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Summary

13. Activity indicators

1H24

📊 AXA Consolidated — Activity Indicators, 1H24 (EUR mm)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 59,872 32,522 26,505 6,673 17,419 9,086 787 57
IFRS17/9 New Business Value (NBV) (a) 1,206 1,206 953 253
   New Business Contractual Service Margin (NB CSM) 1,131 1,131 919 213
   Other NBV * 456 456 333 123
   Tax (381) (381) (299) (83)
Present Value of Expected Premiums (PVEP) (b) 25,588 25,588 18,234 7,354
IFRS17/9 NBV Margin (a)/(b) 4.7% 4.7% 5.2% 3.4%

FY24

📊 AXA Consolidated — Activity Indicators, FY24 (EUR mm)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 110,316 56,514 51,983 12,167 34,497 17,486 1,701 118
IFRS17/9 New Business Value (NBV) (a) 2,264 2,264 1,792 473
   New Business Contractual Service Margin (NB CSM) 2,169 2,169 1,770 399
   Other NBV * 824 824 594 231
   Tax (729) (729) (572) (158)
Present Value of Expected Premiums (PVEP) (b) 50,896 50,896 36,860 14,036
IFRS17/9 NBV Margin (a)/(b) 4.4% 4.4% 4.9% 3.4%

1H25

📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, PVEP, NBV Margin), 1H25, EUR mm
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 64,251 34,097 29,230 7,223 19,081 10,149 875 49
IFRS17/9 New Business Value (NBV) (a) 1,189 1,189 928 260
   New Business Contractual Service Margin (NB CSM) 1,184 1,184 950 234
   Other NBV * 382 382 270 113
   Tax (378) (378) (292) (86)
Present Value of Expected Premiums (PVEP) (b) 25,918 25,918 19,487 6,430
IFRS17/9 NBV Margin (a)/(b) 4.6% 4.6% 4.8% 4.0%

FY25

📊 AXA Consolidated — Activity Indicators, FY25 (EUR mm)
Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 115,524 58,038 56,512 12,867 37,499 19,014 875 99
IFRS17/9 New Business Value (NBV) (a) 2,233 2,233 1,747 486
   New Business Contractual Service Margin (NB CSM) 2,199 2,199 1,822 377
   Other NBV * 757 757 491 266
   Tax (724) (724) (567) (157)
Present Value of Expected Premiums (PVEP) (b) 49,357 49,357 37,103 12,254
IFRS17/9 NBV Margin (a)/(b) 4.5% 4.5% 4.7% 4.0%

1H24

📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, PVEP & NBV Margin), 1H24, EUR mm
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 59,872 14,719 22,579 11,220 9,571 787 995
IFRS17/9 New Business Value (NBV) (a) 1,206 354 348 504
   New Business Contractual Service Margin (NB CSM) 1,131 203 398 531
   Other NBV * 456 275 50 131
   Tax (381) (123) (100) (158)
Present Value of Expected Premiums (PVEP) (b) 25,588 12,301 6,317 6,971
IFRS17/9 NBV Margin (a)/(b) 4.7% 2.9% 5.5% 7.2%
  • 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

📊 AXA Consolidated — Activity Indicators: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin, FY24 (EUR mm)
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 110,316 28,996 39,298 19,383 19,083 1,701 1,856
IFRS17/9 New Business Value (NBV) (a) 2,264 682 597 986
   New Business Contractual Service Margin (NB CSM) 2,169 391 731 1,047
   Other NBV * 824 528 49 247
   Tax (729) (237) (184) (309)
Present Value of Expected Premiums (PVEP) (b) 50,896 25,370 11,831 13,695
IFRS17/9 NBV Margin (a)/(b) 4.4% 2.7% 5.0% 7.2%
  • 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

📊 AXA Consolidated — Activity Indicators, 1H25 (EUR mm)
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 64,251 15,670 24,649 11,749 10,302 875 1,006
IFRS17/9 New Business Value (NBV) (a) 1,189 315 364 510
   New Business Contractual Service Margin (NB CSM) 1,184 199 443 541
   Other NBV * 382 225 28 129
   Tax (378) (109) (107) (161)
Present Value of Expected Premiums (PVEP) (b) 25,918 11,662 6,843 7,413
IFRS17/9 NBV Margin (a)/(b) 4.6% 2.7% 5.3% 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.

FY25

📊 AXA Consolidated — Activity Indicators: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin (EUR mm), FY25
Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 115,524 30,598 43,005 19,277 19,925 875 1,844
IFRS17/9 New Business Value (NBV) (a) 2,233 695 578 959
   New Business Contractual Service Margin (NB CSM) 2,199 431 740 1,028
   Other NBV * 757 506 12 239
   Tax (724) (242) (174) (308)
Present Value of Expected Premiums (PVEP) (b) 49,357 22,858 12,651 13,847
IFRS17/9 NBV Margin (a)/(b) 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

Assets

📊 AXA — Consolidated Balance Sheet, FY24–FY25 (EUR bn)
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

Liabilities, Non-controlling Interests & Shareholders' Equity

📊 AXA Consolidated — Balance Sheet: Liabilities, Non-controlling Interests & Shareholders' Equity (EUR bn), FY24–FY25
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