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Full Year 2025 Earnings – Financial Supplement
Financial Supplement - Table of Contents
Gross Written Premiums & Other Revenues, New Business Value & Present Value of Expected Premiums
1H24
| Total | P&C | Life & Health | o/w Employee Benefits** | Life | Health | Asset Management | Bank | |
|---|---|---|---|---|---|---|---|---|
| Gross Written Premiums & Other Revenues | 59,872.000 | 32,522 | 26,505.000 | 6,673 | 17,419.000 | 9,086.000 | 787 | 57 |
| IFRS17/9 New Business Value (NBV) (a) | 1,206.000 | — | 1,206.000 | — | 953.000 | 253.000 | — | — |
| New Business Contractual Service Margin (NB CSM) | 1,131.000 | — | 1,131.000 | — | 919.000 | 213.000 | — | — |
| Other NBV * | 456.000 | — | 456.000 | — | 333.000 | 123.000 | — | — |
| Tax | (381.000) | — | (381.000) | — | (299.000) | (83.000) | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 25,588.000 | — | 25,588.000 | — | 18,234.000 | 7,354.000 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 0.047 | — | 0.047 | — | 0.052 | 0.034 | — | — |
FY24
| Total | P&C | Life & Health | o/w Employee Benefits** | Life | Health | Asset Management | Bank | |
|---|---|---|---|---|---|---|---|---|
| Gross Written Premiums & Other Revenues | 110,316.000 | 56,514 | 51,983.000 | 12,167 | 34,497.000 | 17,486.000 | 1,701 | 118 |
| IFRS17/9 New Business Value (NBV) (a) | 2,264.000 | — | 2,264.000 | — | 1,792.000 | 473.000 | — | — |
| New Business Contractual Service Margin (NB CSM) | 2,169.000 | — | 2,169.000 | — | 1,770.000 | 399.000 | — | — |
| Other NBV * | 824.000 | — | 824.000 | — | 594.000 | 231.000 | — | — |
| Tax | (729.000) | — | (729.000) | — | (572.000) | (158.000) | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 50,896.000 | — | 50,896.000 | — | 36,860.000 | 14,036.000 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 0.044 | — | 0.044 | — | 0.049 | 0.034 | — | — |
1H25
| Total | P&C | Life & Health | o/w Employee Benefits** | Life | Health | Asset Management | Bank | |
|---|---|---|---|---|---|---|---|---|
| Gross Written Premiums & Other Revenues | 64,251.000 | 34,097 | 29,230.000 | 7,223 | 19,081.000 | 10,149.00 | 875 | 49 |
| IFRS17/9 New Business Value (NBV) (a) | 1,189.000 | — | 1,189.000 | — | 928.000 | 260.00 | — | — |
| New Business Contractual Service Margin (NB CSM) | 1,184.000 | — | 1,184.000 | — | 950.000 | 234.00 | — | — |
| Other NBV * | 382.000 | — | 382.000 | — | 270.000 | 113.00 | — | — |
| Tax | (378.000) | — | (378.000) | — | (292.000) | (86.00) | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 25,918.000 | — | 25,918.000 | — | 19,487.000 | 6,430.00 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 0.046 | — | 0.046 | — | 0.048 | 0.04 | — | — |
FY25
| Total | P&C | Life & Health | o/w Employee Benefits** | Life | Health | Asset Management | Bank | |
|---|---|---|---|---|---|---|---|---|
| Gross Written Premiums & Other Revenues | 115,524.000 | 58,038 | 56,512.000 | 12,867 | 37,499.000 | 19,014.00 | 875 | 99 |
| IFRS17/9 New Business Value (NBV) (a) | 2,233.000 | — | 2,233.000 | — | 1,747.000 | 486.00 | — | — |
| New Business Contractual Service Margin (NB CSM) | 2,199.000 | — | 2,199.000 | — | 1,822.000 | 377.00 | — | — |
| Other NBV * | 757.000 | — | 757.000 | — | 491.000 | 266.00 | — | — |
| Tax | (724.000) | — | (724.000) | — | (567.000) | (157.00) | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 49,357.000 | — | 49,357.000 | — | 37,103.000 | 12,254.00 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 0.045 | — | 0.045 | — | 0.047 | 0.04 | — | — |
1H24
| Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | |
|---|---|---|---|---|---|---|---|
| Gross Written Premiums & Other Revenues | 59,872.000 | 14,719.000 | 22,579.000 | 11,220 | 9,571.000 | 787 | 995 |
| IFRS17/9 New Business Value (NBV) (a) | 1,206.000 | 354.000 | 348.000 | — | 504.000 | — | — |
| New Business Contractual Service Margin (NB CSM) | 1,131.000 | 203.000 | 398.000 | — | 531.000 | — | — |
| Other NBV * | 456.000 | 275.000 | 50.000 | — | 131.000 | — | — |
| Tax | (381.000) | (123.000) | (100.000) | — | (158.000) | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 25,588.000 | 12,301.000 | 6,317.000 | — | 6,971.000 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 0.047 | 0.029 | 0.055 | — | 0.072 | — | — |
- 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.
FY24
| Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | |
|---|---|---|---|---|---|---|---|
| Gross Written Premiums & Other Revenues | 110,316.000 | 28,996.000 | 39,298.00 | 19,383 | 19,083.000 | 1,701 | 1,856 |
| IFRS17/9 New Business Value (NBV) (a) | 2,264.000 | 682.000 | 597.00 | — | 986.000 | — | — |
| New Business Contractual Service Margin (NB CSM) | 2,169.000 | 391.000 | 731.00 | — | 1,047.000 | — | — |
| Other NBV * | 824.000 | 528.000 | 49.00 | — | 247.000 | — | — |
| Tax | (729.000) | (237.000) | (184.00) | — | (309.000) | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 50,896.000 | 25,370.000 | 11,831.00 | — | 13,695.000 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 0.044 | 0.027 | 0.05 | — | 0.072 | — | — |
- 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.
1H25
| Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | |
|---|---|---|---|---|---|---|---|
| Gross Written Premiums & Other Revenues | 64,251.000 | 15,670.000 | 24,649.000 | 11,749 | 10,302.000 | 875 | 1,006 |
| IFRS17/9 New Business Value (NBV) (a) | 1,189.000 | 315.000 | 364.000 | — | 510.000 | — | — |
| New Business Contractual Service Margin (NB CSM) | 1,184.000 | 199.000 | 443.000 | — | 541.000 | — | — |
| Other NBV * | 382.000 | 225.000 | 28.000 | — | 129.000 | — | — |
| Tax | (378.000) | (109.000) | (107.000) | — | (161.000) | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 25,918.000 | 11,662.000 | 6,843.000 | — | 7,413.000 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 0.046 | 0.027 | 0.053 | — | 0.069 | — | — |
- 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.
FY25
| Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | |
|---|---|---|---|---|---|---|---|
| Gross Written Premiums & Other Revenues | 115,524.000 | 30,598.00 | 43,005.000 | 19,277 | 19,925.000 | 875 | 1,844 |
| IFRS17/9 New Business Value (NBV) (a) | 2,233.000 | 695.00 | 578.000 | — | 959.000 | — | — |
| New Business Contractual Service Margin (NB CSM) | 2,199.000 | 431.00 | 740.000 | — | 1,028.000 | — | — |
| Other NBV * | 757.000 | 506.00 | 12.000 | — | 239.000 | — | — |
| Tax | (724.000) | (242.00) | (174.000) | — | (308.000) | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 49,357.000 | 22,858.00 | 12,651.000 | — | 13,847.000 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 0.045 | 0.03 | 0.046 | — | 0.069 | — | — |
- 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.
Balance Sheet
Assets
| FY24 | FY25 | Liabilities, Non-controlling Interests & Shareholders' Equity | FY24 | FY25 | |
|---|---|---|---|---|---|
| Goodwill | 18.1 | 17.8 | Shareholders' Equity group share | 49.9 | 47.2 |
| Other intangible assets | 4.4 | 4.4 | Non-controlling Interests | 2.5 | 2.4 |
| Total Intangible assets | 22.6 | 22.2 | Shareholders’ equity | 52.5 | 49.6 |
| Investments in real estate properties | 29.2 | 27.8 | Financing debt | 14.4 | 15.8 |
| Financial investments | 418.2 | 401.8 | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | 477.0 | 470.4 |
| Unit-linked Assets | 90.1 | 97.2 | Present Value of Future Cash Flows | 438.4 | 432.6 |
| Total Investments from Insurance activities | 537.5 | 526.9 | Contractual Service Margin | 35.3 | 34.7 |
| Investments from Non-Insurance Activities | 18.5 | 16.6 | Risk Adjustment | 3.3 | 3.1 |
| Equity Method investments | 1.5 | 1.5 | Other Investment Contract Liabilities | 12.6 | 12.8 |
| Assets Arising from Insurance and Reinsurance Contracts Held | 26.1 | 23.9 | Liabilities arising from insurance, reinsurance and investment contracts | 489.6 | 483.2 |
| Present Value of Future Cash Flows | 24.1 | 22.0 | Liabilities Arising from Non-Insurance Activities | 10.1 | 9.9 |
| Contractual Service Margin | 1.4 | 1.4 | Provisions for risks and charges | 4.9 | 4.6 |
| Risk Adjustment | 0.5 | 0.5 | Payables and Other liabilities | 80.9 | 72.5 |
| Receivables and Other Assets | 24.1 | 21.9 | Liabilities held for sale | 1.4 | 0.0 |
| Assets held for sale | 4.5 | 0.2 | Total Liabilities, Non-controlling Interests and Shareholders' Equity | 653.8 | 635.5 |
| Cash and cash equivalents | 19.0 | 22.2 | — | — | — |
| Total Assets | 653.8 | 635.5 | — | — | — |
| FY24 | FY25 | Liabilities, Non-controlling Interests & Shareholders' Equity | FY24 | FY25 | |
|---|---|---|---|---|---|
| Goodwill | 18.1 | 17.8 | Shareholders' Equity group share | 49.9 | 47.2 |
| Other intangible assets | 4.4 | 4.4 | Non-controlling Interests | 2.5 | 2.4 |
| Total Intangible assets | 22.6 | 22.2 | Shareholders’ equity | 52.5 | 49.6 |
| Investments in real estate properties | 29.2 | 27.8 | Financing debt | 14.4 | 15.8 |
| Financial investments | 418.2 | 401.8 | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | 477.0 | 470.4 |
| Unit-linked Assets | 90.1 | 97.2 | Present Value of Future Cash Flows | 438.4 | 432.6 |
| Total Investments from Insurance activities | 537.5 | 526.9 | Contractual Service Margin | 35.3 | 34.7 |
| Investments from Non-Insurance Activities | 18.5 | 16.6 | Risk Adjustment | 3.3 | 3.1 |
| Equity Method investments | 1.5 | 1.5 | Other Investment Contract Liabilities | 12.6 | 12.8 |
| Assets Arising from Insurance and Reinsurance Contracts Held | 26.1 | 23.9 | Liabilities arising from insurance, reinsurance and investment contracts | 489.6 | 483.2 |
| Present Value of Future Cash Flows | 24.1 | 22.0 | Liabilities Arising from Non-Insurance Activities | 10.1 | 9.9 |
| Contractual Service Margin | 1.4 | 1.4 | Provisions for risks and charges | 4.9 | 4.6 |
| Risk Adjustment | 0.5 | 0.5 | Payables and Other liabilities | 80.9 | 72.5 |
| Receivables and Other Assets | 24.1 | 21.9 | Liabilities held for sale | 1.4 | 0.0 |
| Assets held for sale | 4.5 | 0.2 | Total Liabilities, Non-controlling Interests and Shareholders' Equity | 653.8 | 635.5 |