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AXA/2025/FY/Financial supplement: Difference between revisions

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Line 18:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Average foreign exchange rates fortime major currenciesseries for fiscal years 1H24, FY24, 1H25, and FY25
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1H24
Line 83:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Average interest rates fortime major currenciesseries for fiscal years 1H24, FY24, 1H25, and FY25
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Average 1H24
Line 130:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Closing interest rates fortime major currenciesseries for fiscal years 1H24, FY24, 1H25, and FY25
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Closing 1H24
Line 179:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Underlying earnings and net income breakdown by line of business for fiscal years 1H24, FY24, 1H25, and FY25
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | Property & Casualty
! colspan="4" style="text-align:center" | Life & Health
! style="text-align:center" | Asset Management {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! style="text-align:center" | Asset Management {{footnote|1=EmployeeIncludes BenefitsBank includewith Underlying Earnings Group ProtectionShare of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and Group-54 million as Healthof contractsFY25.}}
! colspan="42" style="text-align:center" | AXAAsset IMManagement*▼
! style="text-align:center" | Asset Management {{footnote|1=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.}}
! colspan="24" style="text-align:center" | FY25*Holdings▼
! style="text-align:center" | Asset Management {{footnote|1=Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! style="text-align:center" | Holdings {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}▼
! style="text-align:center" | Holdings {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! style="text-align:center" | Holdings {{footnote|1=Including scope changes and FX.}} {{footnote|1=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}▼
! style="text-align:center" | Holdings▼
|-
! style="text-align:left" | —
Line 837 ⟶ 833:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Underlying earnings group share breakdown by geography for fiscal years 1H24, FY24, 1H25, and FY25
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
! colspan="4" style="text-align:center" | France
Line 844 ⟶ 840:
! colspan="4" style="text-align:center" | AXA XL
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! style="text-align:center" | AXA IM {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
▲! colspan="4" style="text-align:center" | AXA IM*
▲! style="text-align:center" | HoldingsAXA IM {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
! colspan="2" style="text-align:center" | AXA IM*
! colspan="4" style="text-align:center" | Transversal & Other
|-
Line 1,393 ⟶ 1,391:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Shares and underlying earnings per share time series for fiscal years FY24 and FY25
! style="text-align:left" |
! style="text-align:center" | Outstanding shares excluding treasury shares (a) {{footnote|1=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
! style="text-align:center" | Outstanding shares excluding treasury shares {{footnote|1=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}(a)
! colspan="2" style="text-align:center" | Weighted average number
|-
Line 1,549 ⟶ 1,547:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property &and casualty underlying earnings breakdown by sub line of business for fiscal years 1H24, FY24, 1H25, and FY25 {{footnote|1=For long-term business.}} {{footnote|1=Best Estimate Liabilities net of reinsurance.}}
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Commercial lines
Line 1,799 ⟶ 1,797:
| style="text-align:right" | -63
|-
| style="text-align:left" | '''Long-term business {{footnote|1=For long-term business.}}'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 2,151 ⟶ 2,149:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Oo/w VFA
| style="text-align:right" | 0
| style="text-align:right" | 0
Line 2,173 ⟶ 2,171:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Oo/w non VFA
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
Line 2,239 ⟶ 2,237:
| style="text-align:right" | '''32'''
|-
| style="text-align:left" | '''Best Estimate for incurred Claims net of reinsurance {{footnote|1=Best Estimate Liabilities net of reinsurance.}}'''
| style="text-align:right" | '''69,800'''
| style="text-align:right" | '''71,751'''
Line 2,267 ⟶ 2,265:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property &and casualty underlying earnings breakdown by geography for fiscal years 1H24, FY24, 1H25, and FY25
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | France
! colspan="4" style="text-align:center" | Europe
! colspan="8" style="text-align:center" | AXA XL
! class="col-s" style="text-align:rightcenter" | o/w AXA XL insurance▼
▲! style="text-align:center" | HoldingsFY24
! class="col-s" style="text-align:rightcenter" | o/w AXA XL insurance▼
|! style="text-align:leftcenter" | OtherAXA revenuesXL▼
|! style="text-align:leftcenter" | Othero/w AXA XL expensesinsurance▼
! class="col-s" style="text-align:rightcenter" | FY25▼
|! style="text-align:leftcenter" | Subjecto/w toAXA transitionalXL measures*insurance▼
! colspan="4" style="text-align:center" | Asia, Africa & EME-LATAM
! colspan="4" style="text-align:center" | Transversal & Other
Line 2,289 ⟶ 2,294:
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | FY25
! classcolspan="col-s2" style="text-align:rightcenter" | 1H24
! classcolspan="col-s2" style="text-align:rightcenter" | o/w AXA XL insuranceFY24
! classcolspan="col-s2" style="text-align:rightcenter" | FY241H25
! classcolspan="col-s2" style="text-align:rightcenter" | o/w AXA XL insuranceFY25
▲! class="col-s" style="text-align:right" | 1H25
▲! class="col-s" style="text-align:right" | o/w AXA XL insurance
▲! class="col-s" style="text-align:right" | FY25
▲! class="col-s" style="text-align:right" | o/w AXA XL insurance
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | FY24
Line 2,606 ⟶ 2,607:
| style="text-align:right" | 86
|-
| style="text-align:left" | '''Long-term business {{footnote|1=For long-term business.}}'''
| style="text-align:right" | —
| style="text-align:right" | —
Line 3,116 ⟶ 3,117:
| style="text-align:right" | '''231'''
|-
| style="text-align:left" | '''Best estimate for incurred claims net of reinsurance {{footnote|1=Best Estimate Liabilities net of reinsurance.}}'''
| style="text-align:right" | '''69,800'''
| style="text-align:right" | '''71,751'''
Line 3,152 ⟶ 3,153:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ UnderlyingLife and health (L&H) underlying earnings (UE) breakdown by line of business (LOB) for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! colspan="4" style="text-align:center" | Employee benefits* (out of total life & health) {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! colspan="3" style="text-align:center" | Employee benefits* (out of total life & health)
|-
! style="text-align:left" | —
Line 3,609 ⟶ 3,611:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Oo/w VFA
| style="text-align:right" | 234,783
| style="text-align:right" | 230,205
Line 3,627 ⟶ 3,629:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Oo/w non VFA
| style="text-align:right" | 94,677
| style="text-align:right" | 114,803
Line 3,795 ⟶ 3,797:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ UnderlyingLife and health (L&H) underlying earnings (UE) breakdown by geography for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 4,558 ⟶ 4,560:
| style="text-align:right" | '''0'''
|-
| style="text-align:left; padding-left:1.5em" | Oo/w VFA gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
Line 4,584 ⟶ 4,586:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Oo/w BBA gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
Line 5,405 ⟶ 5,407:
| style="text-align:right" | '''0'''
|-
| style="text-align:left; padding-left:1.5em" | Oo/w VFA gross of reinsurance
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
Line 5,431 ⟶ 5,433:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Oo/w BBA gross of reinsurance
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
Line 6,252 ⟶ 6,254:
| style="text-align:right" | '''0'''
|-
| style="text-align:left; padding-left:1.5em" | Oo/w VFA gross of reinsurance
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
Line 6,278 ⟶ 6,280:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Oo/w BBA gross of reinsurance
| style="text-align:right" | -821
| style="text-align:right" | -868
Line 6,336 ⟶ 6,338:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management rollforwardunderlying andearnings (UE) build-up for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | 1H24
! colspan="2" style="text-align:center" | FY24
! colspan="2" style="text-align:center" | 1H25
! style="text-align:center" | FY25 {{footnote|1=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
▲! colspan="2" style="text-align:center" | FY25*
! style="text-align:center" | FY25*
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Oo/w third party
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Oo/w third party
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Oo/w third party
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Oo/w third party
|-
| style="text-align:left" | '''Opening AUM (in euro billion)'''
Line 6,619 ⟶ 6,622:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Holdings underlying earnings (UE) build-up for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
|+ Holdings underlying earnings (UE) build-up for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025 {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}} {{footnote|1=Includes liquid invested assets.}} {{footnote|1=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}} {{footnote|1=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | 1H24
Line 6,626 ⟶ 6,629:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | Financial result {{footnote|1=Includes liquid invested assets.}}
| style="text-align:right" | 181
| style="text-align:right" | 402
Line 6,632 ⟶ 6,635:
| style="text-align:right" | 422
|-
| style="text-align:left" | Other revenues {{footnote|1=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}}
▲| style="text-align:left" | Other revenues
| style="text-align:right" | 522
| style="text-align:right" | 1,050
Line 6,638 ⟶ 6,641:
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other expenses {{footnote|1=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
▲| style="text-align:left" | Other expenses
| style="text-align:right" | -925
| style="text-align:right" | -1,986
Line 6,674 ⟶ 6,677:
| style="text-align:right" | 0
|-
| style="text-align:left" | '''Underlying earnings group share {{footnote|1=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}'''
| style="text-align:right" | '''-592'''
| style="text-align:right" | '''-1,157'''
Line 6,687 ⟶ 6,690:
{| class="wikitable fintable"
|+ Activity indicators breakdown by segment for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="8" style="text-align:center" | 1H24
! colspan="8" style="text-align:center" | FY24
Line 6,693 ⟶ 6,696:
! colspan="8" style="text-align:center" | FY25
|-
! style="text-align:left" | —EUR million
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & health
! class="col-s" style="text-align:right" | Oo/w employee benefits* {{footnote|1=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="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,705 ⟶ 6,708:
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & health
! class="col-s" style="text-align:right" | Oo/w employee benefits* {{footnote|1=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,713 ⟶ 6,716:
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & health
! class="col-s" style="text-align:right" | Oo/w employee benefits
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,721 ⟶ 6,724:
! class="col-s" style="text-align:right" | P&C
! class="col-s" style="text-align:right" | Life & health
! class="col-s" style="text-align:right" | Oo/w employee benefits
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
Line 6,761 ⟶ 6,764:
| style="text-align:right" | 99
|-
| style="text-align:left" | IFRS17/9 new business value (NBV) {{footnote|1=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equitya).}}
| style="text-align:right" | 1,206
| style="text-align:right" | —
Line 6,897 ⟶ 6,900:
| style="text-align:right" | —
|-
| style="text-align:left" | Present value of expected premiums (PVEP) {{footnote|1=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}(b)
| style="text-align:right" | 25,588
| style="text-align:right" | —
Line 6,931 ⟶ 6,934:
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV margin (a)/(b)
| style="text-align:left" | IFRS17/9 NBV margin {{footnote|1=Shareholders' equity includes undated and deeply subordinated debts.}}/ {{footnote|1=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 4.7%
| style="text-align:right" | —
Line 6,970 ⟶ 6,973:
{| class="wikitable fintable"
|+ Activity indicators breakdown by geography for first half 2024, fiscal year 2024, first half 2025 and fiscal year 2025
! style="text-align:left" | EUR million
! colspan="7" style="text-align:center" | 1H24
! colspan="7" style="text-align:center" | FY24
Line 6,976 ⟶ 6,979:
! colspan="7" style="text-align:center" | FY25
|-
! style="text-align:left" | —EUR million
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | France
Line 7,222 ⟶ 7,225:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Balance sheet assets breakdown for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,299 ⟶ 7,302:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Balance sheet liabilities, non-controlling interests, and shareholders'equity equitybreakdown for fiscal years 2024 and 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,370 ⟶ 7,373:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) rollforward by segment, pre-tax, for fiscal year 2024
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY23 restated* {{footnote|1=Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-s" style="text-align:right" | New business CSM
! class="col-s" style="text-align:right" | Underlying return on inforce
Line 7,378 ⟶ 7,381:
! class="col-s" style="text-align:right" | Economic variance
! class="col-s" style="text-align:right" | Operating variance
! class="col-s" style="text-align:right" | Other* {{footnote|1=Including scope changes and FX.}}
! class="col-s" style="text-align:right" | FY24
|-
Line 7,435 ⟶ 7,438:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) rollforward by segment, pre-tax, for fiscal year 2025
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY24
Line 7,502 ⟶ 7,505:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ General account invested assets breakdown by asset classallocation for fiscal year 2025 {{footnote|1=1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}} {{footnote|1=1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}} {{footnote|1=2 Includes 91% of CLOs.}} {{footnote|1=3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}} {{footnote|1=4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}} {{footnote|1=5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,508 ⟶ 7,511:
! class="col-s" style="text-align:right" | o/w participating
|-
| style="text-align:left" | '''General account invested assets1 {{footnote|1=1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}'''
| style="text-align:right" | '''450'''
| style="text-align:right" | —
Line 7,533 ⟶ 7,536:
| style="text-align:right" | 52%
|-
| style="text-align:left" | Asset backed securitiessecurities2 {{footnote|1=2 Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:right" | 48%
|-
| style="text-align:left" | Mortgage loans3 {{footnote|1=3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
Line 7,553 ⟶ 7,556:
| style="text-align:right" | 64%
|-
| style="text-align:left" | Listed equities4 {{footnote|1=4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 82%
|-
| style="text-align:left" | Private equity & hedge fundsfunds5 {{footnote|1=5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
Line 7,700 ⟶ 7,703:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdown by type forof fiscalbond yearand 2025counterparty {{footnote|1=1for IncludesFY REITS corporate bonds (Euro 3 billion).}} {{footnote|1=2 Includes AT1 (Euro 0.4 billion).}}2025 {{footnote|1=Listed Equities1.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | Banks
! class="col-s" style="text-align:right" | Non-banksbanks1 {{footnote|1=1 Includes REITS corporate bonds (Euro 3 billion).}}
|-
| style="text-align:left" | '''Total'''
Line 7,716 ⟶ 7,719:
| style="text-align:right" | 5.5
|-
| style="text-align:left" | Subordinated bondsbonds2 {{footnote|1=2 Includes AT1 (Euro 0.4 billion).}}
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
Line 7,730 ⟶ 7,733:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdown by asset domiciliation for fiscal yearFY 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,759 ⟶ 7,762:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdown by industry for fiscal yearFY 2025 {{footnote|1=1 Including hedges.}} {{footnote|1=Real Estate.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,794 ⟶ 7,797:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdown by geographical exposure for fiscal yearFY 2025
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,827 ⟶ 7,830:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdown by type for fiscal yearFY 2025 {{footnote|1=Private Equities1.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,848 ⟶ 7,851:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdown by asset domiciliation for fiscal yearFY 2025 {{footnote|1=1 Excluding Non-listed Equity.}} {{footnote|1=Mortgage Loans1,2.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,867 ⟶ 7,870:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Supplementary information on asset breakdown by type for fiscal yearFY 2025 {{footnote|1=1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}} {{footnote|1=2 Loan to Value: 46%.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair value
Line 7,888 ⟶ 7,891:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left" | '''Shareholders' equity at beginning of the period {{footnote|1=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}} {{footnote|1=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}'''
| style="text-align:right" | '''49.9'''
|-
Line 7,983 ⟶ 7,986:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Other comprehensive income related to invested assets breakdown by asset type for fiscal years 2024 and 2025
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY24
Line 8,034 ⟶ 8,037:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Return on equity (ROE) ratio analysis for fiscal years 2024 and 2025 {{footnote|1=Financial interest treatment.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,045 ⟶ 8,048:
| style="text-align:right" | '''3.9 pt'''
|-
| style="text-align:left" | Net income (a) {{footnote|1=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.7
| style="text-align:right" | 9.6
| style="text-align:right" | —
|-
| style="text-align:left" | Average adjusted shareholders' equity (b) {{footnote|1=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
Line 8,115 ⟶ 8,118:
| style="text-align:right" | '''20.3'''
|-
| style="text-align:left" | '''Shareholders' equity (including non-controlling interests) (a) (C) {{footnote|1=Shareholders' equity includes undated and deeply subordinated debts.}}'''
| style="text-align:right" | '''52.5'''
| style="text-align:right" | '''49.6'''
Line 8,214 ⟶ 8,217:
| style="text-align:right" | —
|-
▲!| style="text-align:centerleft" | Holdings {{footnote|1=Including scopeSubject changesto andtransitional FX.}}measures {{footnote|1=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
▲| style="text-align:left" | Subject to transitional measures*
| style="text-align:right" | 2.4
| style="text-align:right" | —
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