AXA/2025/FY financial supplements

AXA — Full Year 2025 Financial Supplement (auto-extracted from the published .xlsx).

1. Market Data

Exchange Rate	—	1H24	FY24	1H25	FY25	—	Average 1H24	Average FY24	Average 1H25	Average FY25
USD	—	1.07	1.0355	1.17	1.17	—	1.08	1.08	1.09	1.130751
JPY	—	172.4	162.7392	169.56	184.09	—	164.51	163.86	162.18	169.10111
GBP	—	0.85	0.83	0.86	0.87	—	0.85	0.85	0.84	0.856953
CHF	—	0.96	0.94	0.93	0.93	—	0.96	0.95	0.94	0.937073
HKD	—	8.37	8.04	9.21	9.14	—	8.45	8.44	8.53	8.815962

Discount Rate - 5Y	—	Average 1H24	Average FY24	Average 1H25	Average FY25
EUR	—	0.0279	0.0284	0.0257	0.0259
USD	—	0.0435	0.0441	0.044	0.0423
JPY	—	0.0022	0.0042	0.0089	0.0101
GBP	—	0.04	0.0425	0.0438	0.0431
CHF	—	0.0105	0.0082	0.0018	0.0016
HKD	—	0.0375	0.0367	0.0345	0.0318

Discount Rate - 10Y	—	Closing 1H24	Closing FY24	Closing 1H25	Closing FY25
EUR	—	0.0306	0.0271	0.0291	0.0317
USD	—	0.0454	0.0466	0.0443	0.0445
JPY	—	0.0104	0.0107	0.0144	0.0208
GBP	—	0.0427	0.0448	0.0456	0.0455
CHF	—	0.0098	0.0038	0.0053	0.0067
HKD	—	0.0379	0.0391	0.0302	0.0321

2. UE by LOB and Net Income

Group Underlying Earnings by Line of Business and Net Income		Group					Property & Casualty					Life & Health					Asset Management*					Holdings
Group Underlying Earnings by Line of Business and Net Income	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	—	35273	72104	37209	75071	—	27294	55898	28697	57656	—	7979	16207	8512	17416	—	—	—	—	—	—	—	—	—	—
Combined Ratio	—	—	—	—	—	—	0.902	0.91	0.9	0.906	—	0.976	0.974	0.971	0.972	—	—	—	—	—	—	—	—	—	—
Technical Margin	—	2877	5421	3107	5888	—	2682	5006	2859	5409	—	195	415	248	479	—	—	—	—	—	—	—	—	—	—
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	1395	2775	1428	2954	—	—	—	—	—	—	1395	2775	1428	2954	—	—	—	—	—	—	—	—	—	—
Technical Experience	—	-64	-95	-30	-150	—	—	—	—	—	—	-64	-95	-30	-150	—	—	—	—	—	—	—	—	—	—
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	—	2064	3971	2148	4013	—	1324	2559	1343	2631	—	536	975	563	946	—	24	35	14	14	—	181	402	228	422
Other Revenues	—	1459	3054	1625	2167	—	—	—	—	—	—	—	—	—	—	—	937	2004	1018	1018	—	522	1050	607	1149
Other Expenses	—	-1624	-3479	-1868	-2900	—	—	—	—	—	—	—	—	—	—	—	-698	-1493	-793	-793	—	-925	-1986	-1075	-2107
Debt Financing Charges	—	-471	-948	-452	-928	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-471	-948	-452	-928
Underlying Earnings Before Tax	—	5638	10700	5958	11044	—	4006	7565	4202	8040	—	2061	4070	2209	4229	—	263	546	239	239	—	-693	-1482	-692	-1464
Tax	—	-1427	-2662	-1503	-2644	—	-1046	-1952	-1074	-2060	—	-412	-874	-462	-800	—	-69	-160	-68	-68	—	100	324	101	284
Income from Affiliates & Other	—	122	218	111	168	—	2	3	1	3	—	103	186	101	157	—	16	29	8	8	—	0	0	0	0
Minority Interests	—	-89	-179	-101	-199	—	-56	-106	-63	-111	—	-27	-60	-34	-85	—	-6	-13	-4	-4	—	0	0	0	0
Underlying Earnings Group Share	—	4244	8078	4465	8368	—	2908	5510	3067	5872	—	1725	3323	1814	3501	—	204	402	175	175	—	-592	-1157	-591	-1180
Underlying Earnings Growth Rate (constant FX)	—	0.04	0.067	0.062	0.058	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying ROE	—	0.166	0.152	0.175	0.16	—	—	0.162	—	0.173	—	—	0.136	—	0.144	—	—	0.26	—	n.a.	—	—	—	—	—
Net Realized Capital Gains & Losses	—	93	195	66	138	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Change in Fair Value of Assets & Derivatives	—	-43	83	-467	-813	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Amortization of customer intangibles	—	-50	-131	-48	-86	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Integration and Restructuring Costs	—	-78	-240	-63	-197	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Exceptional Items	—	-147	-99	-30	2386	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income Group Share	—	4020	7886	3922	9797	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Deeply Subordinated and Undated Subordinated Debt Charges	—	-106	-201	-86	-174	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings for EPS calculation	—	4138	7877	4379	8195	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income for EPS calculation	—	3914	7685	3836	9623	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

• • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.

Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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.

3. UE by Geography

Underlying Earnings by Geography		Group					France					Europe					AXA XL					Asia, Africa & EME-LATAM					AXA IM*					Transversal & Other
Underlying Earnings by Geography	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	—	35273	72104	37208.865661	75071.468308	—	9046	18698	9566.63486	19555.35033	—	11839	24005	12661.109383	25724.032033	—	9022	18530	9428	18699	—	4312	8750	4478	8986	—	—	—	—	—	—	1053	2122	1075	2107
Combined Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Technical Margin	—	2877	5421	3107	5888	—	692	1470	658	1485	—	998	1957	1176	2357	—	1111	1820	1074	1928	—	70	81	150	9	—	—	—	—	—	—	6	93	49	109
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	1395	2775	1428	2954	—	407	823	419	895	—	468	920	471	984	—	4	3	0	1	—	516	1029	538	1074	—	—	—	—	—	—	0	0	0	0
Technical Experience	—	-64	-95	-30	-150	—	-40	-96	-37	-81	—	-11	-8	8	-70	—	3	2	0	-5	—	-17	7	-1	6	—	—	—	—	—	—	0	0	0	0
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	—	2064	3971	2148	4013	—	350	613	380	667	—	784	1486	765	1398	—	283	616	308	651	—	382	741	425	782	—	24	35	14	14	—	241	480	255	502
Other Revenues	—	1459	3054	1625	2167	—	53	108	44	91	—	-18	-32	-8	-12	—	0	0	0	0	—	0	0	-2	-3	—	937	2004	1018	1018	—	488	974	573	1073
Other Expenses	—	-1624	-3479	-1868	-2900	—	-83	-180	-79	-168	—	-10	-25	-6	-3	—	0	0	0	0	—	-9	-20	-14	-26	—	-698	-1493	-793	-793	—	-823	-1761	-976	-1910
Debt Financing Charges	—	-471	-948	-452	-928	—	0	0	0	0	—	-1	-2	-1	-2	—	-16	-33	-16	-32	—	-7	-12	-4	-6	—	—	—	—	—	—	-447	-902	-431	-887
Underlying Earnings Before Tax	—	5638	10700	5958	11044	—	1380	2738	1384	2888	—	2210	4297	2406	4651	—	1385	2409	1366	2543	—	935	1826	1093	1835	—	263	546	239	239	—	-535	-1116	-530	-1113
Tax	—	-1427	-2662	-1503	-2644	—	-350	-676	-308	-665	—	-536	-1004	-568	-1039	—	-355	-588	-342	-650	—	-205	-443	-294	-434	—	-69	-160	-68	-68	—	88	209	76	212
Income from Affiliates & Other	—	122	218	111	168	—	4	9	0	0	—	0	0	0	0	—	0	0	0	0	—	102	181	103	160	—	16	29	8	8	—	0	0	0	0
Minority Interests	—	-89	-179	-101	-199	—	0	0	0	0	—	-48	-105	-56	-126	—	0	0	0	0	—	-34	-60	-39	-68	—	-6	-13	-4	-4	—	0	0	-1	-2
Underlying Earnings Group share	—	4244	8078	4465	8368	—	1034	2071	1076	2224	—	1626	3187	1782	3486	—	1030	1820	1024	1893	—	798	1504	862	1493	—	204	402	175	175	—	-447	-907	-455	-903

• • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.
  • AXA 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.

Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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. Includes 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.

4. Shares & UEPS

		Outstanding Shares Excluding Treasury Shares (a)			Weighted Average Number
—	—	FY24	FY25	—	FY24	FY25
Basic Number of Shares	—	—	—	—	—	—
As of Beginning of Period	—	2226.2	2175.37	—	2226.2	2175.37
Increase of Capital Dedicated to Employees	—	12.9	12.72	—	0.9	1
Exercice of Stock-options	—	2.6	1.13	—	1.4	0.6
Other Movement of Treasury Shares	—	4.6	4.18	—	17.5	6.3
Capital Increase / (Decrease)	—	-70.9	-138.03	—	-55.2	-64.9
As at End of Period	—	2175.4	2055.38	—	—	—
During the Period	—	—	—	—	2190.8	2118.3
Fully Diluted Number of Shares	—	—	—	—	—	—
Stock Options	—	—	—	—	0.8	0.6
Performance Shares	—	—	—	—	5.6	5.1
During the Period (A)	—	—	—	—	2197.1	2124
Earnings Group Share:	—	—	—	—	—	—
Net Income	—	—	—	—	7886	9796.7
Underlying Earnings	—	—	—	—	8077.9	8368.3
Impact of undated and deeply subordinated debts:	—	—	—	—	—	—
Undated and deeply subordinated debt charges	—	—	—	—	-201.2	-173.5
Earnings for EPS Calculation:	—	—	—	—	—	—
Net Income for EPS Calculation (B)	—	—	—	—	7684.8	9623.2
Underlying Earnings for EPS Calculation (C)	—	—	—	—	7876.7	8194.8
Fully Diluted Euro per Share (EPS)	—	—	—	—	—	—
EPS (B/A)	—	—	—	—	3.5	4.53
Underlying EPS (C/A)	—	—	—	—	3.59	3.86

(a) (a) 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. (a) (a) 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. (a) (a) 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. (a) (a) 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. (a) (a) 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. (a) (a) 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. (a) (a) 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.

5. P&C UE by Sub LOB

Property & Casualty Underlying Earnings by Line of Business		Total					Commercial lines					Personal lines					AXA XL Reinsurance					Intercompany eliminations
Property & Casualty Underlying Earnings by Line of Business	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	—	27294	55898	28697	57656	—	18657	38019	19575	39090	—	9144	18705	9513	19276	—	1155	2394	1299	2493	—	-1662	-3220	-1689	-3203
Current Accident Year Loss Ratio	—	0.67	0.677	0.667	0.669	—	0.681	0.688	0.68	0.68	—	0.698	0.7	0.688	0.691	—	0.697	0.706	0.708	0.719	—	—	—	—	—
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	—	0.674	0.674	0.67	0.67	—	0.692	0.694	0.693	0.688	—	0.688	0.685	0.675	0.679	—	0.68	0.679	0.694	0.715	—	—	—	—	—
Undiscounted Current Accident Year Nat Cats	—	0.036	0.038	0.035	0.034	—	0.027	0.029	0.027	0.026	—	0.04	0.041	0.038	0.036	—	0.106	0.104	0.092	0.087	—	—	—	—	—
Current Accident Year Discounting	—	-0.039	-0.036	-0.039	-0.035	—	-0.037	-0.035	-0.039	-0.035	—	-0.03	-0.026	-0.026	-0.024	—	-0.088	-0.077	-0.078	-0.083	—	—	—	—	—
Prior Year Reserve Development Ratio	—	-0.015	-0.016	-0.011	-0.011	—	-0.011	-0.012	-0.013	-0.008	—	-0.023	-0.018	-0.006	-0.016	—	-0.011	-0.008	-0.003	0	—	—	—	—	—
Expense Ratio	—	0.247	0.25	0.245	0.248	—	0.231	0.236	0.232	0.235	—	0.255	0.257	0.251	0.252	—	0.1	0.099	0.091	0.094	—	—	—	—	—
Combined Ratio	—	0.902	0.91	0.9	0.906	—	0.901	0.911	0.899	0.907	—	0.929	0.939	0.933	0.928	—	0.787	0.797	0.796	0.814	—	—	—	—	—
Technical Margin	—	2682	5006	2859	5409	—	1850	3372	1968	3616	—	645	1136	638	1392	—	246	486	265	464	—	-60	12	-12	-63
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Technical Experience	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	—	1324	2559	1343	2631	—	993	1831	1004	1941	—	240	538	275	523	—	119	210	85	186	—	-28	-20	-20	-20
Investment Income	—	1967	3731	2088	3988	—	1427	2625	1512	2864	—	366	761	422	794	—	202	365	174	350	—	-28	-20	-20	-20
Insurance Finance Expenses	—	-643	-1172	-745	-1358	—	-434	-794	-508	-922	—	-126	-223	-148	-272	—	-83	-155	-90	-163	—	0	0	0	0
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	—	4006	7565	4202	8040	—	2843	5203	2973	5557	—	886	1674	913	1914	—	365	696	349	650	—	-87	-8	-33	-82
Tax	—	-1046	-1952	-1074	-2060	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Income from Affiliates & Other	—	2	3	1	3	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Minority Interests	—	-56	-106	-63	-111	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Group share	—	2908	5510	3067	5872	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Closing Invested Assets	—	113515	118104	116895	117507	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
o/w VFA	—	0	0	0	0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
o/w Non VFA	—	113515	118104	116895	117507	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	—	19284	16006	19766	16040	—	12070	9480	12240	9127	—	6369	5478	6831	5871	—	1572	1075	1436	1009	—	-728	-27	-740	32
Best Estimate for incurred Claims net of reinsurance	—	69800	71751	70215	70567	—	45710	46570	46591	47002	—	17809	18308	17781	17402	—	6704	6830	6290	6198	—	-423	43	-447	-35

For For long-term business Best Best Estimate Liabilities net of reinsurance

6. P&C UE by Geography

Property & Casualty Underlying Earnings by Geography		Total					France					Europe					AXA XL									Asia, Africa & EME-LATAM					Transversal & Other
Property & Casualty Underlying Earnings by Geography		1H24	FY24	1H25	FY25		1H24	FY24	1H25	FY25		1H24	FY24	1H25	FY25		1H24	o/w AXA XL Insurance	FY24	o/w AXA XL Insurance	1H25	o/w AXA XL Insurance	FY25	o/w AXA XL Insurance		1H24	FY24	1H25	FY25		1H24	FY24	1H25	FY25
Property & Casualty Underlying Earnings by Geography	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	o/w AXA XL Insurance	FY24	o/w AXA XL Insurance	1H25	o/w AXA XL Insurance	FY25	o/w AXA XL Insurance	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	—	27294	55898	28697	57656	—	4393	9194	4697	9768	—	10060	20400	10610	21305	—	9022	7867	18530	16136	9428	8129	18699	16207	—	2855	5825	2975	5949	—	963	1948	987	1935
Current Accident Year Loss Ratio	—	0.67	0.677	0.667	0.669	—	0.694	0.689	0.706	0.701	—	0.665	0.669	0.647	0.651	—	0.675	0.672	0.692	0.69	0.684	0.68	0.688	0.683	—	0.686	0.693	0.682	0.696	—	0.532	0.51	0.48	0.446
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	—	0.674	0.674	0.67	0.67	—	0.713	0.697	0.706	0.702	—	0.65	0.655	0.641	0.643	—	0.688	0.689	0.693	0.695	0.697	0.698	0.698	0.696	—	0.7	0.704	0.697	0.702	—	0.529	0.511	0.48	0.445
Undiscounted Current Accident Year Nat Cats	—	0.036	0.038	0.035	0.034	—	0.034	0.038	0.048	0.045	—	0.045	0.041	0.033	0.031	—	0.038	0.028	0.046	0.038	0.042	0.034	0.039	0.031	—	0.008	0.009	0.008	0.016	—	0.014	0.011	0.013	0.012
Current Accident Year Discounting	—	-0.039	-0.036	-0.039	-0.035	—	-0.053	-0.046	-0.048	-0.046	—	-0.031	-0.028	-0.027	-0.023	—	-0.051	-0.046	-0.047	-0.042	-0.055	-0.052	-0.049	-0.044	—	-0.022	-0.02	-0.023	-0.022	—	-0.011	-0.012	-0.012	-0.011
Prior Year Reserve Development Ratio	—	-0.015	-0.016	-0.011	-0.011	—	-0.035	-0.039	-0.026	-0.029	—	-0.021	-0.021	-0.011	-0.013	—	-0.001	0	-0.001	0	-0.002	-0.002	0	0	—	-0.001	0.001	-0.01	-0.002	—	-0.037	-0.057	-0.04	-0.019
Expense Ratio	—	0.247	0.25	0.245	0.248	—	0.219	0.219	0.207	0.204	—	0.259	0.262	0.26	0.262	—	0.203	0.218	0.21	0.227	0.204	0.222	0.209	0.226	—	0.294	0.296	0.29	0.298	—	0.505	0.509	0.525	0.528
Combined Ratio	—	0.902	0.91	0.9	0.906	—	0.878	0.868	0.886	0.875	—	0.903	0.91	0.896	0.9	—	0.877	0.89	0.902	0.917	0.886	0.9	0.897	0.91	—	0.98	0.991	0.962	0.992	—	1.001	0.962	0.965	0.955
Technical Margin	—	2682	5006	2859	5409	—	538	1212	533	1220	—	977	1844	1104	2127	—	1111	865	1820	1335	1074	809	1928	1464	—	57	55	114	48	—	-1	74	35	86
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Technical Experience	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	—	1324	2559	1343	2631	—	251	421	261	468	—	473	912	461	876	—	273	159	596	387	298	213	632	445	—	242	484	261	530	—	86	146	62	125
Investment Income	—	1967	3731	2088	3988	—	334	572	373	675	—	658	1244	667	1257	—	614	416	1233	868	681	507	1331	981	—	261	518	292	585	—	100	164	74	140
Insurance Finance Expenses	—	-643	-1172	-745	-1358	—	-83	-151	-112	-207	—	-185	-332	-206	-381	—	-341	-257	-637	-481	-384	-294	-699	-536	—	-20	-35	-31	-55	—	-14	-18	-12	-15
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	—	4006	7565	4202	8040	—	788	1633	794	1688	—	1450	2757	1564	3002	—	1384	1024	2417	1721	1372	1022	2560	1910	—	299	539	375	579	—	85	220	97	211
Tax	—	-1046	-1952	-1074	-2060	—	-249	-472	-220	-451	—	-352	-671	-384	-734	—	-352	-257	-588	-457	-339	-252	-647	-482	—	-77	-159	-110	-170	—	-15	-62	-21	-58
Income from Affiliates & Other	—	2	3	1	3	—	0	0	0	0	—	0	0	0	0	—	0	0	0	0	0	0	0	0	—	2	3	1	3	—	0	0	0	0
Minority Interests	—	-56	-106	-63	-111	—	0	0	0	0	—	-25	-57	-28	-52	—	0	0	0	0	0	0	0	0	—	-30	-49	-34	-57	—	0	0	-1	-2
Underlying Earnings Group share	—	2908	5510	3067	5872	—	539	1161	574	1237	—	1073	2029	1152	2216	—	1032	767	1828	1264	1032	770	1913	1427	—	194	334	233	355	—	70	158	75	151
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	—	19284	16006	19766	16040	—	2153	1712	2221	1783	—	7151	5166	7591	5534	—	7478	5905	7028	5948	7315	5879	6467	5461	—	1802	1834	1935	2024	—	700	266	705	231
Best Estimate for incurred Claims net of reinsurance	—	69800	71751	70215	70567	—	13485	13889	13900	13882	—	24834	25955	26003	25737	—	24865	18223	25915	19146	24533	18295	25044	18897	—	3385	3640	3510	3804	—	3231	2351	2269	2101

For For long-term business Best Best Estimate Liabilities net of reinsurance

7. L&H UE by LOB

Life & Health Underlying Earnings by Line of Business		Total					Life					Health					Employee Benefits* (out of Total Life & Health)
Life & Health Underlying Earnings by Line of Business	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	—	7979	16207	8512	17416	—	2112	4247	2211	4444	—	5867	11960	6301	12972	—	5592	11482	5931	12035
Combined Ratio	—	0.976	0.974	0.971	0.972	—	0.945	0.955	0.952	0.954	—	0.986	0.981	0.978	0.979	—	0.982	0.978	0.974	0.971
Technical Margin	—	195	415	248	479	—	116	191	107	206	—	79	224	141	273	—	101	248	156	347
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	1395	2775	1428	2954	—	1136	2253	1158	2415	—	259	522	270	539	—	58	110	59	107
Technical Experience	—	-64	-95	-30	-150	—	-71	-98	-28	-139	—	7	3	-2	-11	—	17	37	22	38
Actual vs. Expected Cash Flows	—	9	-15	12	39	—	-4	-33	10	37	—	13	18	2	2	—	-3	-2	-5	-8
Risk Adjustment Release	—	30	59	44	72	—	25	51	37	59	—	4	8	7	13	—	2	4	7	8
Changes in Onerous Contracts	—	-32	6	-12	-29	—	-30	9	-10	-25	—	-1	-2	-2	-4	—	0	0	0	0
Other Long-term	—	-72	-145	-74	-232	—	-63	-124	-65	-211	—	-8	-21	-9	-22	—	19	35	20	38
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	—	536	975	563	946	—	454	799	462	738	—	82	176	101	209	—	75	157	91	175
Investment Income	—	1319	2525	1329	2484	—	1159	2209	1159	2142	—	160	317	170	341	—	219	429	232	456
Insurance Finance Expenses	—	-783	-1551	-767	-1538	—	-705	-1410	-697	-1405	—	-78	-140	-69	-133	—	-144	-272	-141	-281
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	—	2061	4070	2209	4229	—	1634	3145	1699	3219	—	427	925	510	1010	—	252	552	328	666
Tax	—	-412	-874	-462	-800	—	-316	-635	-329	-584	—	-96	-239	-133	-216	—	-46	-111	-64	-110
Income from Affiliates & Other	—	103	186	101	157	—	101	182	93	154	—	2	4	8	2	—	—	—	—	—
Minority Interests	—	-27	-60	-34	-85	—	-27	-56	-30	-75	—	0	-4	-3	-9	—	—	—	—	—
Underlying Earnings Group share	—	1725	3323	1814	3501	—	1392	2636	1433	2715	—	333	687	381	787	—	205	441	264	556
Closing Invested Assets	—	329460	345008	338447	334840	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
o/w VFA	—	234783	230205	229844	226937	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
o/w Non VFA	—	94677	114803	108603	107903	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	—	2446	2096	2856	2511	—	157	96	105	21	—	2289	2000	2750	2490	—	—	—	—	—
Best Estimate for incurred Claims net of reinsurance	—	13876	14162	13960	14592	—	11589	11778	11623	11205	—	2286	2384	2337	3386	—	—	—	—	—
For long-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Best Estimate Liabilities net of reinsurance	—	295342	306249	301040	300391	—	275276	285391	280314	280280	—	20066	20858	20726	20112	—	—	—	—	—
o/w VFA Gross of reinsurance	—	264013	273094	266960	271902	—	243037	251273	244964	250326	—	20977	21821	21996	21576	—	—	—	—	—
o/w BBA Gross of reinsurance	—	50097	51845	51524	45307	—	50917	52713	52731	46724	—	-821	-868	-1207	-1417	—	—	—	—	—
o/w Reinsurance	—	-18768	-18690	-17443	-16817	—	-18679	-18595	-17381	-16770	—	-90	-95	-62	-47	—	—	—	—	—

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

8. L&H UE by Geography

Life & Health Underlying Earnings by Geography		Total					France					Europe					AXA XL					Asia, Africa & EME-LATAM					Transversal & Other
Life & Health Underlying Earnings by Geography	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	—	7979	16207	8512	17416	—	4654	9503	4870	9787	—	1778	3604	2051	4419	—	0	0	0	0	—	1457	2925	1503	3037	—	90	174	88	172
Combined Ratio	—	0.976	0.974	0.971	0.972	—	0.967	0.973	0.974	0.973	—	0.988	0.969	0.964	0.948	—	0	0	0	0	—	0.991	0.991	0.976	1.013	—	0.922	0.891	0.836	0.867
Technical Margin	—	195	415	248	479	—	155	258	124	265	—	21	113	73	230	—	0	0	0	0	—	13	26	36	-39	—	7	19	14	23
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	1395	2775	1428	2954	—	407	823	419	895	—	468	920	471	984	—	4	3	0	1	—	516	1029	538	1074	—	0	0	0	0
Technical Experience	—	-64	-95	-30	-150	—	-40	-96	-37	-81	—	-11	-8	8	-70	—	3	2	0	-5	—	-17	7	-1	6	—	0	0	0	0
Actual vs. Expected Cash Flows	—	9	-15	12	39	—	8	-8	2	15	—	5	-11	-11	-6	—	-2	-3	-1	-6	—	0	8	22	35	—	0	0	0	0
Risk Adjustment Release	—	30	59	44	72	—	5	15	9	14	—	11	21	21	32	—	0	1	0	1	—	13	23	13	25	—	0	0	0	0
Changes in Onerous Contracts	—	-32	6	-12	-29	—	0	0	0	0	—	-33	-25	-13	-36	—	5	5	0	0	—	-3	26	1	7	—	0	0	0	0
Other Long-term	—	-72	-145	-74	-232	—	-52	-103	-49	-111	—	7	7	12	-61	—	0	0	0	0	—	-26	-50	-37	-61	—	0	0	0	0
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	—	536	975	563	946	—	100	192	118	197	—	284	504	269	477	—	10	19	10	20	—	142	260	165	250	—	0	0	0	2
Investment Income	—	1319	2525	1329	2484	—	370	701	370	703	—	490	916	478	889	—	13	27	14	27	—	446	882	467	862	—	0	0	0	2
Insurance Finance Expenses	—	-783	-1551	-767	-1538	—	-270	-509	-252	-507	—	-206	-412	-209	-411	—	-3	-7	-4	-8	—	-303	-622	-301	-612	—	0	0	0	0
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	—	2061	4070	2209	4229	—	622	1176	624	1276	—	762	1529	821	1622	—	17	25	10	16	—	654	1322	739	1291	—	7	19	14	25
Tax	—	-412	-874	-462	-800	—	-106	-220	-100	-237	—	-180	-376	-176	-285	—	-3	0	-2	-4	—	-123	-277	-182	-272	—	0	0	-1	-4
Income from Affiliates & Other	—	103	186	101	157	—	4	9	0	0	—	0	0	0	0	—	0	0	0	0	—	100	177	101	157	—	0	0	0	0
Minority Interests	—	-27	-60	-34	-85	—	0	0	0	0	—	-23	-49	-28	-74	—	0	0	0	0	—	-4	-12	-5	-11	—	0	0	0	0
Underlying Earnings Group share	—	1725	3323	1814	3501	—	519	964	524	1039	—	559	1104	616	1264	—	14	25	8	12	—	627	1211	653	1165	—	7	19	14	22
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	—	2446	2096	2856	2511	—	50	-2	28	-6	—	1228	967	1619	1352	—	0	0	0	0	—	1159	1124	1204	1155	—	9	6	5	10
Best Estimate for incurred Claims net of reinsurance	—	13876	14162	13960	14592	—	12589	12831	12443	12850	—	773	871	1015	1186	—	0	0	0	0	—	501	447	487	541	—	13	14	15	15
For long-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Best Estimate Liabilities net of reinsurance	—	295342	306249	301040	300391	—	112949	115280	114525	114424	—	135034	139257	137584	136725	—	324	345	310	309	—	47035	51368	48620	48934	—	0	0	0	0
o/w VFA Gross of reinsurance	—	264013	273094	266960	271902	—	116132	117942	116770	117266	—	121623	125513	121135	122782	—	0	0	0	0	—	26258	29639	29055	31854	—	0	0	0	0
o/w BBA Gross of reinsurance	—	50097	51845	51524	45307	—	9606	10019	9848	8873	—	13520	13810	16410	13760	—	1670	1659	1522	1473	—	25301	26356	23743	21201	—	0	0	0	0
o/w Reinsurance	—	-18768	-18690	-17443	-16817	—	-12790	-12682	-12093	-11715	—	-108	-66	39	183	—	-1346	-1315	-1212	-1164	—	-4524	-4627	-4178	-4121	—	0	0	0	0

9. Life UE by Geography

Life Underlying Earnings by Geography		Total					France					Europe					AXA XL					Asia, Africa & EME-LATAM					Transversal & Other
Life Underlying Earnings by Geography	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	—	2112	4247	2211	4444	—	1902	3843	2005	4044	—	53	109	54	106	—	0	0	0	0	—	157	296	152	295	—	0	0	0	0
Combined Ratio	—	0.945	0.955	0.952	0.954	—	0.951	0.963	0.959	0.961	—	0.798	0.77	0.79	0.773	—	0	0	0	0	—	0.923	0.915	0.915	0.916	—	0	0	0	0
Technical Margin	—	116	191	107	206	—	93	141	83	158	—	11	25	11	24	—	0	0	0	0	—	12	25	13	25	—	0	0	0	0
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	1136	2253	1158	2415	—	407	823	419	895	—	390	759	386	804	—	4	3	0	1	—	336	669	353	715	—	0	0	0	0
Technical Experience	—	-71	-98	-28	-139	—	-40	-96	-37	-81	—	-4	12	13	-53	—	3	2	0	-5	—	-30	-16	-4	0	—	0	0	0	0
Actual vs. Expected Cash Flows	—	-4	-33	10	37	—	8	-8	2	15	—	3	-11	-11	-6	—	-2	-3	-1	-6	—	-12	-10	20	33	—	0	0	0	0
Risk Adjustment Release	—	25	51	37	59	—	5	15	9	14	—	12	23	20	30	—	0	1	0	1	—	8	13	8	14	—	0	0	0	0
Changes in Onerous Contracts	—	-30	9	-10	-25	—	0	0	0	0	—	-32	-23	-13	-33	—	5	5	0	0	—	-3	26	3	8	—	0	0	0	0
Other Long-term	—	-63	-124	-65	-211	—	-52	-103	-49	-111	—	13	23	17	-44	—	0	0	0	0	—	-23	-45	-34	-55	—	0	0	0	0
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	—	454	799	462	738	—	103	193	114	185	—	249	432	232	401	—	10	19	10	20	—	92	155	105	132	—	0	0	0	0
Investment Income	—	1159	2209	1159	2142	—	344	660	346	649	—	451	838	438	809	—	13	27	14	27	—	350	684	361	657	—	0	0	0	0
Insurance Finance Expenses	—	-705	-1410	-697	-1405	—	-241	-467	-232	-464	—	-202	-407	-206	-408	—	-3	-7	-4	-8	—	-259	-530	-256	-525	—	0	0	0	0
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	—	1634	3145	1699	3219	—	563	1060	579	1156	—	645	1227	643	1176	—	17	25	10	16	—	409	833	468	872	—	0	0	0	0
Tax	—	-316	-635	-329	-584	—	-96	-194	-93	-213	—	-148	-289	-131	-183	—	-3	0	-2	-4	—	-68	-152	-103	-184	—	0	0	0	0
Income from Affiliates & Other	—	101	182	93	154	—	4	9	0	0	—	0	0	0	0	—	0	0	0	0	—	97	173	93	154	—	0	0	0	0
Minority Interests	—	-27	-56	-30	-75	—	0	0	0	0	—	-23	-47	-28	-70	—	0	0	0	0	—	-4	-9	-3	-5	—	0	0	0	0
Underlying Earnings Group share	—	1392	2636	1433	2715	—	470	875	486	943	—	474	891	484	923	—	14	25	8	12	—	434	845	456	837	—	0	0	0	0
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	—	157	96	105	21	—	23	-19	4	-41	—	-3	-14	-35	-24	—	0	0	0	0	—	137	129	137	86	—	0	0	0	0
Best Estimate for incurred Claims net of reinsurance	—	11589	11778	11623	11205	—	11349	11502	11352	10939	—	75	120	118	124	—	0	0	0	0	—	165	157	154	142	—	0	0	0	0
For long-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Best Estimate Liabilities net of reinsurance	—	275276	285391	280314	280280	—	112949	115280	114525	114424	—	114389	117841	116058	115433	—	324	345	310	309	—	47614	51926	49420	50113	—	0	0	0	0
o/w VFA Gross of reinsurance	—	243037	251273	244964	250326	—	116132	117942	116770	117266	—	100727	103800	99267	101144	—	0	0	0	0	—	26178	29530	28928	31916	—	0	0	0	0
o/w BBA Gross of reinsurance	—	50917	52713	52731	46724	—	9606	10019	9848	8873	—	13770	14107	16752	14106	—	1670	1659	1522	1473	—	25871	26927	24608	22272	—	0	0	0	0
o/w Reinsurance	—	-18679	-18595	-17381	-16770	—	-12790	-12682	-12093	-11715	—	-108	-66	39	183	—	-1346	-1315	-1212	-1164	—	-4435	-4532	-4116	-4074	—	0	0	0	0

10. Health UE by Geography

Health Underlying Earnings by Geography		Total					France					Europe					AXA XL					Asia, Africa & EME-LATAM					Transversal & Other
Health Underlying Earnings by Geography	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25	—	1H24	FY24	1H25	FY25
Short-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenues	—	5867	11960	6301	12972	—	2752	5661	2865	5744	—	1725	3495	1997	4314	—	0	0	0	0	—	1300	2629	1350	2742	—	90	174	88	172
Combined Ratio	—	0.986	0.981	0.978	0.979	—	0.978	0.979	0.985	0.981	—	0.994	0.975	0.969	0.952	—	0	0	0	0	—	1	1	0.983	1.023	—	0.922	0.891	0.836	0.867
Technical Margin	—	79	224	141	273	—	62	117	42	108	—	10	88	62	206	—	0	0	0	0	—	1	1	23	-64	—	7	19	14	23
Long-term Business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CSM Release	—	259	522	270	539	—	0	0	0	0	—	78	161	84	180	—	0	0	0	0	—	180	360	186	359	—	0	0	0	0
Technical Experience	—	7	3	-2	-11	—	0	0	0	0	—	-6	-20	-5	-17	—	0	0	0	0	—	14	23	3	6	—	0	0	0	0
Actual vs. Expected Cash Flows	—	13	18	2	2	—	0	0	0	0	—	1	0	0	0	—	0	0	0	0	—	12	18	2	2	—	0	0	0	0
Risk Adjustment Release	—	4	8	7	13	—	0	0	0	0	—	0	-2	1	3	—	0	0	0	0	—	5	10	5	11	—	0	0	0	0
Changes in Onerous Contracts	—	-1	-2	-2	-4	—	0	0	0	0	—	-1	-2	0	-3	—	0	0	0	0	—	-1	0	-1	-1	—	0	0	0	0
Other Long-term	—	-8	-21	-9	-22	—	0	0	0	0	—	-6	-16	-6	-16	—	0	0	0	0	—	-2	-5	-3	-5	—	0	0	0	0
Financial Result & Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Result	—	82	176	101	209	—	-3	-1	4	12	—	35	72	37	76	—	0	0	0	0	—	51	105	60	118	—	0	0	0	2
Investment Income	—	160	317	170	341	—	26	41	24	55	—	39	77	40	79	—	0	0	0	0	—	95	198	106	205	—	0	0	0	2
Insurance Finance Expenses	—	-78	-140	-69	-133	—	-29	-43	-20	-42	—	-4	-5	-4	-3	—	0	0	0	0	—	-45	-93	-45	-87	—	0	0	0	0
Other Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	—	427	925	510	1010	—	59	116	46	120	—	117	302	178	446	—	0	0	0	0	—	245	489	272	419	—	7	19	14	25
Tax	—	-96	-239	-133	-216	—	-10	-27	-7	-24	—	-31	-87	-46	-101	—	0	0	0	0	—	-55	-125	-80	-88	—	0	0	-1	-4
Income from Affiliates & Other	—	2	4	8	2	—	0	0	0	0	—	0	0	0	0	—	0	0	0	0	—	2	4	8	2	—	0	0	0	0
Minority Interests	—	0	-4	-3	-9	—	0	0	0	0	—	0	-1	0	-4	—	0	0	0	0	—	0	-3	-3	-6	—	0	0	0	0
Underlying Earnings Group share	—	333	687	381	787	—	49	89	39	96	—	85	213	132	341	—	0	0	0	0	—	192	366	197	328	—	7	19	14	22
For short-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Liabilities for remaining coverage net of reinsurance	—	2289	2000	2750	2490	—	27	18	24	35	—	1231	981	1654	1375	—	0	0	0	0	—	1022	995	1067	1069	—	9	6	5	10
Best Estimate for incurred Claims net of reinsurance	—	2286	2384	2337	3386	—	1240	1329	1091	1911	—	698	751	898	1062	—	0	0	0	0	—	336	290	334	398	—	13	14	15	15
For long-term business	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Best Estimate Liabilities net of reinsurance	—	20066	20858	20726	20112	—	0	0	0	0	—	20645	21416	21527	21291	—	0	0	0	0	—	-579	-557	-800	-1180	—	0	0	0	0
o/w VFA Gross of reinsurance	—	20977	21821	21996	21576	—	0	0	0	0	—	20896	21713	21868	21637	—	0	0	0	0	—	81	109	128	-62	—	0	0	0	0
o/w BBA Gross of reinsurance	—	-821	-868	-1207	-1417	—	0	0	0	0	—	-250	-297	-342	-346	—	0	0	0	0	—	-571	-571	-866	-1071	—	0	0	0	0
o/w Reinsurance	—	-90	-95	-62	-47	—	0	0	0	0	—	0	0	0	0	—	0	0	0	0	—	-90	-95	-62	-47	—	0	0	0	0

11. Asset Management

		1H24			FY24			1H25			FY25*
—	—	Total	o/w Third Party	—	Total	o/w Third Party	—	Total	o/w Third Party	—	Total	o/w Third Party
Opening AUM (in Euro billion)	—	843	332	—	843	332	—	878.889419	356	—	878.889419	356
Net Inflows	—	7	-1	—	3	4	—	-3	-10	—	-3	-10
Scope & Other	—	0	10	—	2	21	—	0	-6	—	0	-6
Market Effect	—	12	10	—	26	21	—	-3	-6	—	-3	-6
Currency Impact	—	-4	10	—	5	21	—	-21	-6	—	-21	-6
Closing AUM (in Euro billion)	—	859	340	—	879	356	—	853	341	—	853	341
Alternatives	—	227	86	—	229	90	—	233	95	—	233	95
Core & Other	—	532	254	—	551	266	—	528	246	—	528	246
Asian Joint Ventures	—	101	—	—	99	—	—	92	—	—	92	—
Gross Revenues - After Intercompany Elimination	—	787	—	—	1701	—	—	875	—	—	875	—
Gross Revenues - Before Intercompany Elimination	—	937	—	—	2004	—	—	1018	—	—	1018	—
Management Fees	—	679	385	—	1425	773	—	724	439	—	724	439
Performance Fees	—	18	8	—	57	21	—	16	9	—	16	9
Distribution Fees	—	205	—	—	409	—	—	231	—	—	231	—
Other	—	35	—	—	112	—	—	46	—	—	46	—
General Expenses	—	-698	—	—	-1493	—	—	-793	—	—	-793	—
Distribution Fees Retroceded	—	-205	—	—	-409	—	—	-231	—	—	-231	—
Financial Result	—	24	—	—	35	—	—	14	—	—	14	—
Underlying Earnings Before Tax	—	263	—	—	546	—	—	239	—	—	239	—
Tax	—	-69	—	—	-160	—	—	-68	—	—	-68	—
Income from Affiliates & Other	—	16	—	—	29	—	—	8	—	—	8	—
Minority Interests	—	-6	—	—	-13	—	—	-4	—	—	-4	—
Underlying Earnings Group Share	—	204	—	—	402	—	—	175	—	—	175	—
Average Assets under Management (€bn)	—	749	—	—	759	—	—	769	—	—	769	—
Asset Management Fee bps	—	18.119	—	—	18.769	—	—	18.83	—	—	18.83	—
Underlying Cost Income Ratio	—	0.673	—	—	0.68	—	—	0.714	—	—	0.714	—

• • AXA 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.

12. Holdings

Holdings Underlying Earnings	—	1H24	—	FY24	—	1H25	—	FY25
Financial Result	—	181	—	402	—	228	—	422
Other Revenues	—	522	—	1050	—	607	—	1149
Other Expenses	—	-925	—	-1986	—	-1075	—	-2107
Tax	—	100	—	324	—	101	—	284
Income from Affiliates & Other	—	0	—	0	—	0	—	0
Minority Interests	—	0	—	0	—	0	—	0

¹ 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. ² ² Includes liquid invested assets. ³ ³ 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). ⁴ ⁴ 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).

13. Activity indicators

Activity Indicators by Line of Business		1H24									FY24									1H25									FY25
Activity Indicators by Line of Business	—	Total	P&C	Life & Health	o/w Employee Benefits	Life	Health	Asset Management	Bank	—	Total	P&C	Life & Health	o/w Employee Benefits	Life	Health	Asset Management	Bank	—	Total	P&C	Life & Health	o/w Employee Benefits	Life	Health	Asset Management	Bank	—	Total	P&C	Life & Health	o/w Employee Benefits	Life	Health	Asset Management	Bank
Gross Written Premiums & Other Revenues	—	59872	32522	26505	6673	17419	9086	787	57	—	110316	56514	51983	12167	34497	17486	1701	118	—	64251	34097	29230	7223	19081	10149	875	49	—	115524	58038	56512	12867	37499	19014	875	99
IFRS17/9 New Business Value (NBV) (a)	—	1206	—	1206	—	953	253	—	—	—	2264	—	2264	—	1792	473	—	—	—	1189	—	1189	—	928	260	—	—	—	2233	—	2233	—	1747	486	—	—
New Business Contractual Service Margin (NB CSM)	—	1131	—	1131	—	919	213	—	—	—	2169	—	2169	—	1770	399	—	—	—	1184	—	1184	—	950	234	—	—	—	2199	—	2199	—	1822	377	—	—
Other NBV *	—	456	—	456	—	333	123	—	—	—	824	—	824	—	594	231	—	—	—	382	—	382	—	270	113	—	—	—	757	—	757	—	491	266	—	—
Tax	—	-381	—	-381	—	-299	-83	—	—	—	-729	—	-729	—	-572	-158	—	—	—	-378	—	-378	—	-292	-86	—	—	—	-724	—	-724	—	-567	-157	—	—
Present Value of Expected Premiums (PVEP) (b)	—	25588	—	25588	—	18234	7354	—	—	—	50896	—	50896	—	36860	14036	—	—	—	25918	—	25918	—	19487	6430	—	—	—	49357	—	49357	—	37103	12254	—	—
IFRS17/9 NBV Margin (a)/(b)	—	0.047	—	0.047	—	0.052	0.034	—	—	—	0.044	—	0.044	—	0.049	0.034	—	—	—	0.046	—	0.046	—	0.048	0.04	—	—	—	0.045	—	0.045	—	0.047	0.04	—	—

Activity Indicators by Geography		1H24									FY24									1H25									FY25
Activity Indicators by Geography	—	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other	—	—	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other	—	—	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other	—	—	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other
Gross Written Premiums & Other Revenues	—	59872	14719	22579	11220	9571	787	995	—	—	110316	28996	39298	19383	19083	1701	1856	—	—	64251	15670	24649	11749	10302	875	1006	—	—	115524	30598	43005	19277	19925	875	1844
IFRS17/9 New Business Value (NBV) (a)	—	1206	354	348	—	504	—	—	—	—	2264	682	597	—	986	—	—	—	—	1189	315	364	—	510	—	—	—	—	2233	695	578	—	959	—	—
New Business Contractual Service Margin (NB CSM)	—	1131	203	398	—	531	—	—	—	—	2169	391	731	—	1047	—	—	—	—	1184	199	443	—	541	—	—	—	—	2199	431	740	—	1028	—	—
Other NBV *	—	456	275	50	—	131	—	—	—	—	824	528	49	—	247	—	—	—	—	382	225	28	—	129	—	—	—	—	757	506	12	—	239	—	—
Tax	—	-381	-123	-100	—	-158	—	—	—	—	-729	-237	-184	—	-309	—	—	—	—	-378	-109	-107	—	-161	—	—	—	—	-724	-242	-174	—	-308	—	—
Present Value of Expected Premiums (PVEP) (b)	—	25588	12301	6317	—	6971	—	—	—	—	50896	25370	11831	—	13695	—	—	—	—	25918	11662	6843	—	7413	—	—	—	—	49357	22858	12651	—	13847	—	—
IFRS17/9 NBV Margin (a)/(b)	—	0.047	0.029	0.055	—	0.072	—	—	—	—	0.044	0.027	0.05	—	0.072	—	—	—	—	0.046	0.027	0.053	—	0.069	—	—	—	—	0.045	0.03	0.046	—	0.069	—	—

• • Includes 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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	—	FY24	FY25
Goodwill	—	18.1	17.8
Other intangible assets	—	4.4	4.4
Total Intangible assets	—	22.6	22.2
Investments in real estate properties	—	29.2	27.8
Financial investments	—	418.2	401.8
Unit-linked Assets	—	90.1	97.2
Total Investments from Insurance activities	—	537.5	526.9
Investments from Non-Insurance Activities	—	18.5	16.6
Equity Method investments	—	1.5	1.5
Assets Arising from Insurance and Reinsurance Contracts Held	—	26.1	23.9
Present Value of Future Cash Flows	—	24.1	22
Contractual Service Margin	—	1.4	1.4
Risk Adjustment	—	0.5	0.5
Receivables and Other Assets	—	24.1	21.9
Assets held for sale	—	4.5	0.2
Cash and cash equivalents	—	19	22.2

Liabilities, Non-controlling Interests & Shareholders' Equity	—	FY24	FY25
Shareholders' Equity group share	—	49.9	47.2
Shareholders’ equity	—	52.5	49.6
Financing debt	—	14.4	15.8
Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts	—	477	470.4
Present Value of Future Cash Flows	—	438.4	432.6
Contractual Service Margin	—	35.3	34.7
Risk Adjustment	—	3.3	3.1
Other Investment Contract Liabilities	—	12.6	12.8
Liabilities arising from insurance, reinsurance and investment contracts	—	489.6	483.2
Liabilities Arising from Non-Insurance Activities	—	10.1	9.9
Provisions for risks and charges	—	4.9	4.6
Payables and Other liabilities	—	80.9	72.5
Liabilities held for sale	—	1.4	0

15.CSM Rollforward

Contractual Service Margin (CSM)	FY23 Restated	New Business CSM	Underlying Return on inforce	CSM Release	Economic Variance	Operating Variance	Other*	FY24
Total Group (pre-tax)	34187	2169	1383	-2775	-998	432	-545	33853
P&C	206	0	0	0	0	0	76	282
Life	26200	1770	1172	-2253	-890	363	-534	25826
Health	7782	400	211	-522	-108	69	-87	7744
Total Group (post-tax)	26777	—	—	—	—	—	—	26320

• • Including *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.*
  • Including *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.*
  • Including *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.*
  • Including *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.*
  • Including *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.*
  • Including *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.*
  • Including *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.*
  • Including *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.*
  • Including *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.*

Contractual Service Margin (CSM)	FY24	New Business CSM	Underlying Return on inforce	CSM Release	Economic Variance	Operating Variance	Other*	FY25
Total Group (pre-tax)	33853	2199	1328	-2954	594	-316	-1451	33253
P&C	282	0	0	0	0	0	-21	261
Life	25826	1822	1150	-2415	487	-526	-903	25442
Health	7744	377	178	-539	107	210	-527	7550
Total Group (post-tax)	26320	—	—	—	—	—	—	25864

• • Including Including scope changes and FX.
  • Including Including scope changes and FX.
  • Including Including scope changes and FX.
  • Including Including scope changes and FX.
  • Including Including scope changes and FX.

16. Invested Assets

General Account Invested Assets as of FY25	Fair value	Asset Allocation %	o/w Participating
General Account Invested Assets as of FY25	Fair value	Asset Allocation %	o/w Participating
Fixed Income	345	0.766671	0.595469
Government Bonds	167	0.371971	0.655028
Corporate Bonds and Loans	121	0.269354	0.547308
Other Fixed Income	56	0.125346	0.521919
Asset Backed Securities	25	0.055754	0.477435
Mortgage Loans	31	0.069592	0.557792
Real Estate	41	0.091575	0.6337
Infrastructure Equity	10	0.021716	0.638656
Listed Equities	10	0.023271	0.823811
Private Equity & Hedge Funds	23	0.050886	0.553433
Cash	19	0.042207	0.5001
Policy Loans	2	0.003668	0.51

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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

Duration gap		Fair Value by Rating
Duration gap	—	Average rating	AAA	AA	A	BBB	Below Investment Grade	Non Rated
-0.4 yr	—	—	—	—	—	—	—	—
—	—	AA	0.267	0.309	0.283	0.1	0.022	0.02
—	—	A	0.157	0.058	0.392	0.284	0.109	—
—	—	—	0.541	0.281	0.099	0.028	0.008	0.043

17. Supplementary Info on Asset

Breakdown By Geographical Exposure	Fair Value	Belgium	France	Germany	Italy	Japan	Netherlands	Spain	Switzerland	United States	Other EU countries	Supranational	Rest of the World
Breakdown By Geographical Exposure	167	0.06	0.12	0.06	0.05	0.08	0.03	0.06	0.09	0.1	0.08	0.13	0.15

Corporate Corporate Bonds and Loans

Breakdown By Industry	Fair Value	Basic Materials	Communications	Consumer, Cyclical	Consumer, Non-Cyclical	Covered and Senior Secured Bonds	Energy	Financials	Industrial	Technology	Utilities	Other
Breakdown By Industry	121	0.02	0.06	0.04	0.11	0.29	0.01	0.28	0.06	0.02	0.08	0.03

Exposure to the Financials	Total	Banks	Non-Banks
Total	33.4	27.5	6
Senior Unsecured Bonds	29.8	24.3	5.5
Subordinated Bonds	3	2.7	0.4
Other	0.6	0.5	0.1

1 1 Includes REITS corporate bonds (Euro 3 billion). 1 1 Includes REITS corporate bonds (Euro 3 billion). 2 2 Includes AT1 (Euro 0.4 billion). Listed Listed Equities1

Breakdown By Asset Domiciliation	Fair Value	Belgium	France	Germany	Japan	Netherlands	Switzerland	United States	Other EU countries	Rest of the World
Breakdown By Asset Domiciliation	10	0.03	0.07	0.03	0.07	0.02	0.04	0.37	0.09	0.27

Breakdown By Industry	Fair Value	Basic Materials	Communications	Consumer, Cyclical	Consumer, Non-Cyclical	Diversified	Energy	Financials	Funds	Industrial	Technology	Utilities	Other
Breakdown By Industry	10	0.05	0.11	0.09	0.14	0.03	0	0.2	0.06	0.12	0.17	0.01	0

1 1 Including hedges. Real Real Estate

Breakdown By Geographical Exposure	Fair Value	Belgium	France	Germany	Italy	Japan	Spain	Switzerland	United Kingdom	United States	Other EU countries	Rest of the World
Breakdown By Geographical Exposure	41	0.05	0.25	0.11	0.03	0.05	0.04	0.13	0.07	0.12	0.05	0.1

Breakdown By Type	Fair Value	Office	Residential	Industrial-Logistic	Retail	Others
Breakdown By Type	41	0.33	0.22	0.15	0.12	0.18

Private Private Equities1

Breakdown By Asset Domiciliation	Fair Value	Europe	Japan	United States	Other

1 1 Excluding Non-listed Equity. Mortgage Mortgage Loans1,2

Breakdown by Type	Fair Value	Residential	Commercial
Breakdown by Type	23	0.69	0.31

1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 2 2 Loan to Value: 46%.

18. Shareholders Equity

Change in Group Share Consolidated Shareholders' Equity	—	—	FY25
Shareholders' Equity at Beginning of the Period	—	—	49.9
Paid-in Capital	—	—	-4.9
Treasury Shares	—	—	-0.1
Other Comprehensive Income Arising from Defined Benefit Plans	—	—	-0.3
Other Comprehensive Income Related to Invested Assets	—	—	-4.2
Other Comprehensive Income Related to (re) Insurance Contracts	—	—	5.4
Impact of Currency Fluctuations	—	—	-3.5
Undated Subordinated Debt (including interest charges)	—	—	-0.3
Realized Gains on Equity through Retained Earnings	—	—	0.1
Dividends	—	—	-4.6
Net Income for the Period	—	—	9.8
Other	—	—	-0.2
Shareholders' Equity at End of the Period	—	—	47.2

Group Share Consolidated Shareholders' Equity	—	FY24	FY25
Paid-in Capital	—	21.8	16.9
Treasury Shares	—	-1.5	-1.6
Other Comprehensive Income Arising from Defined Benefit Plans	—	-2.4	-2.8
Other Comprehensive Income	—	-8.1	-6.8
Other Comprehensive Income Related to Invested Assets	—	-13.1	-17.3
Other Comprehensive Income Related to (re) Insurance Contracts	—	5	10.5
Translation Reserves	—	-1.1	-4.6
Undated Subordinated Debt	—	4.8	4.6
Retained Earnings	—	36.5	41.4
Total Shareholders' Equity at the End of the Period	—	49.9	47.2

(a) (a) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt. (b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. (b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. (b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. (b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.

Unrealized Gains and Losses on Invested Assets (Net of Tax)	—	FY24	FY25
Government Bonds (recyclable)	—	-7.5	-13
Corporate Bonds (recyclable)	—	-4.1	-3
Cash Flow hedges (recyclable)	—	-3.5	-3.3
Equities (non-recyclable)	—	2.3	2.1
Others (recyclable)	—	-0.3	-0.1
Total Other Comprehensive Income Related to Invested Assets	—	-13.1	-17.3
Real Estate	—	6.7	6.5
Other Invested Assets Not Included in Shareholders' Equity	—	-0.6	-0.1

19. ROE&Gearing

Return on Equity (ROE)	—	FY24	FY25	Change in % points (FY25 vs FY24)
Net Income ROE	—	0.148	0.188	3.936
Net Income (a)	—	7.7	9.6	—
Average Adjusted Shareholders' Equity (b)	—	51.8	51.3	—
Underlying ROE	—	0.152	0.16	0.781
Underlying Earnings (a)	—	7.9	8.2	—
Average Adjusted Shareholders' Equity (b)	—	51.8	51.3	—

(a) (a) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity). (b) (b) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity). Financial Financial interest treatment

Consolidated Financial Structure & Debt Gearing (in Euro billion)	—	FY24	FY25
Financing Debt	—	3.2	3.2
Financing Debt Instrument Issued	—	3.2	3.2
Financing Debt Owed to Credit Institutions	—	0	0
Dated Subordinated Debt	—	11.2	12.6
Reversal of mark-to-market of interest rates derivatives	—	-0.1	-0.1
Total Gross Debt (A)	—	14.3	15.7
Undated Deeply Subordinated Notes (TSS)	—	2.9	4.3
Deeply Subordinated Notes (TSDI)	—	1.9	0.3
Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)	—	19.2	20.3
Shareholders' Equity (Including Non-Controlling Interests) (a) (C)	—	52.5	49.6
Contractual Service Margin net of tax (D)	—	26.3	25.9
Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)	—	93.1	91.1
Debt Gearing (G) = (B) / (E)	—	0.206	0.223

(a) (a) Shareholders' equity includes undated and deeply subordinated debts. (a) (a) Shareholders' equity includes undated and deeply subordinated debts. (a) (a) Shareholders' equity includes undated and deeply subordinated debts. (a) (a) Shareholders' equity includes undated and deeply subordinated debts. (a) (a) Shareholders' equity includes undated and deeply subordinated debts.

20. Information on Solvency II

Solvency II Rollforward	FY24	Regulatory & model changes	Normalized Capital Generation	Operating variance	Economic variance (incl. FX)	Dividend & share buy-backs	Debt	M&A, In-force and Other	FY25
Eligible Own Fund (EOF)	55.9	0.199229	8.843382	-0.39872	-2.08452	-6.044829	1.612194	-1.68379	56.370366
Solvency Capital Requirement (SCR)	25.9	0.048301	0.615756	0	-1.227868	0	0	-0.227109	25.151489
Solvency II Ratio	2.16	0.003659	0.2824	-0.014986	0.035282	-0.238186	0.063526	-0.04629	2.241234

EOF Tiering	Total	Unrestricted Tier	Restricted Tier	Tier
EOF as of FY25	56.370366	39.583708	4.709906	11.647088	0.429663
Insurance Sector	55.144384	38.357726	4.709906	11.647088	0.429663
Ancillary	—	—	—	—	—
Subject to Transitional Measures*	2.391239	—	1.416814	0.974425	—
Other Financial Sectors	1.225982	1.225982	—	—	—
EOF as of FY24	55.9	40	4.9	10.2	0.8
Insurance Sector	53.5	37.5	4.9	10.2	0.8
Ancillary	—	—	—	—	—
Subject to Transitional Measures*	4.5	—	3.4	1.1	—
Other Financial Sectors	2.5	2.5	—	—	—

• • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.
  • Transitional 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.

Solvency II Key Sensitivities (in pts)	FY24	FY25
Interest Rate +50 bps	+2 pts	+2 pts
Interest Rate -50 bps	-4 pts	-1 pt
Corporate Spread +50bps	-1 pt	-1 pt
Euro Government Spreads +50bps	-10 pts	-7 pts
Credit Migration +20%	-4 pts	-4 pts
Listed Equities +25%	+0 pt	-1 pt
Listed Equities -25%	-3 pts	+2 pts
Private and Infrastructure Equity +25%	+13 pts	+14 pts
Private and Infrastructure Equity -25%	-15 pts	-19 pts
Inflation swap curve +50bps	-6 pts	-5 pts

21. IFRS17 SHE to Group EOF

Reconciliation IFRS17/9 Shareholders' Equity to Solvency II Eligible Own Funds	FY25
IFRS SHAREHOLDERS' EQUITY	49.635524
Contractual Service Margin (net of tax)	25.854859
IFRS SHAREHOLDERS' EQUITY inc. CSM	75.490382
Net URCG not included in Shareholders' Equity	6.408007
Elimination Undated Subordinated Debts	-4.609545
Elimination Intangibles	-21.28878
Goodwill	-17.806481
others	-3.482299
IFRS TANGIBLE NET ASSET VALUE	56.000064
Foreseeable dividends and distribution	-6.306829
Technical provision adjustments	-9.551781
Risk Margin vs Risk Adjustment	-6.37032
BEL adjustment	-3.181461
Other adjustments	-0.557745
UNRESTRICTED TIER	39.583708
Restricted Tier 1 + Tier	16.356994
Tier	0.429663
GROUP ELIGIBLE OWN FUNDS	56.370366