background:#eaecf0;text-align:right;width:6em;" | Health
! 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;" | Asset Management
Line 279: Line 279:
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 115,524.000
| style="text-align:right" | 115,524
| style="text-align:right" | 58,038
| style="text-align:right" | 58,038
| style="text-align:right" | 56,512.000
| style="text-align:right" | 56,512
| style="text-align:right" | 12,867
| style="text-align:right" | 12,867
| style="text-align:right" | 37,499.000
| style="text-align:right" | 37,499
| style="text-align:right" | 19,014.00
| style="text-align:right" | 19,014
| style="text-align:right" | 875
| style="text-align:right" | 875
| style="text-align:right" | 99
| 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" | IFRS17/9 New Business Value (NBV) (a)
| style="background:#f8f9fa;text-align:right" | '''2,233.000'''
| style="text-align:right" | 2,233
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''2,233.000'''
| style="text-align:right" | 2,233
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''1,747.000'''
| style="text-align:right" | 1,747
| style="background:#f8f9fa;text-align:right" | '''486.00'''
| style="text-align:right" | 486
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 2,199.000
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,199.000
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,822.000
| style="text-align:right" | 1,822
| style="text-align:right" | 377.00
| style="text-align:right" | 377
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 757.000
| style="text-align:right" | 757
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 757.000
| style="text-align:right" | 757
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 491.000
| style="text-align:right" | 491
| style="text-align:right" | 266.00
| style="text-align:right" | 266
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" |    Tax
| style="text-align:right" | (724.000)
| style="text-align:right" | (724)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (724.000)
| style="text-align:right" | (724)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (567.000)
| style="text-align:right" | (567)
| style="text-align:right" | (157.00)
| style="text-align:right" | (157)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 49,357.000
| style="text-align:right" | 49,357
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49,357.000
| style="text-align:right" | 49,357
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 37,103.000
| style="text-align:right" | 37,103
| style="text-align:right" | 12,254.00
| style="text-align:right" | 12,254
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.045
| style="text-align:right" | 4.5%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.045
| style="text-align:right" | 4.5%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.047
| style="text-align:right" | 4.7%
| style="text-align:right" | 0.04
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
Line 352: Line 352:


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, 1H24 (Euro million)
|+ 📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, PVEP & NBV Margin), 1H24, EUR mm
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:9em;" | France
! 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;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! 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;" | Asia, Africa & EME-LATAM
Line 363: Line 363:
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 59,872.000
| style="text-align:right" | 59,872
| style="text-align:right" | 14,719.000
| style="text-align:right" | 14,719
| style="text-align:right" | 22,579.000
| style="text-align:right" | 22,579
| style="text-align:right" | 11,220
| style="text-align:right" | 11,220
| style="text-align:right" | 9,571.000
| style="text-align:right" | 9,571
| style="text-align:right" | 787
| style="text-align:right" | 787
| style="text-align:right" | 995
| 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" | IFRS17/9 New Business Value (NBV) (a)
| style="background:#f8f9fa;text-align:right" | '''1,206.000'''
| style="text-align:right" | 1,206
| style="background:#f8f9fa;text-align:right" | '''354.000'''
| style="text-align:right" | 354
| style="background:#f8f9fa;text-align:right" | '''348.000'''
| style="text-align:right" | 348
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''504.000'''
| style="text-align:right" | 504
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131.000
| style="text-align:right" | 1,131
| style="text-align:right" | 203.000
| style="text-align:right" | 203
| style="text-align:right" | 398.000
| style="text-align:right" | 398
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 531.000
| style="text-align:right" | 531
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 456.000
| style="text-align:right" | 456
| style="text-align:right" | 275.000
| style="text-align:right" | 275
| style="text-align:right" | 50.000
| style="text-align:right" | 50
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 131.000
| style="text-align:right" | 131
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" |    Tax
| style="text-align:right" | (381.000)
| style="text-align:right" | (381)
| style="text-align:right" | (123.000)
| style="text-align:right" | (123)
| style="text-align:right" | (100.000)
| style="text-align:right" | (100)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (158.000)
| style="text-align:right" | (158)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588.000
| style="text-align:right" | 25,588
| style="text-align:right" | 12,301.000
| style="text-align:right" | 12,301
| style="text-align:right" | 6,317.000
| style="text-align:right" | 6,317
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 6,971.000
| style="text-align:right" | 6,971
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.047
| style="text-align:right" | 4.7%
| style="text-align:right" | 0.029
| style="text-align:right" | 2.9%
| style="text-align:right" | 0.055
| style="text-align:right" | 5.5%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.072
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
|}


*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.
* 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.
* Employee Benefits include Group Protection and Group Health contracts.


=== FY24 ===
=== FY24 ===


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, Full Year 2024, Euro Million
|+ 📊 AXA Consolidated — Activity Indicators: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin, FY24 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:9em;" | France
! style="background:#eaecf0;text-align:right;width:6em;" | France
! style="background:#eaecf0;text-align:right;width:6em;" | Europe
! 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:6em;" | AXA XL
! style="background:#eaecf0;text-align:right;width:9em;" | Asia, Africa & EME-LATAM
! 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;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 110,316.000
| style="text-align:right" | 110,316
| style="text-align:right" | 28,996.000
| style="text-align:right" | 28,996
| style="text-align:right" | 39,298.00
| style="text-align:right" | 39,298
| style="text-align:right" | 19,383
| style="text-align:right" | 19,383
| style="text-align:right" | 19,083.000
| style="text-align:right" | 19,083
| style="text-align:right" | 1,701
| style="text-align:right" | 1,701
| style="text-align:right" | 1,856
| 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" | IFRS17/9 New Business Value (NBV) (a)
| style="background:#f8f9fa;text-align:right" | '''2,264.000'''
| style="text-align:right" | 2,264
| style="background:#f8f9fa;text-align:right" | '''682.000'''
| style="text-align:right" | 682
| style="background:#f8f9fa;text-align:right" | '''597.00'''
| style="text-align:right" | 597
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''986.000'''
| style="text-align:right" | 986
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 2,169.000
| style="text-align:right" | 2,169
| style="text-align:right" | 391.000
| style="text-align:right" | 391
| style="text-align:right" | 731.00
| style="text-align:right" | 731
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,047.000
| style="text-align:right" | 1,047
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 824.000
| style="text-align:right" | 824
| style="text-align:right" | 528.000
| style="text-align:right" | 528
| style="text-align:right" | 49.00
| style="text-align:right" | 49
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 247.000
| style="text-align:right" | 247
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" |    Tax
| style="text-align:right" | (729.000)
| style="text-align:right" | (729)
| style="text-align:right" | (237.000)
| style="text-align:right" | (237)
| style="text-align:right" | (184.00)
| style="text-align:right" | (184)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (309.000)
| style="text-align:right" | (309)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 50,896.000
| style="text-align:right" | 50,896
| style="text-align:right" | 25,370.000
| style="text-align:right" | 25,370
| style="text-align:right" | 11,831.00
| style="text-align:right" | 11,831
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 13,695.000
| style="text-align:right" | 13,695
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.044
| style="text-align:right" | 4.4%
| style="text-align:right" | 0.027
| style="text-align:right" | 2.7%
| style="text-align:right" | 0.05
| style="text-align:right" | 5.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.072
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
|}


*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.
* 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.
* Employee Benefits include Group Protection and Group Health contracts.


=== 1H25 ===
=== 1H25 ===


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, 1H25 (Euro million)
|+ 📊 AXA Consolidated — Activity Indicators, 1H25 (EUR mm)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:9em;" | France
! 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;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! 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;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 64,251.000
| style="text-align:right" | 64,251
| style="text-align:right" | 15,670.000
| style="text-align:right" | 15,670
| style="text-align:right" | 24,649.000
| style="text-align:right" | 24,649
| style="text-align:right" | 11,749
| style="text-align:right" | 11,749
| style="text-align:right" | 10,302.000
| style="text-align:right" | 10,302
| style="text-align:right" | 875
| style="text-align:right" | 875
| style="text-align:right" | 1,006
| style="text-align:right" | 1,006
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="background:#f8f9fa;text-align:right" | '''1,189.000'''
| style="text-align:right" | 1,189
| style="background:#f8f9fa;text-align:right" | '''315.000'''
| style="text-align:right" | 315
| style="background:#f8f9fa;text-align:right" | '''364.000'''
| style="text-align:right" | 364
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''510.000'''
| style="text-align:right" | 510
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,184.000
| style="text-align:right" | 1,184
| style="text-align:right" | 199.000
| style="text-align:right" | 199
| style="text-align:right" | 443.000
| style="text-align:right" | 443
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 541.000
| style="text-align:right" | 541
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 382.000
| style="text-align:right" | 382
| style="text-align:right" | 225.000
| style="text-align:right" | 225
| style="text-align:right" | 28.000
| style="text-align:right" | 28
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 129.000
| style="text-align:right" | 129
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" |    Tax
| style="text-align:right" | (378.000)
| style="text-align:right" | (378)
| style="text-align:right" | (109.000)
| style="text-align:right" | (109)
| style="text-align:right" | (107.000)
| style="text-align:right" | (107)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (161.000)
| style="text-align:right" | (161)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,918.000
| style="text-align:right" | 25,918
| style="text-align:right" | 11,662.000
| style="text-align:right" | 11,662
| style="text-align:right" | 6,843.000
| style="text-align:right" | 6,843
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,413.000
| style="text-align:right" | 7,413
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.046
| style="text-align:right" | 4.6%
| style="text-align:right" | 0.027
| style="text-align:right" | 2.7%
| style="text-align:right" | 0.053
| style="text-align:right" | 5.3%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.069
| style="text-align:right" | 6.9%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
|}


*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.
* 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.
* Employee Benefits include Group Protection and Group Health contracts.


=== FY25 ===
=== FY25 ===


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Activity Indicators, Full Year 2025 (Euro million)
|+ 📊 AXA Consolidated — Activity Indicators: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin (EUR mm), FY25
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:9em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | Total
! style="background:#eaecf0;text-align:right;width:6em;" | France
! 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;" | Europe
! style="background:#eaecf0;text-align:right;width:6em;" | AXA XL
! 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;" | Asia, Africa & EME-LATAM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | AXA IM
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
! style="background:#eaecf0;text-align:right;width:6em;" | Transversal & Other
|-
|-
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:left" | Gross Written Premiums & Other Revenues
| style="text-align:right" | 115,524.000
| style="text-align:right" | 115,524
| style="text-align:right" | 30,598.00
| style="text-align:right" | 30,598
| style="text-align:right" | 43,005.000
| style="text-align:right" | 43,005
| style="text-align:right" | 19,277
| style="text-align:right" | 19,277
| style="text-align:right" | 19,925.000
| style="text-align:right" | 19,925
| style="text-align:right" | 875
| style="text-align:right" | 875
| style="text-align:right" | 1,844
| style="text-align:right" | 1,844
|-
|-
| style="background:#f8f9fa;border-top:1px solid #a2a9b1;text-align:left" | '''IFRS17/9 New Business Value (NBV) (a)'''
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="background:#f8f9fa;text-align:right" | '''2,233.000'''
| style="text-align:right" | 2,233
| style="background:#f8f9fa;text-align:right" | '''695.00'''
| style="text-align:right" | 695
| style="background:#f8f9fa;text-align:right" | '''578.000'''
| style="text-align:right" | 578
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''959.000'''
| style="text-align:right" | 959
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
| style="background:#f8f9fa;text-align:right" | '''—'''
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:left" |    New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 2,199.000
| style="text-align:right" | 2,199
| style="text-align:right" | 431.00
| style="text-align:right" | 431
| style="text-align:right" | 740.000
| style="text-align:right" | 740
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,028.000
| style="text-align:right" | 1,028
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Other NBV *
| style="text-align:left" |    Other NBV *
| style="text-align:right" | 757.000
| style="text-align:right" | 757
| style="text-align:right" | 506.00
| style="text-align:right" | 506
| style="text-align:right" | 12.000
| style="text-align:right" | 12
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 239.000
| style="text-align:right" | 239
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" |    Tax
| style="text-align:left" |    Tax
| style="text-align:right" | (724.000)
| style="text-align:right" | (724)
| style="text-align:right" | (242.00)
| style="text-align:right" | (242)
| style="text-align:right" | (174.000)
| style="text-align:right" | (174)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | (308.000)
| style="text-align:right" | (308)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 49,357.000
| style="text-align:right" | 49,357
| style="text-align:right" | 22,858.00
| style="text-align:right" | 22,858
| style="text-align:right" | 12,651.000
| style="text-align:right" | 12,651
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 13,847.000
| style="text-align:right" | 13,847
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 0.045
| style="text-align:right" | 4.5%
| style="text-align:right" | 0.03
| style="text-align:right" | 3.0%
| style="text-align:right" | 0.046
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.069
| style="text-align:right" | 6.9%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
|}


*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.
* 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.
* Employee Benefits include Group Protection and Group Health contracts.


= Balance Sheet =
== 14. Balance Sheet ==


=== Assets ===
=== Assets ===


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Balance Sheet, Annual, FY24–FY25 (Euro billion)
|+ 📊 AXA — Consolidated Balance Sheet, FY24–FY25 (EUR bn)
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
Line 805: Line 805:


{| class="wikitable" style="width:100%"
{| class="wikitable" style="width:100%"
|+ |+ 📊 AXA Consolidated — Balance Sheet: Liabilities, Non-controlling Interests & Shareholders' Equity (EUR bn), FY24–FY25
|+ 📊 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:left" |
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
! style="background:#eaecf0;text-align:right;width:6em;" | FY24
Line 855: Line 855:
| style="text-align:right" | 432.6
| style="text-align:right" | 432.6
|-
|-
| style="text-align:left" |    Total Investments from Insurance activities
| style="text-align:left" | Total Investments from Insurance activities
| style="text-align:right" | 537.5
| style="text-align:right" | 537.5
| style="text-align:right" | 526.9
| style="text-align:right" | 526.9

Revision as of 01:41, 22 March 2026

Front Page

Summary

13. Activity indicators

1H24

📊 AXA Consolidated — Activity Indicators, 1H24 (EUR mm)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 59,872 32,522 26,505 6,673 17,419 9,086 787 57
IFRS17/9 New Business Value (NBV) (a) 1,206 — 1,206 — 953 253 — —
   New Business Contractual Service Margin (NB CSM) 1,131 — 1,131 — 919 213 — —
   Other NBV * 456 — 456 — 333 123 — —
   Tax (381) — (381) — (299) (83) — —
Present Value of Expected Premiums (PVEP) (b) 25,588 — 25,588 — 18,234 7,354 — —
IFRS17/9 NBV Margin (a)/(b) 4.7% — 4.7% — 5.2% 3.4% — —

FY24

📊 AXA Consolidated — Activity Indicators, FY24 (EUR mm)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 110,316 56,514 51,983 12,167 34,497 17,486 1,701 118
IFRS17/9 New Business Value (NBV) (a) 2,264 — 2,264 — 1,792 473 — —
   New Business Contractual Service Margin (NB CSM) 2,169 — 2,169 — 1,770 399 — —
   Other NBV * 824 — 824 — 594 231 — —
   Tax (729) — (729) — (572) (158) — —
Present Value of Expected Premiums (PVEP) (b) 50,896 — 50,896 — 36,860 14,036 — —
IFRS17/9 NBV Margin (a)/(b) 4.4% — 4.4% — 4.9% 3.4% — —

1H25

📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, PVEP, NBV Margin), 1H25, EUR mm
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 64,251 34,097 29,230 7,223 19,081 10,149 875 49
IFRS17/9 New Business Value (NBV) (a) 1,189 — 1,189 — 928 260 — —
   New Business Contractual Service Margin (NB CSM) 1,184 — 1,184 — 950 234 — —
   Other NBV * 382 — 382 — 270 113 — —
   Tax (378) — (378) — (292) (86) — —
Present Value of Expected Premiums (PVEP) (b) 25,918 — 25,918 — 19,487 6,430 — —
IFRS17/9 NBV Margin (a)/(b) 4.6% — 4.6% — 4.8% 4.0% — —

FY25

📊 AXA Consolidated — Activity Indicators, FY25 (EUR mm)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 115,524 58,038 56,512 12,867 37,499 19,014 875 99
IFRS17/9 New Business Value (NBV) (a) 2,233 — 2,233 — 1,747 486 — —
   New Business Contractual Service Margin (NB CSM) 2,199 — 2,199 — 1,822 377 — —
   Other NBV * 757 — 757 — 491 266 — —
   Tax (724) — (724) — (567) (157) — —
Present Value of Expected Premiums (PVEP) (b) 49,357 — 49,357 — 37,103 12,254 — —
IFRS17/9 NBV Margin (a)/(b) 4.5% — 4.5% — 4.7% 4.0% — —

1H24

📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, PVEP & NBV Margin), 1H24, EUR mm
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 59,872 14,719 22,579 11,220 9,571 787 995
IFRS17/9 New Business Value (NBV) (a) 1,206 354 348 — 504 — —
   New Business Contractual Service Margin (NB CSM) 1,131 203 398 — 531 — —
   Other NBV * 456 275 50 — 131 — —
   Tax (381) (123) (100) — (158) — —
Present Value of Expected Premiums (PVEP) (b) 25,588 12,301 6,317 — 6,971 — —
IFRS17/9 NBV Margin (a)/(b) 4.7% 2.9% 5.5% — 7.2% — —
  • 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: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin, FY24 (EUR mm)
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 110,316 28,996 39,298 19,383 19,083 1,701 1,856
IFRS17/9 New Business Value (NBV) (a) 2,264 682 597 — 986 — —
   New Business Contractual Service Margin (NB CSM) 2,169 391 731 — 1,047 — —
   Other NBV * 824 528 49 — 247 — —
   Tax (729) (237) (184) — (309) — —
Present Value of Expected Premiums (PVEP) (b) 50,896 25,370 11,831 — 13,695 — —
IFRS17/9 NBV Margin (a)/(b) 4.4% 2.7% 5.0% — 7.2% — —
  • 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 (EUR mm)
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 64,251 15,670 24,649 11,749 10,302 875 1,006
IFRS17/9 New Business Value (NBV) (a) 1,189 315 364 — 510 — —
   New Business Contractual Service Margin (NB CSM) 1,184 199 443 — 541 — —
   Other NBV * 382 225 28 — 129 — —
   Tax (378) (109) (107) — (161) — —
Present Value of Expected Premiums (PVEP) (b) 25,918 11,662 6,843 — 7,413 — —
IFRS17/9 NBV Margin (a)/(b) 4.6% 2.7% 5.3% — 6.9% — —
  • 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: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin (EUR mm), FY25
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 115,524 30,598 43,005 19,277 19,925 875 1,844
IFRS17/9 New Business Value (NBV) (a) 2,233 695 578 — 959 — —
   New Business Contractual Service Margin (NB CSM) 2,199 431 740 — 1,028 — —
   Other NBV * 757 506 12 — 239 — —
   Tax (724) (242) (174) — (308) — —
Present Value of Expected Premiums (PVEP) (b) 49,357 22,858 12,651 — 13,847 — —
IFRS17/9 NBV Margin (a)/(b) 4.5% 3.0% 4.6% — 6.9% — —
  • 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.

14. Balance Sheet

Assets

📊 AXA — Consolidated Balance Sheet, FY24–FY25 (EUR bn)
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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