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AXA/2025/FY financial supplement

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Document info
OrganizationAXA
Year2025
PeriodFY
Period labelFY25
Document typeFinancial supplement
LanguageEnglish
SourceOriginal URL
Archive.md file

This article presents AXA's FY 2025 financial supplement — the detailed data tables behind the period's results.

1. Market Data

Average foreign exchange rates by currency for half-years and fiscal years 2024 and 2025
— 1H24 FY24 1H25 FY25 Average 1H24 Average FY24 Average 1H25 Average FY25
USD 1.07 1.04 1.17 1.17 1.08 1.08 1.09 1.13
JPY 172 163 170 184 165 164 162 169
GBP 0.85 0.83 0.86 0.87 0.85 0.85 0.84 0.86
CHF 0.96 0.94 0.93 0.93 0.96 0.95 0.94 0.94
HKD 8.37 8.04 9.21 9.14 8.45 8.44 8.53 8.82
Average interest rates by currency for half-years and fiscal years 2024 and 2025
— Average 1H24 Average FY24 Average 1H25 Average FY25
EUR 2.79% 2.84% 2.57% 2.59%
USD 4.35% 4.41% 4.40% 4.23%
JPY 0.22% 0.42% 0.89% 1.01%
GBP 4.00% 4.25% 4.38% 4.31%
CHF 1.05% 0.82% 0.18% 0.16%
HKD 3.75% 3.67% 3.45% 3.18%
Closing interest rates by currency for half-years and fiscal years 2024 and 2025
— Closing 1H24 Closing FY24 Closing 1H25 Closing FY25
EUR 3.06% 2.71% 2.91% 3.17%
USD 4.54% 4.66% 4.43% 4.45%
JPY 1.04% 1.07% 1.44% 2.08%
GBP 4.27% 4.48% 4.56% 4.55%
CHF 0.98% 0.38% 0.53% 0.67%
HKD 3.79% 3.91% 3.02% 3.21%

2. UE by LOB and Net Income

Underlying earnings (UE) breakdown by line of business (LOB) for half-years and fiscal years 2024 and 2025
EUR million Group Property & casualty Life & health Asset management* Holdings
— 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25
Short-term business — — — — — — — — — — — — — — — — — — — —
Revenues 35,273 72,104 37,209 75,071 27,294 55,898 28,697 57,656 7,979 16,207 8,512 17,416 — — — — — — — —
Combined ratio — — — — 90.2% 91.0% 90.0% 90.6% 97.6% 97.4% 97.1% 97.2% — — — — — — — —
Technical margin 2,877 5,421 3,107 5,888 2,682 5,006 2,859 5,409 195 415 248 479 — — — — — — — —
Long-term business — — — — — — — — — — — — — — — — — — — —
CSM release 1,395 2,775 1,428 2,954 — — — — 1,395 2,775 1,428 2,954 — — — — — — — —
Technical experience -64 -95 -30 -150 — — — — -64 -95 -30 -150 — — — — — — — —
Financial result & other — — — — — — — — — — — — — — — — — — — —
Financial result 2,064 3,971 2,148 4,013 1,324 2,559 1,343 2,631 536 975 563 946 24 35 14 14 181 402 228 422
Other revenues 1,459 3,054 1,625 2,167 — — — — — — — — 937 2,004 1,018 1,018 522 1,050 607 1,149
Other expenses -1,624 -3,479 -1,868 -2,900 — — — — — — — — -698 -1,493 -793 -793 -925 -1,986 -1,075 -2,107
Debt financing charges -471 -948 -452 -928 — — — — — — — — — — — — -471 -948 -452 -928
Underlying earnings before tax 5,638 10,700 5,958 11,044 4,006 7,565 4,202 8,040 2,061 4,070 2,209 4,229 263 546 239 239 -693 -1,482 -692 -1,464
Tax -1,427 -2,662 -1,503 -2,644 -1,046 -1,952 -1,074 -2,060 -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 4,244 8,078 4,465 8,368 2,908 5,510 3,067 5,872 1,725 3,323 1,814 3,501 204 402 175 175 -592 -1,157 -591 -1,180
Underlying earnings growth rate (constant FX) 4% 7% 6% 6% — — — — — — — — — — — — — — — —
Underlying ROE 16.6% 15.2% 17.5% 16.0% — 16.2% — 17.3% — 13.6% — 14.4% — 26.0% — 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 2,386 — — — — — — — — — — — — — — — —
Net income group share 4,020 7,886 3,922 9,797 — — — — — — — — — — — — — — — —
Deeply subordinated and undated subordinated debt charges -106 -201 -86 -174 — — — — — — — — — — — — — — — —
Underlying earnings for EPS calculation 4,138 7,877 4,379 8,195 — — — — — — — — — — — — — — — —
Net income for EPS calculation 3,914 7,685 3,836 9,623 — — — — — — — — — — — — — — — —
  • (*) 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 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 (UE) breakdown by geography for half-years and fiscal years 2024 and 2025
EUR million Group France Europe AXA XL Asia, Africa & EME-LATAM AXA IM* Transversal & other
— 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 35,273 72,104 37,209 75,071 9,046 18,698 9,567 19,555 11,839 24,005 12,661 25,724 9,022 18,530 9,428 18,699 4,312 8,750 4,478 8,986 — — — — 1,053 2,122 1,075 2,107
Combined ratio — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Technical margin 2,877 5,421 3,107 5,888 692 1,470 658 1,485 998 1,957 1,176 2,357 1,111 1,820 1,074 1,928 70 81 150 9 — — — — 6 93 49 109
Long-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM release 1,395 2,775 1,428 2,954 407 823 419 895 468 920 471 984 4 3 0 1 516 1,029 538 1,074 — — — — 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 2,064 3,971 2,148 4,013 350 613 380 667 784 1,486 765 1,398 283 616 308 651 382 741 425 782 24 35 14 14 241 480 255 502
Other revenues 1,459 3,054 1,625 2,167 53 108 44 91 -18 -32 -8 -12 0 0 0 0 0 0 -2 -3 937 2,004 1,018 1,018 488 974 573 1,073
Other expenses -1,624 -3,479 -1,868 -2,900 -83 -180 -79 -168 -10 -25 -6 -3 0 0 0 0 -9 -20 -14 -26 -698 -1,493 -793 -793 -823 -1,761 -976 -1,910
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 5,638 10,700 5,958 11,044 1,380 2,738 1,384 2,888 2,210 4,297 2,406 4,651 1,385 2,409 1,366 2,543 935 1,826 1,093 1,835 263 546 239 239 -535 -1,116 -530 -1,113
Tax -1,427 -2,662 -1,503 -2,644 -350 -676 -308 -665 -536 -1,004 -568 -1,039 -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 4,244 8,078 4,465 8,368 1,034 2,071 1,076 2,224 1,626 3,187 1,782 3,486 1,030 1,820 1,024 1,893 798 1,504 862 1,493 204 402 175 175 -447 -907 -455 -903
  • (*) 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 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

Shares and underlying earnings per share (UEPS) for fiscal years 2024 and 2025
Outstanding shares excluding treasury shares (a) Weighted average number
— FY24 FY25 FY24 FY25
Basic number of shares — — — —
As of beginning of period 2,226.2 2,175.4 2,226.2 2,175.4
Increase of capital dedicated to employees 12.9 12.7 0.9 1.0
Exercise of stock-options 2.6 1.1 1.4 0.6
Other movement of treasury shares 4.6 4.2 17.5 6.3
Capital increase / (decrease) -70.9 -138.0 -55.2 -64.9
As at end of period 2,175.4 2,055.4 — —
During the period — — 2,190.8 2,118.3
Fully diluted number of shares — — — —
Stock options — — 0.8 0.6
Performance shares — — 5.6 5.1
During the period (A) — — 2,197.1 2,124.0
Earnings group share: — — — —
Net income — — 7,886 9,797
Underlying earnings — — 8,078 8,368
Impact of undated and deeply subordinated debts: — — — —
Undated and deeply subordinated debt charges — — -201 -174
Earnings for EPS calculation: — — — —
Net income for EPS calculation (B) — — 7,685 9,623
Underlying earnings for EPS calculation (C) — — 7,877 8,195
Fully diluted euro per share (EPS) — — — —
EPS (B/A) — — 3.50 4.53
Underlying EPS (C/A) — — 3.59 3.86
  • (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 (P&C) underlying earnings (UE) breakdown by sub-line of business (LOB) for half-years and fiscal years 2024 and 2025
EUR million Total Commercial lines Personal lines AXA XL reinsurance Intercompany eliminations
— 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25
Short-term business — — — — — — — — — — — — — — — — — — — —
Revenues 27,294 55,898 28,697 57,656 18,657 38,019 19,575 39,090 9,144 18,705 9,513 19,276 1,155 2,394 1,299 2,493 -1,662 -3,220 -1,689 -3,203
Current accident year loss ratio 67.0% 67.7% 66.7% 66.9% 68.1% 68.8% 68.0% 68.0% 69.8% 70.0% 68.8% 69.1% 69.7% 70.6% 70.8% 71.9% — — — —
Undiscounted current accident year loss ratio (excl. nat cats) 67.4% 67.4% 67.0% 67.0% 69.2% 69.4% 69.3% 68.8% 68.8% 68.5% 67.5% 67.9% 68.0% 67.9% 69.4% 71.5% — — — —
Undiscounted current accident year nat cats 3.6% 3.8% 3.5% 3.4% 2.7% 2.9% 2.7% 2.6% 4.0% 4.1% 3.8% 3.6% 10.6% 10.4% 9.2% 8.7% — — — —
Current accident year discounting -3.9% -3.6% -3.9% -3.5% -3.7% -3.5% -3.9% -3.5% -3.0% -2.6% -2.6% -2.4% -8.8% -7.7% -7.8% -8.3% — — — —
Prior year reserve development ratio -1.5% -1.6% -1.1% -1.1% -1.1% -1.2% -1.3% -0.8% -2.3% -1.8% -0.6% -1.6% -1.1% -0.8% -0.3% 0.0% — — — —
Expense ratio 24.7% 25.0% 24.5% 24.8% 23.1% 23.6% 23.2% 23.5% 25.5% 25.7% 25.1% 25.2% 10.0% 9.9% 9.1% 9.4% — — — —
Combined ratio 90.2% 91.0% 90.0% 90.6% 90.1% 91.1% 89.9% 90.7% 92.9% 93.9% 93.3% 92.8% 78.7% 79.7% 79.6% 81.4% — — — —
Technical margin 2,682 5,006 2,859 5,409 1,850 3,372 1,968 3,616 645 1,136 638 1,392 246 486 265 464 -60 12 -12 -63
Long-term business — — — — — — — — — — — — — — — — — — — —
CSM release — — — — — — — — — — — — — — — — — — — —
Technical experience — — — — — — — — — — — — — — — — — — — —
Financial result & other — — — — — — — — — — — — — — — — — — — —
Financial result 1,324 2,559 1,343 2,631 993 1,831 1,004 1,941 240 538 275 523 119 210 85 186 -28 -20 -20 -20
Investment income 1,967 3,731 2,088 3,988 1,427 2,625 1,512 2,864 366 761 422 794 202 365 174 350 -28 -20 -20 -20
Insurance finance expenses -643 -1,172 -745 -1,358 -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 4,006 7,565 4,202 8,040 2,843 5,203 2,973 5,557 886 1,674 913 1,914 365 696 349 650 -87 -8 -33 -82
Tax -1,046 -1,952 -1,074 -2,060 — — — — — — — — — — — — — — — —
Income from affiliates & other 2 3 1 3 — — — — — — — — — — — — — — — —
Minority interests -56 -106 -63 -111 — — — — — — — — — — — — — — — —
Underlying earnings group share 2,908 5,510 3,067 5,872 — — — — — — — — — — — — — — — —
Closing invested assets 113,515 118,104 116,895 117,507 — — — — — — — — — — — — — — — —
O/w VFA 0 0 0 0 — — — — — — — — — — — — — — — —
O/w non VFA 113,515 118,104 116,895 117,507 — — — — — — — — — — — — — — — —
For short-term business — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 19,284 16,006 19,766 16,040 12,070 9,480 12,240 9,127 6,369 5,478 6,831 5,871 1,572 1,075 1,436 1,009 -728 -27 -740 32
Best Estimate for incurred Claims net of reinsurance 69,800 71,751 70,215 70,567 45,710 46,570 46,591 47,002 17,809 18,308 17,781 17,402 6,704 6,830 6,290 6,198 -423 43 -447 -35
  • For long-term business
  • Best Estimate Liabilities net of reinsurance

6. P&C UE by Geography

Property & casualty (P&C) underlying earnings (UE) breakdown by geography for half-years and fiscal years 2024 and 2025
EUR million Total France Europe AXA XL O/w AXA XL insurance FY24 O/w AXA XL insurance AXA XL O/w AXA XL insurance FY25 O/w AXA XL insurance Asia, Africa & EME-LATAM Transversal & other
— 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 — — — 1H25 — — — 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25
Short-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues 27,294 55,898 28,697 57,656 4,393 9,194 4,697 9,768 10,060 20,400 10,610 21,305 9,022 7,867 18,530 16,136 9,428 8,129 18,699 16,207 2,855 5,825 2,975 5,949 963 1,948 987 1,935
Current accident year loss ratio 67.0% 67.7% 66.7% 66.9% 69.4% 68.9% 70.6% 70.1% 66.5% 66.9% 64.7% 65.1% 67.5% 67.2% 69.2% 69.0% 68.4% 68.0% 68.8% 68.3% 68.6% 69.3% 68.2% 69.6% 53.2% 51.0% 48.0% 44.6%
Undiscounted current accident year loss ratio (excl. nat cats) 67.4% 67.4% 67.0% 67.0% 71.3% 69.7% 70.6% 70.2% 65.0% 65.5% 64.1% 64.3% 68.8% 68.9% 69.3% 69.5% 69.7% 69.8% 69.8% 69.6% 70.0% 70.4% 69.7% 70.2% 52.9% 51.1% 48.0% 44.5%
Undiscounted current accident year nat cats 3.6% 3.8% 3.5% 3.4% 3.4% 3.8% 4.8% 4.5% 4.5% 4.1% 3.3% 3.1% 3.8% 2.8% 4.6% 3.8% 4.2% 3.4% 3.9% 3.1% 0.8% 0.9% 0.8% 1.6% 1.4% 1.1% 1.3% 1.2%
Current accident year discounting -3.9% -3.6% -3.9% -3.5% -5.3% -4.6% -4.8% -4.6% -3.1% -2.8% -2.7% -2.3% -5.1% -4.6% -4.7% -4.2% -5.5% -5.2% -4.9% -4.4% -2.2% -2.0% -2.3% -2.2% -1.1% -1.2% -1.2% -1.1%
Prior year reserve development ratio -1.5% -1.6% -1.1% -1.1% -3.5% -3.9% -2.6% -2.9% -2.1% -2.1% -1.1% -1.3% -0.1% 0.0% -0.1% 0.0% -0.2% -0.2% 0.0% 0.0% -0.1% 0.1% -1.0% -0.2% -3.7% -5.7% -4.0% -1.9%
Expense ratio 24.7% 25.0% 24.5% 24.8% 21.9% 21.9% 20.7% 20.4% 25.9% 26.2% 26.0% 26.2% 20.3% 21.8% 21.0% 22.7% 20.4% 22.2% 20.9% 22.6% 29.4% 29.6% 29.0% 29.8% 50.5% 50.9% 52.5% 52.8%
Combined ratio 90.2% 91.0% 90.0% 90.6% 87.8% 86.8% 88.6% 87.5% 90.3% 91.0% 89.6% 90.0% 87.7% 89.0% 90.2% 91.7% 88.6% 90.0% 89.7% 91.0% 98.0% 99.1% 96.2% 99.2% 100.1% 96.2% 96.5% 95.5%
Technical margin 2,682 5,006 2,859 5,409 538 1,212 533 1,220 977 1,844 1,104 2,127 1,111 865 1,820 1,335 1,074 809 1,928 1,464 57 55 114 48 -1 74 35 86
Long-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM release — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Technical experience — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial result & other — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial result 1,324 2,559 1,343 2,631 251 421 261 468 473 912 461 876 273 159 596 387 298 213 632 445 242 484 261 530 86 146 62 125
Investment income 1,967 3,731 2,088 3,988 334 572 373 675 658 1,244 667 1,257 614 416 1,233 868 681 507 1,331 981 261 518 292 585 100 164 74 140
Insurance finance expenses -643 -1,172 -745 -1,358 -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 4,006 7,565 4,202 8,040 788 1,633 794 1,688 1,450 2,757 1,564 3,002 1,384 1,024 2,417 1,721 1,372 1,022 2,560 1,910 299 539 375 579 85 220 97 211
Tax -1,046 -1,952 -1,074 -2,060 -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 2,908 5,510 3,067 5,872 539 1,161 574 1,237 1,073 2,029 1,152 2,216 1,032 767 1,828 1,264 1,032 770 1,913 1,427 194 334 233 355 70 158 75 151
For short-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 19,284 16,006 19,766 16,040 2,153 1,712 2,221 1,783 7,151 5,166 7,591 5,534 7,478 5,905 7,028 5,948 7,315 5,879 6,467 5,461 1,802 1,834 1,935 2,024 700 266 705 231
Best estimate for incurred claims net of reinsurance 69,800 71,751 70,215 70,567 13,485 13,889 13,900 13,882 24,834 25,955 26,003 25,737 24,865 18,223 25,915 19,146 24,533 18,295 25,044 18,897 3,385 3,640 3,510 3,804 3,231 2,351 2,269 2,101
  • For long-term business
  • Best Estimate Liabilities net of reinsurance

7. L&H UE by LOB

Underlying earnings (UE) breakdown by line of business for life and health for 1H24, FY24, 1H25, and FY25
EUR million Total Life Health Employee benefits* (out of total life & health)
— 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25
Short-term business — — — — — — — — — — — — — — — —
Revenues 7,979 16,207 8,512 17,416 2,112 4,247 2,211 4,444 5,867 11,960 6,301 12,972 5,592 11,482 5,931 12,035
Combined ratio 97.6% 97.4% 97.1% 97.2% 94.5% 95.5% 95.2% 95.4% 98.6% 98.1% 97.8% 97.9% 98.2% 97.8% 97.4% 97.1%
Technical margin 195 415 248 479 116 191 107 206 79 224 141 273 101 248 156 347
Long-term business — — — — — — — — — — — — — — — —
CSM release 1,395 2,775 1,428 2,954 1,136 2,253 1,158 2,415 259 522 270 539 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 1,319 2,525 1,329 2,484 1,159 2,209 1,159 2,142 160 317 170 341 219 429 232 456
Insurance finance expenses -783 -1,551 -767 -1,538 -705 -1,410 -697 -1,405 -78 -140 -69 -133 -144 -272 -141 -281
Other revenues — — — — — — — — — — — — — — — —
Other expenses — — — — — — — — — — — — — — — —
Debt financing charges — — — — — — — — — — — — — — — —
Underlying earnings before tax 2,061 4,070 2,209 4,229 1,634 3,145 1,699 3,219 427 925 510 1,010 252 552 328 666
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 1,725 3,323 1,814 3,501 1,392 2,636 1,433 2,715 333 687 381 787 205 441 264 556
Closing invested assets 329,460 345,008 338,447 334,840 — — — — — — — — — — — —
o/w VFA 234,783 230,205 229,844 226,937 — — — — — — — — — — — —
o/w non VFA 94,677 114,803 108,603 107,903 — — — — — — — — — — — —
For short-term business — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 2,446 2,096 2,856 2,511 157 96 105 21 2,289 2,000 2,750 2,490 — — — —
Best estimate for incurred claims net of reinsurance 13,876 14,162 13,960 14,592 11,589 11,778 11,623 11,205 2,286 2,384 2,337 3,386 — — — —
For long-term business — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance 295,342 306,249 301,040 300,391 275,276 285,391 280,314 280,280 20,066 20,858 20,726 20,112 — — — —
o/w VFA Gross of reinsurance 264,013 273,094 266,960 271,902 243,037 251,273 244,964 250,326 20,977 21,821 21,996 21,576 — — — —
o/w BBA Gross of reinsurance 50,097 51,845 51,524 45,307 50,917 52,713 52,731 46,724 -821 -868 -1,207 -1,417 — — — —
o/w Reinsurance -18,768 -18,690 -17,443 -16,817 -18,679 -18,595 -17,381 -16,770 -90 -95 -62 -47 — — — —
  • (*) Employee Benefits include Group Protection and Group Health contracts.

8. L&H UE by Geography

Underlying earnings (UE) breakdown by geography for life and health for 1H24, FY24, 1H25, and FY25
EUR million Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & other
— 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 7,979 16,207 8,512 17,416 4,654 9,503 4,870 9,787 1,778 3,604 2,051 4,419 0 0 0 0 1,457 2,925 1,503 3,037 90 174 88 172
Combined ratio 97.6% 97.4% 97.1% 97.2% 96.7% 97.3% 97.4% 97.3% 98.8% 96.9% 96.4% 94.8% 0.0% 0.0% 0.0% 0.0% 99.1% 99.1% 97.6% 101.3% 92.2% 89.1% 83.6% 86.7%
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 1,395 2,775 1,428 2,954 407 823 419 895 468 920 471 984 4 3 0 1 516 1,029 538 1,074 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 1,319 2,525 1,329 2,484 370 701 370 703 490 916 478 889 13 27 14 27 446 882 467 862 0 0 0 2
Insurance finance expenses -783 -1,551 -767 -1,538 -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 2,061 4,070 2,209 4,229 622 1,176 624 1,276 762 1,529 821 1,622 17 25 10 16 654 1,322 739 1,291 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 1,725 3,323 1,814 3,501 519 964 524 1,039 559 1,104 616 1,264 14 25 8 12 627 1,211 653 1,165 7 19 14 22
For short-term business — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 2,446 2,096 2,856 2,511 50 -2 28 -6 1,228 967 1,619 1,352 0 0 0 0 1,159 1,124 1,204 1,155 9 6 5 10
Best estimate for incurred claims net of reinsurance 13,876 14,162 13,960 14,592 12,589 12,831 12,443 12,850 773 871 1,015 1,186 0 0 0 0 501 447 487 541 13 14 15 15
For long-term business — — — — — — — — — — — — — — — — — — — — — — — —
Best estimate liabilities net of reinsurance 295,342 306,249 301,040 300,391 112,949 115,280 114,525 114,424 135,034 139,257 137,584 136,725 324 345 310 309 47,035 51,368 48,620 48,934 0 0 0 0
o/w VFA gross of reinsurance 264,013 273,094 266,960 271,902 116,132 117,942 116,770 117,266 121,623 125,513 121,135 122,782 0 0 0 0 26,258 29,639 29,055 31,854 0 0 0 0
o/w BBA gross of reinsurance 50,097 51,845 51,524 45,307 9,606 10,019 9,848 8,873 13,520 13,810 16,410 13,760 1,670 1,659 1,522 1,473 25,301 26,356 23,743 21,201 0 0 0 0
o/w Reinsurance -18,768 -18,690 -17,443 -16,817 -12,790 -12,682 -12,093 -11,715 -108 -66 39 183 -1,346 -1,315 -1,212 -1,164 -4,524 -4,627 -4,178 -4,121 0 0 0 0

9. Life UE by Geography

Underlying earnings (UE) breakdown by geography for life for 1H24, FY24, 1H25, and FY25
EUR million Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & other
— 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 2,112 4,247 2,211 4,444 1,902 3,843 2,005 4,044 53 109 54 106 0 0 0 0 157 296 152 295 0 0 0 0
Combined ratio 94.5% 95.5% 95.2% 95.4% 95.1% 96.3% 95.9% 96.1% 79.8% 77.0% 79.0% 77.3% 0.0% 0.0% 0.0% 0.0% 92.3% 91.5% 91.5% 91.6% 0.0% 0.0% 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 1,136 2,253 1,158 2,415 407 823 419 895 390 759 386 804 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 1,159 2,209 1,159 2,142 344 660 346 649 451 838 438 809 13 27 14 27 350 684 361 657 0 0 0 0
Insurance finance expenses -705 -1,410 -697 -1,405 -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 1,634 3,145 1,699 3,219 563 1,060 579 1,156 645 1,227 643 1,176 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 1,392 2,636 1,433 2,715 470 875 486 943 474 891 484 923 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 11,589 11,778 11,623 11,205 11,349 11,502 11,352 10,939 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 275,276 285,391 280,314 280,280 112,949 115,280 114,525 114,424 114,389 117,841 116,058 115,433 324 345 310 309 47,614 51,926 49,420 50,113 0 0 0 0
o/w VFA gross of reinsurance 243,037 251,273 244,964 250,326 116,132 117,942 116,770 117,266 100,727 103,800 99,267 101,144 0 0 0 0 26,178 29,530 28,928 31,916 0 0 0 0
o/w BBA gross of reinsurance 50,917 52,713 52,731 46,724 9,606 10,019 9,848 8,873 13,770 14,107 16,752 14,106 1,670 1,659 1,522 1,473 25,871 26,927 24,608 22,272 0 0 0 0
o/w Reinsurance -18,679 -18,595 -17,381 -16,770 -12,790 -12,682 -12,093 -11,715 -108 -66 39 183 -1,346 -1,315 -1,212 -1,164 -4,435 -4,532 -4,116 -4,074 0 0 0 0

10. Health UE by Geography

Underlying earnings (UE) breakdown by geography for health for 1H24, FY24, 1H25, and FY25
EUR million Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & other
— 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 5,867 11,960 6,301 12,972 2,752 5,661 2,865 5,744 1,725 3,495 1,997 4,314 0 0 0 0 1,300 2,629 1,350 2,742 90 174 88 172
Combined ratio 98.6% 98.1% 97.8% 97.9% 97.8% 97.9% 98.5% 98.1% 99.4% 97.5% 96.9% 95.2% 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 98.3% 102.3% 92.2% 89.1% 83.6% 86.7%
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 1,010 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 2,289 2,000 2,750 2,490 27 18 24 35 1,231 981 1,654 1,375 0 0 0 0 1,022 995 1,067 1,069 9 6 5 10
Best estimate for incurred claims net of reinsurance 2,286 2,384 2,337 3,386 1,240 1,329 1,091 1,911 698 751 898 1,062 0 0 0 0 336 290 334 398 13 14 15 15
For long-term business — — — — — — — — — — — — — — — — — — — — — — — —
Best estimate liabilities net of reinsurance 20,066 20,858 20,726 20,112 0 0 0 0 20,645 21,416 21,527 21,291 0 0 0 0 -579 -557 -800 -1,180 0 0 0 0
o/w VFA gross of reinsurance 20,977 21,821 21,996 21,576 0 0 0 0 20,896 21,713 21,868 21,637 0 0 0 0 81 109 128 -62 0 0 0 0
o/w BBA gross of reinsurance -821 -868 -1,207 -1,417 0 0 0 0 -250 -297 -342 -346 0 0 0 0 -571 -571 -866 -1,071 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

Asset management rollforward and underlying earnings for 1H24, FY24, 1H25, and FY25
EUR million 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) 843 332 843 332 879 356 879 356
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 — 1,701 — 875 — 875 —
Gross revenues - before intercompany elimination 937 — 2,004 — 1,018 — 1,018 —
Management fees 679 385 1,425 773 724 439 724 439
Performance fees 18 8 57 21 16 9 16 9
Distribution fees 205 — 409 — 231 — 231 —
Other 35 — 112 — 46 — 46 —
General expenses -698 — -1,493 — -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 18.1 bps — 18.8 bps — 18.8 bps — 18.8 bps —
Underlying cost income ratio 67.3% — 68.0% — 71.4% — 71.4% —
  • (*) 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

Underlying earnings (UE) for holdings for 1H24, FY24, 1H25, and FY25
EUR million 1H24 FY24 1H25 FY25
Financial result 181 402 228 422
Other revenues 522 1,050 607 1,149
Other expenses -925 -1,986 -1,075 -2,107
Debt financing charges -471 -948 -452 -928
Underlying earnings before tax -693 -1,482 -692 -1,464
Tax 100 324 101 284
Income from affiliates & other 0 0 0 0
Minority interests 0 0 0 0
Underlying earnings group share -592 -1,157 -591 -1,180
  • 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 Includes liquid invested assets.
  • 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 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 segment for 1H24, FY24, 1H25, and FY25
EUR million 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
— 1H24 FY24 1H25 FY25
Gross written premiums & other revenues 59,872 32,522 26,505 6,673 17,419 9,086 787 57 110,316 56,514 51,983 12,167 34,497 17,486 1,701 118 64,251 34,097 29,230 7,223 19,081 10,149 875 49 115,524 58,038 56,512 12,867 37,499 19,014 875 99
IFRS17/9 new business value (NBV) (a) 1,206 — 1,206 — 953 253 — — 2,264 — 2,264 — 1,792 473 — — 1,189 — 1,189 — 928 260 — — 2,233 — 2,233 — 1,747 486 — —
New business contractual service margin (NB CSM) 1,131 — 1,131 — 919 213 — — 2,169 — 2,169 — 1,770 399 — — 1,184 — 1,184 — 950 234 — — 2,199 — 2,199 — 1,822 377 — —
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) 25,588 — 25,588 — 18,234 7,354 — — 50,896 — 50,896 — 36,860 14,036 — — 25,918 — 25,918 — 19,487 6,430 — — 49,357 — 49,357 — 37,103 12,254 — —
IFRS17/9 NBV margin (a)/(b) 4.7% — 4.7% — 5.2% 3.4% — — 4.4% — 4.4% — 4.9% 3.4% — — 4.6% — 4.6% — 4.8% 4.0% — — 4.5% — 4.5% — 4.7% 4.0% — —
Activity indicators by geography for 1H24, FY24, 1H25, and FY25
EUR million 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
— 1H24 FY24 1H25 FY25
Gross written premiums & other revenues 59,872 14,719 22,579 11,220 9,571 787 995 110,316 28,996 39,298 19,383 19,083 1,701 1,856 64,251 15,670 24,649 11,749 10,302 875 1,006 115,524 30,598 43,005 19,277 19,925 875 1,844
IFRS17/9 new business value (NBV) (a) 1,206 354 348 — 504 — — 2,264 682 597 — 986 — — 1,189 315 364 — 510 — — 2,233 695 578 — 959 — —
New business contractual service margin (NB CSM) 1,131 203 398 — 531 — — 2,169 391 731 — 1,047 — — 1,184 199 443 — 541 — — 2,199 431 740 — 1,028 — —
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) 25,588 12,301 6,317 — 6,971 — — 50,896 25,370 11,831 — 13,695 — — 25,918 11,662 6,843 — 7,413 — — 49,357 22,858 12,651 — 13,847 — —
IFRS17/9 NBV margin (a)/(b) 4.7% 2.9% 5.5% — 7.2% — — 4.4% 2.7% 5.0% — 7.2% — — 4.6% 2.7% 5.3% — 6.9% — — 4.5% 3.0% 4.6% — 6.9% — —
  • (*) Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.
  • (**) Employee Benefits include Group Protection and Group Health contracts.

14. Balance Sheet

Balance sheet assets breakdown for fiscal years 2024 and 2025
EUR billion 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 22.0
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 19.0 22.2
Total assets 653.8 635.5
Balance sheet liabilities and equity breakdown for fiscal years 2024 and 2025
EUR billion FY24 FY25
Shareholders' equity group share 49.9 47.2
Non-controlling interests 2.5 2.4
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 477.0 470.4
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 0.0
Total liabilities, non-controlling interests and shareholders' equity 653.8 635.5

15.CSM Rollforward

Contractual service margin (CSM) rollforward by segment for fiscal year 2024
EUR million FY23 restated New business CSM Underlying return on inforce CSM release Economic variance Operating variance Other* FY24
Total group (pre-tax) 34,187 2,169 1,383 -2,775 -998 432 -545 33,853
P&C 206 0 0 0 0 0 76 282
Life 26,200 1,770 1,172 -2,253 -890 363 -534 25,826
Health 7,782 400 211 -522 -108 69 -87 7,744
Total group (post-tax) 26,777 — — — — — — 26,320
  • (*) 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) rollforward by segment for fiscal year 2025
EUR million FY24 New business CSM Underlying return on inforce CSM release Economic variance Operating variance Other* FY25
Total group (pre-tax) 33,853 2,199 1,328 -2,954 594 -316 -1,451 33,253
P&C 282 0 0 0 0 0 -21 261
Life 25,826 1,822 1,150 -2,415 487 -526 -903 25,442
Health 7,744 377 178 -539 107 210 -527 7,550
Total group (post-tax) 26,320 — — — — — — 25,864
  • (*) Including scope changes and FX.

16. Invested Assets

General account invested assets breakdown by asset class and participating status
EUR billion Fair value Asset allocation % o/w participating
General account invested assets1 450 — 60%
Fixed income 345 77% 60%
Government bonds 167 37% 66%
Corporate bonds and loans 121 27% 55%
Other fixed income 56 13% 52%
Asset backed securities 25 6% 48%
Mortgage loans 31 7% 56%
Real estate 41 9% 63%
Infrastructure equity 10 2% 64%
Listed equities 10 2% 82%
Private equity & hedge funds 23 5% 55%
Cash 19 4% 50%
Policy loans 2 0% 51%
  • 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 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 Includes 91% of CLOs.
  • 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).
  • 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).
  • 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).
Fair value by rating of invested assets
EUR billion Fair value by rating
— Average rating AAA AA A BBB Below investment grade Non rated
-0.4 yr — — — — — — —
— AA 27% 31% 28% 10% 2% 2%
— A 16% 6% 39% 28% 11% —
— — 54% 28% 10% 3% 1% 4%

17. Supplementary Info on Asset

Breakdown of invested assets by geographical exposure
EUR billion 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 6% 12% 6% 5% 8% 3% 6% 9% 10% 8% 13% 15%
  • Corporate Bonds and Loans
Breakdown of invested assets by industry
EUR billion 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 2% 6% 4% 11% 29% 1% 28% 6% 2% 8% 3%
Supplementary information on asset breakdown by type of bond and issuer for unspecified period
EUR billion Total Banks Non-banks
Total 33.4 27.5 6.0
Senior unsecured bonds 29.8 24.3 5.5
Subordinated bonds 3.0 2.7 0.4
Other 0.6 0.5 0.1
  • 1 Includes REITS corporate bonds (Euro 3 billion).
  • 2 Includes AT1 (Euro 0.4 billion).
  • Listed Equities1
Supplementary information on asset breakdown by asset domiciliation for unspecified period
EUR billion Fair value Belgium France Germany Japan Netherlands Switzerland United States Other EU countries Rest of the world
Breakdown by asset domiciliation 10 3% 7% 3% 7% 2% 4% 37% 9% 27%
Supplementary information on asset breakdown by industry for unspecified period
EUR billion Fair value Basic materials Communications Consumer, cyclical Consumer, non-cyclical Diversified Energy Financials Funds Industrial Technology Utilities Other
Breakdown by industry 10 5% 11% 9% 14% 3% 0% 20% 6% 12% 17% 1% 0%
  • 1 Including hedges.
  • Real Estate
Supplementary information on asset breakdown by geographical exposure for unspecified period
EUR billion 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 5% 25% 11% 3% 5% 4% 13% 7% 12% 5% 10%
Supplementary information on asset breakdown by type for unspecified period
EUR billion Fair value Office Residential Industrial-logistic Retail Others
Breakdown by type 41 33% 22% 15% 12% 18%
  • Private Equities1
Supplementary information on asset breakdown by asset domiciliation for unspecified period
EUR billion Fair value Europe Japan United States Other
Breakdown by asset domiciliation 17 45% 5% 46% 5%
  • 1 Excluding Non-listed Equity.
  • Mortgage Loans1,2
Supplementary information on asset breakdown by type for unspecified period
EUR billion Fair value Residential Commercial
Breakdown by type 23 69% 31%
  • 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).
  • 2 Loan to Value: 46%.

18. Shareholders Equity

Shareholders' equity rollforward for fiscal year 2025
— 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
Fair value recorded in shareholders' equity 1.3
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
Shareholders' equity build-up for fiscal years 2024 and 2025
— 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 5.0 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) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.
  • (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.
Other comprehensive income related to invested assets breakdown for fiscal years 2024 and 2025
— FY24 FY25
Government bonds (recyclable) -7.5 -13.0
Corporate bonds (recyclable) -4.1 -3.0
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
Total unrealized gains and losses on invested assets at cost (net of tax) 6.1 6.4
Total unrealized gains and losses on invested assets (net of tax) -7.0 -10.9

19. ROE&Gearing

ROE and underlying ROE analysis for fiscal years 2024 and 2025
EUR billion FY24 FY25 Change in % points (FY25 vs FY24)
Net income ROE 14.8% 18.8% 3.9 pt
Net income (a) 7.7 9.6 —
Average adjusted shareholders' equity (b) 51.8 51.3 —
Underlying ROE 15.2% 16.0% 0.8 pt
Underlying earnings (a) 7.9 8.2 —
Average adjusted shareholders' equity (b) 51.8 51.3 —
  • (a) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).
  • (b) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).
  • Financial interest treatment
Debt gearing and shareholders' equity build-up for fiscal years 2024 and 2025
EUR 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 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) 20.6% 22.3%
  • (a) Shareholders' equity includes undated and deeply subordinated debts.

20. Information on Solvency II

Solvency II eligible own funds (EOF), SCR, and ratio rollforward for fiscal years 2024 and 2025
EUR billion 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 0.2 8.8 -0.4 -2.1 -6.0 1.6 -1.7 56.4
Solvency capital requirement (SCR) 25.9 0.0 0.6 0.0 -1.2 0.0 0.0 -0.2 25.2
Solvency II ratio 216% 0% 28% -1% 4% -24% 6% -5% 224%
Solvency II eligible own funds (EOF) breakdown by tier and sector for fiscal years 2024 and 2025
EUR billion Total Unrestricted tier Restricted tier Tier
EOF as of FY25 56.4 39.6 4.7 11.6 0.4
Insurance sector 55.1 38.4 4.7 11.6 0.4
Ancillary — — — — —
Subject to transitional measures* 2.4 — 1.4 1.0 —
Other financial sectors 1.2 1.2 — — —
EOF as of FY24 55.9 40.0 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 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 ratio sensitivity to market shocks for fiscal years 2024 and 2025
EUR billion 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

IFRS shareholders' equity to group eligible own funds (EOF) reconciliation for fiscal year 2025
EUR billion FY25
IFRS shareholders' equity 49.6
Contractual service margin (net of tax) 25.9
IFRS shareholders' equity inc. CSM 75.5
Net URCG not included in shareholders' equity 6.4
Elimination undated subordinated debts -4.6
Elimination intangibles -21.3
Goodwill -17.8
Others -3.5
IFRS tangible net asset value 56.0
Foreseeable dividends and distribution -6.3
Technical provision adjustments -9.6
Risk margin vs risk adjustment -6.4
BEL adjustment -3.2
Other adjustments -0.6
Unrestricted tier 1 39.6
Restricted tier 1 + tier 16.4
Tier 0.4
Group eligible own funds 56.4
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