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

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Line 29:
! class="col-s" style="text-align:right" | Average FY25
|-
| style="text-align:left; padding-left:1.5em" | USD
| style="text-align:right" | 1.07
| style="text-align:right" | 1.04
Line 39:
| style="text-align:right" | 1.13
|-
| style="text-align:left; padding-left:1.5em" | JPY
| style="text-align:right" | 172
| style="text-align:right" | 163
Line 49:
| style="text-align:right" | 169
|-
| style="text-align:left; padding-left:1.5em" | GBP
| style="text-align:right" | 0.85
| style="text-align:right" | 0.83
Line 59:
| style="text-align:right" | 0.86
|-
| style="text-align:left; padding-left:1.5em" | CHF
| style="text-align:right" | 0.96
| style="text-align:right" | 0.94
Line 69:
| style="text-align:right" | 0.94
|-
| style="text-align:left; padding-left:1.5em" | HKD
| style="text-align:right" | 8.37
| style="text-align:right" | 8.04
Line 90:
! class="col-s" style="text-align:right" | Average FY25
|-
| style="text-align:left; padding-left:1.5em" | EUR
| style="text-align:right" | 2.79%
| style="text-align:right" | 2.84%
Line 96:
| style="text-align:right" | 2.59%
|-
| style="text-align:left; padding-left:1.5em" | USD
| style="text-align:right" | 4.35%
| style="text-align:right" | 4.41%
Line 102:
| style="text-align:right" | 4.23%
|-
| style="text-align:left; padding-left:1.5em" | JPY
| style="text-align:right" | 0.22%
| style="text-align:right" | 0.42%
Line 108:
| style="text-align:right" | 1.01%
|-
| style="text-align:left; padding-left:1.5em" | GBP
| style="text-align:right" | 4.00%
| style="text-align:right" | 4.25%
Line 114:
| style="text-align:right" | 4.31%
|-
| style="text-align:left; padding-left:1.5em" | CHF
| style="text-align:right" | 1.05%
| style="text-align:right" | 0.82%
Line 120:
| style="text-align:right" | 0.16%
|-
| style="text-align:left; padding-left:1.5em" | HKD
| style="text-align:right" | 3.75%
| style="text-align:right" | 3.67%
Line 137:
! class="col-s" style="text-align:right" | Closing FY25
|-
| style="text-align:left; padding-left:1.5em" | EUR
| style="text-align:right" | 3.06%
| style="text-align:right" | 2.71%
Line 143:
| style="text-align:right" | 3.17%
|-
| style="text-align:left; padding-left:1.5em" | USD
| style="text-align:right" | 4.54%
| style="text-align:right" | 4.66%
Line 149:
| style="text-align:right" | 4.45%
|-
| style="text-align:left; padding-left:1.5em" | JPY
| style="text-align:right" | 1.04%
| style="text-align:right" | 1.07%
Line 155:
| style="text-align:right" | 2.08%
|-
| style="text-align:left; padding-left:1.5em" | GBP
| style="text-align:right" | 4.27%
| style="text-align:right" | 4.48%
Line 161:
| style="text-align:right" | 4.55%
|-
| style="text-align:left; padding-left:1.5em" | CHF
| style="text-align:right" | 0.98%
| style="text-align:right" | 0.38%
Line 167:
| style="text-align:right" | 0.67%
|-
| style="text-align:left; padding-left:1.5em" | HKD
| style="text-align:right" | 3.79%
| style="text-align:right" | 3.91%
Line 179:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group underlying earnings and net income build-up by businessline unitof business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 831:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Group
Line 1,581:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Basic number of shares rollforward
|+ Shares and underlying earnings per share build-up
! style="text-align:left" | million
! colspan="2" style="text-align:center" | Outstanding Shares Excluding Treasury Shares {{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.}}
! colspan="2" style="text-align:center" | Weighted Average Number
Line 1,736:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty underlying earnings build-up by line of business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 1,832:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
Line 1,854:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
Line 1,876:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Current Accident Year Discounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
Line 2,096:
| style="text-align:right" | -20
|-
| style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
Line 2,118:
| style="text-align:right" | -20
|-
| style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
Line 2,454:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 2,583:
| style="text-align:right" | 44.6%
|-
| style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
Line 2,613:
| style="text-align:right" | 44.5%
|-
| style="text-align:left; padding-left:1.5em" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
Line 2,643:
| style="text-align:right" | 1.2%
|-
| style="text-align:left; padding-left:1.5em" | Current Accident Year Discounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
Line 3,339:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & health underlying earnings build-up by line of business
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 3,490:
| style="text-align:right" | 38
|-
| style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | 9
| style="text-align:right" | -15
Line 3,508:
| style="text-align:right" | -8
|-
| style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 30
| style="text-align:right" | 59
Line 3,526:
| style="text-align:right" | 8
|-
| style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -32
| style="text-align:right" | 6
Line 3,544:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -72
| style="text-align:right" | -145
Line 3,598:
| style="text-align:right" | 175
|-
| style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
Line 3,616:
| style="text-align:right" | 456
|-
| style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
Line 3,982:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & health underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 4,199:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | 9
| style="text-align:right" | -15
Line 4,225:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 30
| style="text-align:right" | 59
Line 4,251:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -32
| style="text-align:right" | 6
Line 4,277:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -72
| style="text-align:right" | -145
Line 4,355:
| style="text-align:right" | 2
|-
| style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
Line 4,381:
| style="text-align:right" | 2
|-
| style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
Line 4,829:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 5,046:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | -4
| style="text-align:right" | -33
Line 5,072:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 25
| style="text-align:right" | 51
Line 5,098:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -30
| style="text-align:right" | 9
Line 5,124:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -63
| style="text-align:right" | -124
Line 5,202:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 1,159
| style="text-align:right" | 2,209
Line 5,228:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -705
| style="text-align:right" | -1,410
Line 5,676:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Health underlying earnings build-up by geography
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Total
Line 5,893:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Actual vs. Expected Cash Flows
| style="text-align:right" | 13
| style="text-align:right" | 18
Line 5,919:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Risk Adjustment Release
| style="text-align:right" | 4
| style="text-align:right" | 8
Line 5,945:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Changes in Onerous Contracts
| style="text-align:right" | -1
| style="text-align:right" | -2
Line 5,971:
| style="text-align:right" | 0
|-
| style="text-align:left; padding-left:1.5em" | Other Long-term
| style="text-align:right" | -8
| style="text-align:right" | -21
Line 6,049:
| style="text-align:right" | 2
|-
| style="text-align:left; padding-left:1.5em" | Investment Income
| style="text-align:right" | 160
| style="text-align:right" | 317
Line 6,075:
| style="text-align:right" | 2
|-
| style="text-align:left; padding-left:1.5em" | Insurance Finance Expenses
| style="text-align:right" | -78
| style="text-align:right" | -140
Line 6,523:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Asset management underlying earnings build-uprollforward
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | 1H24
Line 6,600:
| style="text-align:right" | '''341'''
|-
| style="text-align:left; padding-left:1.5em" | Alternatives
| style="text-align:right" | 227
| style="text-align:right" | 86
Line 6,610:
| style="text-align:right" | 95
|-
| style="text-align:left; padding-left:1.5em" | Core & Other
| style="text-align:right" | 532
| style="text-align:right" | 254
Line 6,620:
| style="text-align:right" | 246
|-
| style="text-align:left; padding-left:1.5em" | Asian Joint Ventures
| style="text-align:right" | 101
| style="text-align:right" | —
Line 6,650:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Management Fees
| style="text-align:right" | 679
| style="text-align:right" | 385
Line 6,660:
| style="text-align:right" | 439
|-
| style="text-align:left; padding-left:1.5em" | Performance Fees
| style="text-align:right" | 18
| style="text-align:right" | 8
Line 6,670:
| style="text-align:right" | 9
|-
| style="text-align:left; padding-left:1.5em" | Distribution Fees
| style="text-align:right" | 205
| style="text-align:right" | —
Line 6,680:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Other
| style="text-align:right" | 35
| style="text-align:right" | —
Line 6,700:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Distribution Fees Retroceded
| style="text-align:right" | -205
| style="text-align:right" | —
Line 6,806:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Holdings underlying earnings build-up {{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:left" | EUR million
! class="col-s" style="text-align:right" | 1H24
Line 6,890:
| style="text-align:right" | 7.5
|-
| style="text-align:left; padding-left:1.5em" | Property & Casualty
| style="text-align:right" | —
| style="text-align:right" | 4.0
Line 6,896:
| style="text-align:right" | 5.1
|-
| style="text-align:left; padding-left:1.5em" | Life & Health
| style="text-align:right" | —
| style="text-align:right" | 3.6
Line 6,902:
| style="text-align:right" | 2.5
|-
| style="text-align:left; padding-left:1.5em" | Asset Management & Other
| style="text-align:right" | —
| style="text-align:right" | 0.1
Line 7,065:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | —
Line 7,099:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Other NBV {{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.}}
| style="text-align:right" | 456
| style="text-align:right" | —
Line 7,133:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Tax
| style="text-align:right" | -381
| style="text-align:right" | —
Line 7,336:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | 203
Line 7,366:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Other NBV {{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.}}
| style="text-align:right" | 456
| style="text-align:right" | 275
Line 7,396:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Tax
| style="text-align:right" | -381
| style="text-align:right" | -123
Line 7,492:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Assets build-upbreakdown
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,537:
| style="text-align:right" | 23.9
|-
| style="text-align:left; padding-left:3em" | Present Value of Future Cash Flows
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
|-
| style="text-align:left; padding-left:3em" | Contractual Service Margin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
|-
| style="text-align:left; padding-left:3em" | Risk Adjustment
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
Line 7,569:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Liabilities, non-controlling interests &and shareholders' equity build-upbreakdown
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 7,594:
| style="text-align:right" | 470.4
|-
| style="text-align:left; padding-left:3em" | Present Value of Future Cash Flows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
| style="text-align:left; padding-left:3em" | Contractual Service Margin
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
| style="text-align:left; padding-left:3em" | Risk Adjustment
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
Line 7,640:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) rollforward, pre-tax and post-tax
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY23 Restated {{footnote|1=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.}}
Line 7,661:
| style="text-align:right" | '''33,853'''
|-
| style="text-align:left; padding-left:3em" | P&C
| style="text-align:right" | 206
| style="text-align:right" | 0
Line 7,671:
| style="text-align:right" | 282
|-
| style="text-align:left; padding-left:3em" | Life
| style="text-align:right" | 26,200
| style="text-align:right" | 1,770
Line 7,681:
| style="text-align:right" | 25,826
|-
| style="text-align:left; padding-left:3em" | Health
| style="text-align:right" | 7,782
| style="text-align:right" | 400
Line 7,705:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Contractual service margin (CSM) rollforward, pre-tax and post-tax
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | FY24
Line 7,726:
| style="text-align:right" | '''33,253'''
|-
| style="text-align:left; padding-left:3em" | P&C
| style="text-align:right" | 282
| style="text-align:right" | 0
Line 7,736:
| style="text-align:right" | 261
|-
| style="text-align:left; padding-left:3em" | Life
| style="text-align:right" | 25,826
| style="text-align:right" | 1,822
Line 7,746:
| style="text-align:right" | 25,442
|-
| style="text-align:left; padding-left:3em" | Health
| style="text-align:right" | 7,744
| style="text-align:right" | 377
Line 7,819:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Government Bonds
| style="text-align:right" | 167
| style="text-align:right" | 37%
Line 7,832:
| style="text-align:right" | 2%
|-
| style="text-align:left; padding-left:1.5em" | Corporate Bonds and Loans
| style="text-align:right" | 121
| style="text-align:right" | 27%
Line 7,845:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:1.5em" | Other Fixed Income
| style="text-align:right" | 56
| style="text-align:right" | 13%
Line 7,858:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:3em" | Asset Backed Securities2 {{footnote|1=Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
Line 7,871:
| style="text-align:right" | 4%
|-
| style="text-align:left; padding-left:3em" | Mortgage Loans3 {{footnote|1=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 7,970:
|+ Government bonds breakdown by geographical exposure
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value {{footnote|1=Including hedges.}}
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | France
Line 7,979:
! class="col-s" style="text-align:right" | Spain
! class="col-s" style="text-align:right" | Switzerland
! class="col-s" style="text-align:right" | United States {{footnote|1=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Supranational
Line 8,095:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Listed equities breakdown by industry {{footnote|1=Including hedges.}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,203:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Mortgage loans breakdown by type
|+ Mortgage loans breakdown by type {{footnote|1=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Fair Value
Line 8,239:
| style="text-align:right" | 1.3
|-
| style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -4.2
|-
| style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.4
|-
Line 8,270:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Group share consolidated shareholders' equity build-upby component
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,291:
| style="text-align:right" | -6.8
|-
| style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -13.1
| style="text-align:right" | -17.3
|-
| style="text-align:left; padding-left:1.5em" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.0
| style="text-align:right" | 10.5
Line 8,336:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Unrealized gains and losses on invested assets net of tax build-up
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,387:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Return on equity (ROE)
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,427:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Debt gearing by component
|+ Consolidated financial structure and debt gearing
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY24
Line 8,436:
| style="text-align:right" | 3.2
|-
| style="text-align:left; padding-left:1.5em" | Financing Debt Instrument Issued
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| style="text-align:left; padding-left:1.5em" | Financing Debt Owed to Credit Institutions
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
Line 8,502:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left; padding-left:4.5em" | '''Eligible Own Fund (EOF)'''
| style="text-align:right" | '''55.9'''
| style="text-align:right" | '''0.2'''
Line 8,513:
| style="text-align:right" | '''56.4'''
|-
| style="text-align:left; padding-left:4.5em" | '''Solvency Capital Requirement (SCR)'''
| style="text-align:right" | '''25.9'''
| style="text-align:right" | '''0.0'''
Line 8,524:
| style="text-align:right" | '''25.2'''
|-
| style="text-align:left; padding-left:4.5em" | '''Solvency II Ratio'''
| style="text-align:right" | '''216%'''
| style="text-align:right" | '''0%'''
Line 8,539:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Eligible Ownown Fundfund (EOF) tiering
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | Total
Line 8,547:
! class="col-s" style="text-align:right" | Tier 3
|-
| style="text-align:left; padding-left:4.5em" | '''EOF as of FY25'''
| style="text-align:right" | '''56.4'''
| style="text-align:right" | '''39.6'''
| style="text-align:right" | '''4.7'''
| style="text-align:right" | '''11.6'''
| style="text-align:right" | '''0.4'''
|-
| style="text-align:left; padding-left:4.5em" | Insurance Sector
| style="text-align:right" | '''55.1'''
| style="text-align:right" | 38.4
Line 8,561:
| style="text-align:right" | 0.4
|-
| style="text-align:left; padding-left:6em" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,568:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:6em" | Subject to Transitional 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:right" | 2.4
| style="text-align:right" | —
Line 8,575:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:4.5em" | Other Financial Sectors
| style="text-align:right" | '''1.2'''
| style="text-align:right" | 1.2
Line 8,582:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:4.5em" | '''EOF as of FY24'''
| style="text-align:right" | '''55.9'''
| style="text-align:right" | '''40.0'''
| style="text-align:right" | '''4.9'''
| style="text-align:right" | '''10.2'''
| style="text-align:right" | '''0.8'''
|-
| style="text-align:left; padding-left:4.5em" | Insurance Sector
| style="text-align:right" | '''53.5'''
| style="text-align:right" | 37.5
Line 8,596:
| style="text-align:right" | 0.8
|-
| style="text-align:left; padding-left:6em" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
Line 8,603:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:6em" | Subject to Transitional 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:right" | 4.5
| style="text-align:right" | —
Line 8,610:
| style="text-align:right" | —
|-
| style="text-align:left; padding-left:4.5em" | Other Financial Sectors
| style="text-align:right" | '''2.5'''
| style="text-align:right" | 2.5
Line 8,626:
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left; padding-left:4.5em" | Interest Rate +50 bps
| style="text-align:right" | +2 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left; padding-left:4.5em" | Interest Rate -50 bps
| style="text-align:right" | -4 pts
| style="text-align:right" | -1 pt
|-
| style="text-align:left; padding-left:4.5em" | Corporate Spread +50bps
| style="text-align:right" | -1 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left; padding-left:4.5em" | Euro Government Spreads +50bps
| style="text-align:right" | -10 pts
| style="text-align:right" | -7 pts
|-
| style="text-align:left; padding-left:4.5em" | Credit Migration +20%
| style="text-align:right" | -4 pts
| style="text-align:right" | -4 pts
|-
| style="text-align:left; padding-left:4.5em" | Listed Equities +25%
| style="text-align:right" | +0 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left; padding-left:4.5em" | Listed Equities -25%
| style="text-align:right" | -3 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left; padding-left:4.5em" | Private and Infrastructure Equity +25%
| style="text-align:right" | +13 pts
| style="text-align:right" | +14 pts
|-
| style="text-align:left; padding-left:4.5em" | Private and Infrastructure Equity -25%
| style="text-align:right" | -15 pts
| style="text-align:right" | -19 pts
|-
| style="text-align:left; padding-left:4.5em" | Inflation swap curve +50bps
| style="text-align:right" | -6 pts
| style="text-align:right" | -5 pts
Line 8,672:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Reconciliation IFRS17IFRS 17/9 shareholders' equity to Solvency II eligible own funds
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | FY25
|-
| style="text-align:left; padding-left:4.5em" | '''IFRS SHAREHOLDERS' EQUITY'''
| style="text-align:right" | '''49.6'''
|-
| style="text-align:left; padding-left:4.5em" | Contractual Service Margin (net of tax)
| style="text-align:right" | 25.9
|-
| style="text-align:left; padding-left:4.5em" | '''IFRS SHAREHOLDERS' EQUITY inc. CSM'''
| style="text-align:right" | '''75.5'''
|-
| style="text-align:left; padding-left:4.5em" | Net URCG not included in Shareholders' Equity
| style="text-align:right" | 6.4
|-
| style="text-align:left; padding-left:4.5em" | Elimination Undated Subordinated Debts
| style="text-align:right" | -4.6
|-
| style="text-align:left; padding-left:4.5em" | Elimination Intangibles
| style="text-align:right" | -21.3
|-
| style="text-align:left; padding-left:12em" | Goodwill
| style="text-align:right" | -17.8
|-
| style="text-align:left; padding-left:12em" | others
| style="text-align:right" | -3.5
|-
| style="text-align:left; padding-left:4.5em" | '''IFRS TANGIBLE NET ASSET VALUE'''
| style="text-align:right" | '''56.0'''
|-
| style="text-align:left; padding-left:4.5em" | Foreseeable dividends and distribution
| style="text-align:right" | -6.3
|-
| style="text-align:left; padding-left:4.5em" | Technical provision adjustments
| style="text-align:right" | -9.6
|-
| style="text-align:left; padding-left:12em" | Risk Margin vs Risk Adjustment
| style="text-align:right" | -6.4
|-
| style="text-align:left; padding-left:12em" | BEL adjustment
| style="text-align:right" | -3.2
|-
| style="text-align:left; padding-left:4.5em" | Other adjustments
| style="text-align:right" | -0.6
|-
| style="text-align:left; padding-left:4.5em" | '''UNRESTRICTED TIER 1'''
| style="text-align:right" | '''39.6'''
|-
| style="text-align:left; padding-left:4.5em" | Restricted Tier 1 + Tier 2
| style="text-align:right" | 16.4
|-
| style="text-align:left; padding-left:4.5em" | Tier 3
| style="text-align:right" | 0.4
|-
| style="text-align:left; padding-left:4.5em" | '''GROUP ELIGIBLE OWN FUNDS'''
| style="text-align:right" | '''56.4'''
|}
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