AXA/2025/Half-year earnings presentation

Document info
Document info
Organization	AXA
Year	2025
Document type	Presentation
Publication date	2025-08-01
Language	English
Pages	40
Source	Original URL
Archive	.md file

This article summarizes AXA's Half Year 2025 Earnings Presentation, published on August 1, 2025.

Slide 1: Half Year 2025 Earnings Presentation

August 1, 2025 ^{p. 1}

Slide 2: IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES

Certain statements in this presentation are forward-looking statements, subject to known and unknown risks and uncertainties, many of which are outside AXA's control ^{p. 2}.
Undue reliance should not be placed on such statements ^{p. 2}.
Each forward-looking statement speaks only at the date of this presentation ^{p. 2}.
Refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2024 (the '2024 Universal Registration Document') for important factors, risks, and uncertainties ^{p. 2}.
AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations ^{p. 2}.
This presentation refers to certain non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management for analyzing operating trends, financial performance, and financial position ^{p. 2}.
These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies ^{p. 2}.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS ^{p. 2}.
'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015 ^{p. 2}.
AXA provides a reconciliation of APMs to financial statements in its Half-Year Financial Report as of June 30, 2025 (the '2025 Half-year Financial Report'), under the heading 'Alternative Performance Measures' ^{p. 2}.
Further information on non-GAAP financial measures is available in the Glossary in the 2024 Universal Registration Document ^{p. 2}.
The 2025 Half-year Financial Report and the 2024 Universal Registration Document are available on the AXA Group website (www.axa.com) ^{p. 2}.
AXA's half-yearly financial statements for the six months ended June 30, 2025, were examined by the Board of Directors on July 31, 2025 ^{p. 2}.
The financial statements were subject to a limited review by AXA's statutory auditors, whose report was issued on August 1, 2025 ^{p. 2}.
Please see the Glossary for definitions of terms and key qualifying information ^{p. 2}.

Slide 3: Table of contents

1H25 Highlights presented by Thomas Buberl, Group CEO ^{p. 3}
- Page reference: p.04 ^{p. 3}
1H25 Business Update presented by Frédéric de Courtois, Group Deputy CEO ^{p. 3}
- Page reference: p.08 ^{p. 3}
1H25 Financial Performance presented by Alban de Mailly Nesle, Group CFO ^{p. 3}
- Page reference: p.11 ^{p. 3}

Slide 4: Thomas Buberl, Group CEO 1 1H25 Highlights

Section 1: 1H25 Highlights ^{p. 4}
Presented by Thomas Buberl, Group CEO ^{p. 4}

Slide 5: Half Year 2025 | Continued strong delivery

Revenues +7% vs. 1H24 ^{p. 5}
- High organic growth ^{p. 5}
UEPS +8% vs. 1H24 ^{p. 5}
- Consistent results ^{p. 5}
ROE 17.5% in 1H25 ^{p. 5}
- Attractive return on equity ^{p. 5}
Solvency II ratio 220% in 1H25 ^{p. 5}
- Strong balance sheet ^{p. 5}
On track to achieve the key 'Unlock the Future' plan targets ^{p. 5}

Slide 6: Consistent execution, in line with plan

(bar) Underlying earnings (in Euro billion): 1H24 EUR 4.2bn → 1H25 EUR 4.5bn (+6%) ^{p. 6}
Delivering high organic growth: +7% topline growth maintaining momentum across all lines ^{p. 6}
Consistent performance in operating businesses: Further margin improvement in P&C and Health and higher net flows in L&S ^{p. 6}
Investing to further scale the business: Growth initiatives, expanding distribution footprint and Data & AI ^{p. 6}
Change at constant FX ^{p. 6}

Slide 7: Attractive model, with clear drivers for sustainable growth in a changing environment

Balanced & diversified business ^{p. 7}
- (donut) GWP: EUR 63bn (excluding AXA IM revenues) ^{p. 7}
  - Segmented by region: France 30%, AXA XL 20%, Europe 20%, Asia, Africa & EME-LATAM, Transversal 30% ^{p. 7}
  - Categories: Property & Casualty, Life & Health ^{p. 7}
Activating levers for growth: ^{p. 7}
- Rejuvenating Life & Savings business through revamped product range ^{p. 7}
- Achieving specialization in Health through services & vertical integration ^{p. 7}
- Expanding and diversifying distribution in P&C ^{p. 7}
- Transforming core capabilities through Data & AI ^{p. 7}
- Strengthening customer loyalty through tailored offerings and enhancing customer experience ^{p. 7}
Committed to disciplined capital deployment: Euro 3.8bn share buy-back launched to offset loss of AXA IM earnings ^{p. 7}
- Earnings dilution expected to be fully compensated between 2025 and 2026 given time required to complete the anti-dilutive share buyback ^{p. 7}
- AXA IM sale completed on July 1, 2025, as announced on AXA's website (www.axa.com) ^{p. 7}
- Share buy-back commenced on July 2, 2025 ^{p. 7}

Slide 8: Frédéric de Courtois Group Deputy CEO 1H25 Business Update

2 ^{p. 8}
1H25 Business Update ^{p. 8}
Frédéric de Courtois ^{p. 8}
Group Deputy CEO ^{p. 8}

Slide 9: Acquisition of Prima, the leading Direct player in Italy…

€0.5bn Consideration for 51% of the company ^{p. 9}
- AXA will own 51% of the MGA and has a put/call option with an exercise price tied to Prima's earnings granted on the remaining 49% currently held by the founder and management to be exercised in 2029 or 2030 ^{p. 9}
ca. 11x P/E ^{p. 9}
- Taking into account the capital required to back the planned re-capture of premiums and underwriting margin currently earned by third party insurance carriers ^{p. 9}
Fast-growing Motor franchise in Italy with leading position in new business ^{p. 9}
- +36% CAGR between 2021 and 2024 ^{p. 9}
Superior pricing model delivering attractive margins ^{p. 9}
- 90% FY24 CoR (Italy only) through superior customer selection ^{p. 9}
- Estimated 2024 all-year discounted combined ratio, combining Prima and third-party insurance carriers' margins ^{p. 9}
Multi-channel distribution through price comparison websites (40%), direct-to-site (30%) and multi-tied agents (30%) ^{p. 9}
Lean tech-focused organization with a fully digitized platform ^{p. 9}
(bar) FY24 Motor market share in Italy (Source: company reports, ANIA and IVASS for market size): ^{p. 9}
- Peer 1: #1, 25% ^{p. 9}
- Peer 2: #2, 20% ^{p. 9}
- Peer 3: #3, 15% ^{p. 9}
- AXA + Prima: #4, 10% ^{p. 9}
- AXA: #5, 5% ^{p. 9}

Slide 10: …strengthening our Direct franchise

(map) FY24 GWP: €3.5bn (before the acquisition of Prima) ^{p. 10}
- Active across 8 countries with top 3 position in 4 countries ^{p. 10}
(map) GWP: €4.7bn (Including Prima) ^{p. 10}
- ca. 20% of Personal lines, including Prima premiums ^{p. 10}
- High growth potential over the next decade ^{p. 10}
- Profitability in line with other channels where scale is achieved ^{p. 10}
Expanding our customer reach by complementing our traditional distribution channels ^{p. 10}

Slide 11: Alban de Mailly Nesle Group CFO 1H25 Financial Performance

Section 3: 1H25 Financial Performance ^{p. 11}
Presented by Alban de Mailly Nesle, Group CFO ^{p. 11}

Slide 12: P&C | Growth in volumes in Personal lines with conducive pricing while maintaining pricing discipline in Commercial lines

(stacked bar) GWP & Other Revenues (change at constant scope and FX) ^{p. 12}
- 1H24 Total: EUR 32.5bn ^{p. 12}
  - Commercial lines: EUR 20.0bn ^{p. 12}
  - AXA XL Reinsurance: EUR 1.6bn ^{p. 12}
  - Personal lines: EUR 10.9bn ^{p. 12}
- 1H25 Total: EUR 34.1bn (+6%) ^{p. 12}
  - Commercial lines: EUR 21.2bn (+5%) ^{p. 12}
    - o/w pricing: +3% ^{p. 12}
    - o/w volume: +2% ^{p. 12}
    - Continued pricing momentum in Mid-market and SME ^{p. 12}
    - Disciplined growth and focus on retention at AXA XL Insurance ^{p. 12}
  - AXA XL Reinsurance: EUR 2.0bn (+11%) ^{p. 12}
    - o/w pricing: +0.5% ^{p. 12}
    - o/w volume: +11% ^{p. 12}
    - Growth supported by alternative capital ^{p. 12}
  - Personal lines: EUR 10.9bn (+7%) ^{p. 12}
    - o/w pricing: +6% ^{p. 12}
    - o/w volume: +2% ^{p. 12}
    - Favorable pricing trends and good growth in new contracts ^{p. 12}

Slide 13: P&C | Attractive combined ratio at 90%

(stacked bar) Combined ratio (change on a reported basis) ^{p. 13}
- 1H24: 90.2% ^{p. 13}
  - Nat Cat: 3.6% ^{p. 13}
  - Undiscounted CY loss ratio (ex Nat Cat): 67.4% ^{p. 13}
  - Expense ratio: 24.7% ^{p. 13}
  - Prior year reserve development: -1.5% ^{p. 13}
  - Discount: -3.9% ^{p. 13}
- 1H25: 90.0% ^{p. 13}
  - Nat Cat: 3.5% ^{p. 13}
  - Undiscounted CY loss ratio (ex Nat Cat): 67.0% ^{p. 13}
  - Expense ratio: 24.5% ^{p. 13}
  - Prior year reserve development: -1.1% ^{p. 13}
  - Discount: -3.9% ^{p. 13}
Better undiscounted current year loss ratio excluding Nat Cat mainly from improved margin in Personal lines ^{p. 13}
Commercial lines margin remains attractive, including from disciplined cycle management at AXA XL ^{p. 13}
Nat Cat charges below normalized load ^{p. 13}
Improvement in expense ratio reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 13}
Lower reliance on prior year reserve development ^{p. 13}

Slide 14: P&C | Earnings growth from higher underwriting result

(waterfall) Underlying Earnings (change at constant FX) ^{p. 14}
- 1H24: EUR 2,908m ^{p. 14}
- Underwriting result: +EUR 196m ^{p. 14}
- Investment income: +EUR 181m ^{p. 14}
- Insurance finance expenses: -EUR 114m ^{p. 14}
- Tax: -EUR 49m ^{p. 14}
- Affiliates, FX & other: -EUR 53m ^{p. 14}
- 1H25: EUR 3,067m (+7%) ^{p. 14}
Better underwriting result from higher volumes and improved all-year combined ratio ^{p. 14}
Increase in investment income reflecting higher net cash flows and better reinvestment yields ^{p. 14}
Unwind of discount of claims reserves, in line with expectations ^{p. 14}

Slide 15: Life & Health | Continued momentum in premiums, strong improvement in net flows

(stacked bar) Life GWP & Other Revenues (change at constant scope and FX) ^{p. 15}
- 1H24 Total: EUR 17.4bn ^{p. 15}
  - Protection: EUR 9.0bn ^{p. 15}
  - Unit-linked: EUR 4.4bn ^{p. 15}
  - Capital light G/A: EUR 2.7bn ^{p. 15}
  - Traditional G/A: EUR 1.3bn ^{p. 15}
- 1H25 Total: EUR 19.1bn (+9%) ^{p. 15}
  - Protection: EUR 9.0bn (+9%) ^{p. 15}
  - Unit-linked: EUR 4.4bn (+9%) ^{p. 15}
  - Capital light G/A: EUR 4.7bn (+15%) ^{p. 15}
  - Traditional G/A: EUR 1.0bn (-11%) ^{p. 15}
(stacked bar) Health GWP & Other Revenues (change at constant scope and FX) ^{p. 15}
- 1H24 Total: EUR 9.1bn ^{p. 15}
  - Individual: EUR 5.4bn ^{p. 15}
  - Group: EUR 3.7bn ^{p. 15}
- 1H25 Total: EUR 10.1bn (+6%) ^{p. 15}
  - Individual: EUR 5.5bn (+7%) ^{p. 15}
  - Group: EUR 4.7bn (+4%) ^{p. 15}
(bar) Net flows: EUR +3.6bn vs. EUR +0.0bn in 1H24 ^{p. 15}
- Protection: +EUR 3.0bn ^{p. 15}
- Health: +EUR 1.5bn ^{p. 15}
- Unit-Linked: +EUR 0.4bn ^{p. 15}
- Capital light G/A: +EUR 1.3bn ^{p. 15}
- Traditional G/A: -EUR 2.6bn ^{p. 15}
1H25 Employee Benefits: EUR 7.2bn (+4% vs. 1H24) ^{p. 15}
- Includes both short-term and long-term Employee Benefits GWP and other revenues ^{p. 15}

Slide 16: Life & Health | Higher new business volumes in Savings

Higher PVEP from higher volumes in Savings and Protection, partly offset by Health, mainly from France ^{p. 16}
NBV impacted as strong sales in Savings and Protection were offset by unfavorable change in assumptions in Japan in the second half of 2024, and a negative mix effect in multinational Employee Benefits contracts ^{p. 16}
(bar chart) PVEP:
- 1H24 Total PVEP: EUR 25.6bn ^{p. 16}
  - Protection & Health: EUR 20.5bn ^{p. 16}
  - Unit-Linked: EUR 3.0bn ^{p. 16}
  - Capital-light G/A: EUR 1.6bn ^{p. 16}
  - Traditional G/A: EUR 0.5bn ^{p. 16}
- 1H25 Total PVEP: EUR 25.9bn (+1%) ^{p. 16}
  - Protection & Health: EUR 16.6bn (-4%) ^{p. 16}
  - Unit-Linked: EUR 3.6bn (+11%) ^{p. 16}
  - Capital-light G/A: EUR 4.5bn (+13%) ^{p. 16}
  - Traditional G/A: EUR 1.2bn (-4%) ^{p. 16}
(bar chart) NBV margin:
- 1H24: 4.7% ^{p. 16}
- 1H25: 4.6% (-0.1pt) ^{p. 16}
(bar chart) NBV:
- 1H24: EUR 1.2bn ^{p. 16}
- 1H25: EUR 1.2bn (-2%) ^{p. 16}

Slide 17: Life & Health | Normalized CSM growth from quality new business

Normalized CSM growth at 3% from higher new business CSM (+4%) ^{p. 17}
Unfavorable FX mainly from HKD and JPY depreciation ^{p. 17}
(waterfall) Contractual Service Margin rollforward (in Euro billion):
- FY24: EUR 33.9bn ^{p. 17}
- New business CSM: +EUR 1.2bn ^{p. 17}
- Underlying return on in-force: +EUR 0.7bn ^{p. 17}
- CSM release: -EUR 1.4bn ^{p. 17}
- Economic variance: -EUR 0.1bn ^{p. 17}
- Operating variance: -EUR 0.1bn ^{p. 17}
- Affiliates, FX & other: -EUR 1.0bn ^{p. 17}
- 1H25: EUR 33.2bn ^{p. 17}
- Normalized CSM growth: +3% ^{p. 17}
o/w Life: FY24 EUR 25.8bn; 1H25 EUR 25.2bn ^{p. 17}
o/w Health: FY24 EUR 7.7bn; 1H25 EUR 7.7bn ^{p. 17}

Slide 18: Life & Health | Earnings growth supported by higher technical result

Higher technical result from better short-term result in Health reflecting pricing and underwriting actions, and claims management initiatives ^{p. 18}
CSM release up 2% ^{p. 18}
Higher financial result from better reinvestment yields ^{p. 18}
Higher taxes due to higher pre-tax earnings combined with a one-off impact from an increase in corporate tax in Japan ^{p. 18}
(waterfall) Underlying Earnings (in Euro million):
- 1H24: EUR 1,725m ^{p. 18}
- Technical result (incl. experience): +EUR 86m ^{p. 18}
- CSM release: +EUR 28m ^{p. 18}
- Financial result: +EUR 38m ^{p. 18}
- Tax: -EUR 51m ^{p. 18}
- FX and other: -EUR 12m ^{p. 18}
- 1H25: EUR 1,814m (+5%) ^{p. 18}
- 1H25 breakdown: Technical & financial results EUR 781m, CSM release EUR 1,428m, Tax, FX & others -EUR 394m ^{p. 18}
o/w Life: 1H24 EUR 1.4bn; 1H25 EUR 1.4bn (+3% vs. 1H24) ^{p. 18}
o/w Health: 1H24 EUR 0.3bn; 1H25 EUR 0.4bn (+15% vs. 1H24) ^{p. 18}

Slide 19: UEPS growth at 8%, net income impacted by unfavorable FX

Underlying earnings:
- Strong performance from operating businesses ^{p. 19}
- Holdings cost flat vs 1H24 ^{p. 19}
Net Income:
- Unfavorable impact from FX ^{p. 19}
(bar chart) Underlying earnings per share (in Euro):
- 1H24: EUR 1.87 ^{p. 19}
- 1H25: EUR 2.03 (+8%) ^{p. 19}
- +6% from earnings growth ^{p. 19}
- +3% from capital management ^{p. 19}
- -1% from FX ^{p. 19}
(table) Financial results (in Euro billion):
- Property & Casualty: 1H24 EUR 2.9bn; 1H25 EUR 3.1bn (+7%) ^{p. 19}
- Life & Health: 1H24 EUR 1.7bn; 1H25 EUR 1.8bn (+5%) ^{p. 19}
- Asset Management: 1H24 EUR 0.2bn; 1H25 EUR 0.2bn (-14%) ^{p. 19}
- Holdings & other: 1H24 -EUR 0.6bn; 1H25 -EUR 0.6bn (-) ^{p. 19}
- Underlying earnings: 1H24 EUR 4.2bn; 1H25 EUR 4.5bn (+6%) ^{p. 19}
- Non-financial flows: 1H24 -EUR 0.3bn; 1H25 -EUR 0.1bn ^{p. 19}
- Financial flows (incl. RCG): 1H24 +EUR 0.1bn; 1H25 -EUR 0.4bn ^{p. 19}
- Net income: 1H24 EUR 4.0bn; 1H25 EUR 3.9bn (-2%) ^{p. 19}

Slide 20: Shareholders' Equity reflecting payment of dividends, execution of share buy-backs, and the impact of unfavorable FX

(bar chart) Shareholders' equity (in Euro billion):
- FY24:
  - SHE (excl. OCI): EUR 58.0bn ^{p. 20}
  - Net OCI: -EUR 8.1bn ^{p. 20}
  - Total Shareholders' equity: EUR 49.9bn ^{p. 20}
  - SHE (excl. OCI & undated subordinated debt): EUR 53.2bn ^{p. 20}
  - Debt gearing: 20.6% ^{p. 20}
  - Underlying ROE: 15.2% ^{p. 20}
- 1H25:
  - SHE (excl. OCI): EUR 52.7bn ^{p. 20}
  - Net OCI: -EUR 7.2bn ^{p. 20}
  - Total Shareholders' equity: EUR 45.5bn ^{p. 20}
  - SHE (excl. OCI & undated subordinated debt): EUR 47.0bn ^{p. 20}
  - Debt gearing: 23.4% ^{p. 20}
  - Underlying ROE: 17.5% ^{p. 20}
(table) Shareholders' equity reconciliation (in Euro billion):
- FY24 Shareholders' equity: EUR 49.9bn ^{p. 20}
- Change in Net OCI: EUR 0.9bn ^{p. 20}
- Net income for the period: EUR 3.9bn ^{p. 20}
- Dividend: -EUR 4.6bn ^{p. 20}
- Ordinary share buy-backs: -EUR 1.2bn ^{p. 20}
- Net change in undated and deeply subordinated debt: EUR 1.0bn ^{p. 20}
- Forex: -EUR 3.4bn ^{p. 20}
- Other: -EUR 1.0bn ^{p. 20}
- 1H25 Shareholders' equity: EUR 45.5bn ^{p. 20}
1. Shareholders' equity Group share ^{p. 20}

Slide 21: Solvency II at 220%

(waterfall) Eligible Own Funds (EOF) (in EUR billion): FY24 55.9 → -0.3 → +4.8 → -0.2 → -3.3 → -2.9 → +1.4 → 1H25 55.4 ^{p. 21}
(waterfall) Solvency II ratio (in percentage points): FY24 216% → Regulatory & model changes -1pt → Normalized capital generation +15pts → Operating variance -1pt → Economic variance & FX 0pt → Divided & annual share buy-back -12pts → Management actions, debt & other +3pts → 1H25 220% ^{p. 21}
(waterfall) Solvency Capital Requirement (SCR) (in EUR billion): FY24 25.9 → 0.0 → +0.4 → 0.0 → -1.4 → 0.0 → +0.3 → 1H25 25.2 ^{p. 21}
(bar) Ratio as of June 30, 2025 (baseline 220%, sensitivities in percentage points): ^{p. 21}
- Interest rate +50bps: +2 pts ^{p. 21}
- Interest rate -50bps: -4 pts ^{p. 21}
- Corporate spreads +50bps: -1 pt ^{p. 21}
- Euro Sovereign spreads +50bps¹: -7 pts ^{p. 21}
- Credit migration²: -4 pts ^{p. 21}
- Listed Equity (excl. PE & Infra) +25%: 0 pt ^{p. 21}
- Listed Equity (excl. PE & Infra) -25%: 0 pt ^{p. 21}
- PE & Infra +25%: +13 pts ^{p. 21}
- PE & Infra -25%: -15 pts ^{p. 21}
- Inflation swap curve +50bps: -5 pts ^{p. 21}
¹ Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign and quasi-sovereign exposures). ^{p. 21}
² Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches). ^{p. 21}

Slide 22: Thomas Buberl Group CEO Conclusion

Thomas Buberl Group CEO ^{p. 22}

Slide 23: Conclusion

Executing on priorities, with UEPS growth at the high end of the 6%-8% target range ^{p. 23}
Activating levers for organic growth in a changing environment ^{p. 23}
Diversified franchise, well positioned to deliver sustainable results ^{p. 23}
Strategy to drive value creation for shareholders ^{p. 23}
Confident in the delivery of our plan ^{p. 23}

Slide 24: August 1, 2025 Q&A Half Year 2025 Earnings

Q&A Half Year 2025 Earnings ^{p. 24}
August 1, 2025 ^{p. 24}

Slide 25: AXA Investor Relations | Keep in touch

Meet our management: ^{p. 25}
- September 11: Kepler Cheuvreux Conference, Paris ^{p. 25}
- September 15: 2025 Investor Roundtable, London ^{p. 25}
- September 16: Bank of America Financials CEO Conference, London ^{p. 25}
- October 31: 9M25 Activity Indicators Release, Conference call ^{p. 25}
Contact us: ^{p. 25}
- Investor Relations ^{p. 25}
- +33 1 40 75 48 42 ^{p. 25}
- investor.relations@axa.com ^{p. 25}
Follow us: www.axa.com ^{p. 25}

Slide 26: Appendices Half Year 2025 Earnings August 1, 2025

This slide is a section divider for the Appendices ^{p. 26}.

Slide 27: Table of contents

(table) Table of contents:
- 1. Debt and Invested Assets ^{p. 28}
- 2. Additional IFRS17 Disclosures ^{p. 32}
- 3. Sustainability ^{p. 36}

Slide 28: Gross financial debt and maturity breakdown as of June 30, 2025

All figures in Euro billion ^{p. 28}.
(stacked bar) Gross financial debt¹:
- FY24: Tier 1 4.8; Tier 2 10.8; Senior debt 3.5. Total 19.2 ^{p. 28}.
- 1H25: Tier 1 5.8; Tier 2 11.5; Senior debt 3.5. Total 20.7 ^{p. 28}.
Debt gearing: FY24 20.6%; 1H25 23.4% ^{p. 28}.
(bar) Contractual maturity breakdown:
- 2025: 0.5 ^{p. 28}.
- 2026: 0.5 ^{p. 28}.
- 2027: 0.5 ^{p. 28}.
- 2028: 0.5 ^{p. 28}.
- 2029: 0.5 ^{p. 28}.
- 2030: 0.9 ^{p. 28}.
- 2031-2039: 1.5 ^{p. 28}.
- >2040: 10.0 ^{p. 28}.
- Undated: Tier 1 5.8; Tier 2 0.7; Senior debt 0.1. Total 6.6 ^{p. 28}.
(stacked bar) Economic maturity breakdown²:
- 2025: Tier 1 1.0 ^{p. 28}.
- 2026: Tier 1 0.1 ^{p. 28}.
- 2027: Tier 1 2.4 ^{p. 28}.
- 2028: Tier 1 0.2 ^{p. 28}.
- 2029: Tier 1 2.0 ^{p. 28}.
- 2030: Tier 1 0.9 ^{p. 28}.
- 2031-2039: Tier 1 5.7; Tier 2 1.5. Total 7.2 ^{p. 28}.
- >2040: Tier 1 0.5 ^{p. 28}.
- Undated: Tier 1 4.1; Tier 2 0.7; Senior debt 0.1. Total 4.9 ^{p. 28}.
- Undated debt excludes Tier 1 RT1 ^{p. 28}.
¹ Nominal debt ^{p. 28}.
² Economic maturity takes into account the first date of step-up calls on institutionally placed subordinated debt ^{p. 28}. For Solvency II RT1 debt, which has no step-up, the undated nature of the instrument is retained for the purpose of this chart ^{p. 28}. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable ^{p. 28}. Such a decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time ^{p. 28}.

Slide 29: General Account Invested Assets

(donut) 1H25 Total General Account invested assets:
- Total: Euro 453 billion ^{p. 29}.
- Duration gap at -0.3 years ^{p. 29}.
(table) Invested assets (100%) in Euro billion:
- Fixed income: 348 (77%) ^{p. 29}.
  - o/w Government bonds: 173 (38%) ^{p. 29}.
  - o/w Corporate bonds and loans: 122 (27%) ^{p. 29}.
  - o/w Other fixed income¹: 52 (12%) ^{p. 29}.
- Real estate²: 41 (9%) ^{p. 29}.
- Infrastructure equity: 11 (2%) ^{p. 29}.
- Listed equities³: 8 (2%) ^{p. 29}.
- Private equity and hedge funds⁴: 22 (5%) ^{p. 29}.
- Cash: 22 (5%) ^{p. 29}.
- Policy loans: 2 (0%) ^{p. 29}.
- Total Insurance Invested Assets⁵: 453 (100%) ^{p. 29}.
¹ Other fixed income includes Asset Backed Securities (Euro 23 billion), Residential Loans (Euro 16 billion), Commercial & Agricultural Loans (Euro 7 billion) and Agency Pools (Euro 7 billion) ^{p. 29}.
² Previously included infrastructure equity ^{p. 29}.
³ Includes hedges ^{p. 29}. Listed equities excluding hedges at Euro 13 billion ^{p. 29}.
⁴ Includes Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion) ^{p. 29}.
⁵ Please refer to the financial supplement for more details ^{p. 29}.

Slide 30: Investment portfolio | Fixed Income reinvestment

(donut) 1H25 Fixed Income reinvestment:
- Total: Euro 28 billion ^{p. 30}.
- Government bonds & related: 33% (Average rating: AA) ^{p. 30}.
- Investment grade credit: 44% (Average rating: A) ^{p. 30}.
- ABS/CLO/IG fund financing: 17% ^{p. 30}.
- Below investment grade credit: 6% ^{p. 30}.
(bar) 1H25 Fixed Income reinvestment yield:
- Core fixed income: 3.5% ^{p. 30}.
- Alternative fixed income: 4.9% ^{p. 30}.
- Total fixed income: 3.9% ^{p. 30}.
Euro 28 billion fixed income invested at 3.9% ^{p. 30}.
- Average duration of 9 years ^{p. 30}.
- Includes Euro 7 billion of Alternatives invested at 4.9% (mainly CLOs, ABS, fund financing and Private HY) ^{p. 30}.

Slide 31: Table of contents

Table of contents includes:
- 1. Debt and Invested Assets, p.28 ^{p. 31}
- 3. Additional IFRS17 Disclosures, p.32 ^{p. 31}
- 4. Sustainability, p.36 ^{p. 31}

Slide 32: P&C | Focus on Reserves

1H25 reserve ratios impacted by FX movements and strong growth in net earned premiums ^{p. 32}
Technical reserves ratio = (Net undiscounted technical reserves / Net earned premiums) ^{p. 32}
Net undiscounted technical reserves includes undiscounted liabilities for incurred claims, liabilities for remaining coverage and risk adjustment, net of reinsurance ^{p. 32}.
(bar chart) Claims reserves ratio (Net undiscounted claims reserves / Net earned premiums):
- FY18: 179% ^{p. 32}
- FY19: 185% ^{p. 32}
- FY20: 193% ^{p. 32}
- FY21: 188% ^{p. 32}
- FY22: 189% ^{p. 32}
- FY22 (IFRS17): 198% ^{p. 32}
- FY23 (IFRS17): 195% ^{p. 32}
- FY24 (IFRS17): 180% ^{p. 32}
- 1H25 (IFRS17): 177% ^{p. 32}
(bar chart) Technical reserves ratio (Net undiscounted technical reserves / Net earned premiums):
- FY18: 213% ^{p. 32}
- FY19: 227% ^{p. 32}
- FY20: 233% ^{p. 32}
- FY21: 226% ^{p. 32}
- FY22: 227% ^{p. 32}
- FY22 (IFRS17): 234% ^{p. 32}
- FY23 (IFRS17): 232% ^{p. 32}
- FY24 (IFRS17): 216% ^{p. 32}
- 1H25 (IFRS17): 221% ^{p. 32}

Slide 33: P&C | Margin Analysis

Changes versus 1H24 at constant FX ^{p. 33}
Reinvestment yield on fixed income assets ^{p. 33}
(flow) Technical Result (In Euro million, pre-tax):
- Current Accident Year Undiscounted Technical Margin: EUR 1,416m (1H25); +EUR 230m (Change) ^{p. 33}
  - Gross Earned Premiums: EUR 28,697m; +7% ^{p. 33}
  - Current Accident Year Undiscounted Combined Ratio: 95.1%; -0.5pt ^{p. 33}
  - o/w Net Cats: 3.5%; -0.1pt ^{p. 33}
- Current Accident Year Discounting:
  - Discounting Ratio (in Combined Ratio points): -3.9%; 0.0pt ^{p. 33}
  - Current Accident Year Net Claims reserves: EUR 11.1bn ^{p. 33}
  - Duration: 3.9 years ^{p. 33}
  - Current Accident Year Discount rate: 2.8% ^{p. 33}
- Prior Years' Reserve Development (PYD): EUR 332m (1H25); -EUR 102m (Change) ^{p. 33}
  - PYD ratio: -1.1%; +0.4pt ^{p. 33}
(flow) Financial Result (In Euro million, pre-tax):
- Investment Income: EUR 2,088m (1H25); +EUR 181m (Change) ^{p. 33}
  - 1H25 Average Assets: EUR 116bn ^{p. 33}
  - Asset book yield: 3.6% ^{p. 33}
  - 1H25 Reinvestment yield: 4.3% ^{p. 33}
- Insurance Finance Expenses: -EUR 745m (1H25); -EUR 114m (Change) ^{p. 33}
  - 1H25 Reserves at locked-in rate: EUR 73bn ^{p. 33}
  - Liability book yield: 2.0% ^{p. 33}
(flow) Underlying Earnings before tax: EUR 4,202m (1H25); +EUR 262m (Change) ^{p. 33}
- Tax: -EUR 1,074m; -EUR 49m ^{p. 33}
- Affiliates, Minority interests & Other: -EUR 62m; -EUR 12m ^{p. 33}
- Underlying Earnings: EUR 3,067m; +EUR 200m ^{p. 33}
- Growth vs. 1H24 (at constant FX): +7% ^{p. 33}
Invested assets (100%) In Euro billion (1H25):
- Fixed income: EUR 348bn (77%) ^{p. 33}
  - o/w Government bonds: EUR 173bn (38%) ^{p. 33}
  - o/w Corporate bonds and loans: EUR 122bn (27%) ^{p. 33}
  - o/w Other fixed income: EUR 52bn (12%) ^{p. 33}
- Real estate: EUR 41bn (9%) ^{p. 33}
- Infrastructure equity: EUR 11bn (2%) ^{p. 33}
- Listed equities: EUR 8bn (2%) ^{p. 33}
- Private equity and hedge funds: EUR 22bn (5%) ^{p. 33}
- Cash: EUR 22bn (5%) ^{p. 33}
- Policy loans: EUR 2bn (0%) ^{p. 33}
- Total Insurance Invested Assets: EUR 453bn (100%) ^{p. 33}

Slide 34: L&H | Margin Analysis

Changes versus 1H24 at constant FX ^{p. 34}
Reinvestment yield on fixed income assets ^{p. 34}
(flow) Technical Result (In Euro million, pre-tax):
- Short-term Technical Margin: EUR 248m (1H25); +EUR 56m (Change) ^{p. 34}
  - Gross Earned Premiums: EUR 8,512m; +9% ^{p. 34}
  - All Year Combined Ratio: 97.1%; -0.4pt ^{p. 34}
- Long-term Technical Margin: EUR 1,398m (1H25); +EUR 58m (Change) ^{p. 34}
  - CSM release: EUR 1,428m; +EUR 28m ^{p. 34}
  - Technical experience: -EUR 30m; +EUR 30m ^{p. 34}
(flow) Financial Result (In Euro million, pre-tax):
- Investment Income (non-VFA only): EUR 1,329m (1H25); +EUR 23m (Change) ^{p. 34}
  - 1H25 Average Assets: EUR 97bn ^{p. 34}
  - Asset book yield: 2.7% ^{p. 34}
  - 1H25 Reinvestment yield: 3.7% ^{p. 34}
- Insurance Finance Expenses (non-VFA only): -EUR 767m (1H25); +EUR 15m (Change) ^{p. 34}
  - 1H25 Reserves at locked-in rate: EUR 62bn ^{p. 34}
  - Liability book yield: 2.5% ^{p. 34}
(flow) Underlying Earnings before tax: EUR 2,209m (1H25); +EUR 152m (Change) ^{p. 34}
- Tax: -EUR 462m; -EUR 51m ^{p. 34}
- Affiliates, Minority interests & Other: EUR 67m; -EUR 10m ^{p. 34}
- Underlying Earnings: EUR 1,814m; +EUR 91m ^{p. 34}
- Growth vs. 1H24 (at constant FX): +5% ^{p. 34}

Slide 35: Table of contents

Table of contents includes:
- 1. Debt and Invested Assets, p.28 ^{p. 35}
- 3. Additional IFRS17 Disclosures, p.32 ^{p. 35}
- 4. Sustainability, p.36 ^{p. 35}

Slide 36: Sustainability Performance & Ratings

(logo) Dow Jones Sustainability Indices: Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA ^{p. 36}
- 2024 ranking: 98th percentile in Dow Jones Best-in-Class Europe & World indices ^{p. 36}
(logo) MSCI: 2024 score: AAA ^{p. 36}
(logo) CDP: 2024 score: C ^{p. 36}
(logo) Morningstar Sustainalytics: ESG Risk Rating: 16.3 - Low risk ^{p. 36}
- Footnote 1: For the ESG Risk Rating ranking of AXA Group, please refer to Sustainalytics' website: https://www.sustainalytics.com/esg-rating/axa-sa/1007999484 ^{p. 36}
(logo) FTSE Russell (An LSEG Business): 2025 score: 4.3/5 in FTSE4Good Index Series ^{p. 36}

Slide 37: August 1, 2025 Thank you Half Year 2025 Earnings

Thank you ^{p. 37}
Half Year 2025 Earnings ^{p. 37}
August 1, 2025 ^{p. 37}

Slide 38: Scope

France: includes insurance activities, banking activities and holding ^{p. 38}
Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium (insurance activities and holding) and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), and AXA Life Europe (insurance activities) ^{p. 38}
AXA XL: includes insurance and reinsurance activities and holding ^{p. 38}
Asia, Africa & EME-LATAM: includes (i) insurance activities and holding in Japan, insurance activities in Hong Kong, Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holding which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesian L&S and India (L&S insurance activities until March 11, 2024 and holding) businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) which are fully consolidated, (iii) Mexico (insurance activities), Colombia (insurance activities), Türkiye (insurance activities and holding) and Brazil (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to net income, (iv) AXA Mediterranean Holding ^{p. 38}
Transversal & Other: includes AXA Assistance, AXA Liabilities Managers, AXA SA and other Central Holdings ^{p. 38}
AXA Investment Managers (until July 1, 2025): includes AXA Investment Managers, Select (previously referred to as Architas) and Capza which are fully consolidated and Asian joint ventures which are consolidated under the equity method ^{p. 38}

Slide 39: Glossary (1/2)

Building Block Approach (BBA): also referred to as 'General Measurement Model', compulsory measurement model for long-term non-participating business ^{p. 39}
Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% ^{p. 39}
Capital management policy: subject to annual Board and Shareholders' Annual General Meeting approvals and absent (i) for share buy-backs, any significant earnings event (i.e., significant deviation in the Group's UE) and (2) for dividends, the occurrence of a significant capital event (i.e., an event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment ^{p. 39}
Commercial lines: excluding AXA XL Reinsurance ^{p. 39}
Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 39}
CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ^{p. 39}
CSM release ratio: ratio of (i) CSM release to (ii) sum of opening CSM stock and all the movements of the rollforward (excluding CSM release) ^{p. 39}
Current year undiscounted loss ratio (excl. Nat Cat): the ratio of undiscounted current year claims charges gross of reinsurance (excluding Nat Cat charges), plus undiscounted current year accident year result of reinsurance ceded plus change in loss component to current year revenues gross of reinsurance ^{p. 39}
Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 39}
Eligible Own Funds ('EOF'): represents the surplus derived from a Solvency II balance sheet. EOF is defined as the excess of market value of assets over best estimate liabilities and risk margin as per Solvency II regulation ^{p. 39}
Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ^{p. 39}
G/A: General Account ^{p. 39}
Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 39}
Key financial targets: (i) underlying earnings per share growth of 6-8% CAGR target range between 2023 and 2026E, (ii) underlying return on equity between 14% and 16% between 2024 and 2026E, and (iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E. ^{p. 39}
New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests ^{p. 39}
New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided ^{p. 39}
New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ^{p. 39}

Slide 40: Glossary (2/2)

Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance ^{p. 40}
Premium Allocation Approach (PAA): optional measurement model for short-term business ^{p. 40}
Price effect: a percentage of total gross written premiums in the prior year ^{p. 40}
Price increases on renewals: a percentage of renewed premiums ^{p. 40}
Present value of expected premiums (PVEP): represents the new business volume, equal to the present value at time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 40}
Solvency II ratio: is calculated as per Solvency II and is equal to EOF divided by SCR. It is estimated primarily using AXA's internal model calibrated based on an adverse 1/200-year shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). ^{p. 40}
Solvency II sensitivities: are subject to important qualifications and assumptions. Please refer to Section C -Risk profile -Preliminary information - Sensitivity analyses of the AXA Group Solvency II ratio of AXA's Solvency and Financial Condition Report (SFCR) for the reporting period ended December 31, 2024 available on the AXA Group website (www.axa.com) ^{p. 40}
Solvency Capital Requirement (SCR): the denominator of the Solvency II ratio, set at a level to ensure that insurers and reinsurers are able to meet their obligations towards policyholders and beneficiaries over the next 12 months, with a 99.5% probability. It can be calculated either based on the standard formula or an internal model ^{p. 40}
Technical experience: consists of the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses ^{p. 40}
Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance ^{p. 40}
Variable Fee Approach (VFA): compulsory measurement model for long-term participating business ^{p. 40}

Glossary

AA: Senior Investment Grade Rating
AAA: Senior Investment Grade Rating
ABS: Asset-Backed Securities
AI: Artificial Intelligence
AMF: Autorité des Marchés Financiers
ANIA: Associazione Nazionale fra le Imprese Assicuratrici
AXA IM: AXA Investment Managers
AXA SA: AXA Société Anonyme
AXA XL: AXA XL, a division of AXA
BBA: Building Block Approach
CAGR: Compound Annual Growth Rate
CDP: Carbon Disclosure Project
CLO: Collateralized Loan Obligation
CSA: Corporate Sustainability Assessment
CSM: Contractual Service Margin
CY: Current Year
EME: Emerging Markets
EOF: Eligible Own Funds
ESG: Environmental, Social, and Governance
ESMA: European Securities and Markets Authority
EUR: Euro
FX: Foreign Exchange
GAAP: Generally Accepted Accounting Principles
GWP: Gross Written Premiums
HKD: Hong Kong Dollar
HY: High Yield
IFE: Insurance Finance Expenses
IFRS: International Financial Reporting Standards
IG: Investment Grade
II: Solvency II
IVASS: Istituto per la Vigilanza sulle Assicurazioni
JPY: Japanese Yen
LATAM: Latin America
LSEG: London Stock Exchange Group
MGA: Managing General Agent
MSCI: Morgan Stanley Capital International
NB CSM: New Business Contractual Service Margin
NBV: New Business Value
OCI: Other Comprehensive Income
PAA: Premium Allocation Approach
PE: Private Equity
PVEP: Present Value of Expected Profits
PYD: Prior Years' Reserve Development
RCG: Replicating Credit Gains
ROE: Return On Equity
SCR: Solvency Capital Requirement
SFCR: Solvency and Financial Condition Report
SHE: Shareholders' Equity
SME: Small and Medium-sized Enterprises
TVOG: Time Value of Options & Guarantees
UE: Underlying Earnings
UEPS: Underlying Earnings Per Share
VFA: Variable Fee Approach