AXA Belgium/2024/Solvency and Financial Condition Report 2024

Source: Original URL. Original PDF: AXA_Belgium_-_2024_-_Solvency_and_Financial_Condition_Report_2024.pdf. Published: 2025-03-31. 132 pages. Translated from French.

Source. Solvency and Financial Condition Report (SFCR), AXA Belgium S.A./N.V. Published 2025-03-31, 132 pages. Period covered: 12 months ended December 31, 2024. Comparison period: 12 months ended December 31, 2023. All figures EUR millions unless noted. Solvency II figures are post-tax unless noted.

Key Figures

Key financial and solvency figures ^{p. 1}
EUR m (except solvency ratio)	2024	2023
Total revenue	4,068	3,805
Operating result (incl. financial result, pre-tax)	352	369
Net result	269	301
Total assets	37,361	37,412
Available capital	3,568	3,526
Solvency Capital Requirement (SCR)	1,814	1,788
Solvency II Ratio	197%	197%

Group Results (FY2024 vs FY2023)

Annual revenue: EUR 4,068m, +6.9% vs 2023 ^{p. 2}.
Operating result (pre-tax): EUR 352m vs EUR 369m (-EUR 16m) ^{p. 2}.
Net result: EUR 269m vs EUR 301m ^{p. 1}.
Solvency ratio: 197%, identical to 2023 ^{p. 2}.
AXA Belgium returned to the investment insurance market in 2024 with a new flexible product offering investment in both Branch 21 and Branch 23 ^{p. 2}.

Life & Protection Segment

Headline Metrics

Revenue: EUR 1,414m vs EUR 1,312m (+EUR 102m) ^{p. 2}.
Operating result: EUR 270m vs EUR 182m (+EUR 88m) ^{p. 2}.
Net result: EUR 224m vs EUR 183m (+EUR 41m) ^{p. 22}.
Life & Savings segment operates only in Belgium ^{p. 14}.

Operational Income and Expenses

Operational income and expenses ^{p. 14}
(EUR m except percentages)	2024	2023
Revenue	1,414	1,312
Financial margin	309	220
Loadings and other income	99	99
Net technical margin	91	70
Total costs	-228	-207
Operating result	270	182

Operational financial margin +EUR 89m to EUR 309m, due to combined impacts of lower technical interest and profit sharing following the release of a provision for future allocations, and growth in financial income mainly from higher bond yields ^{p. 14}.
Loadings and other income stable at EUR 99m ^{p. 14}.
Net technical margin +EUR 21m to EUR 91m, mainly from improved mortality experience ^{p. 14}.
Total costs +EUR 22m to EUR 228m, explained by combined effect of inflation, costs related to the return to the investment products market, and exceptional gains in 2023 from the sale of the run-off portfolio to Monument ^{p. 14}.

Revenue by Product Line

Revenue by product line ^{p. 15}
(EUR m except percentages)	2024	2024	2023	2023
General Fund Protection (incl. Protection with savings component)	846	60%	873	67%
General Fund Investments & Savings	362	26%	264	20%
Unit-Linked	206	14%	176	13%
TOTAL	1,414	100%	1,312	100%

General Fund Protection revenue (60% of revenue) -EUR 27m; 2023 was positively impacted by exceptional payments on group life contracts ^{p. 15}.
General Fund Investments & Savings revenue (26% of revenue) +EUR 98m, mainly due to the return to the retail investment products market ^{p. 15}.
Unit-Linked revenue (15% of revenue) +EUR 30m, mainly due to the return to the retail investment products market ^{p. 15}.

Net Result Breakdown

Net result Life & Protection ^{p. 22}
(EUR m)	2024	2023
Revenue	1,414	1,312
Financial margin	325	276
Loadings and other income	99	99
Net technical margin	91	70
Total costs	-228	-210
Amortization of portfolio values	0	0
Net result before tax	286	235
Tax	-62	-52
Net result	224	183

Financial margin +EUR 49m to EUR 325m, due to combined positive impact of lower technical interest/profit sharing and growth in realized gains, partially offset by higher financing costs and lower dividends from real estate companies ^{p. 22}.
Net technical margin +EUR 21m (+29.6%) to EUR 91m, mainly from improved mortality experience ^{p. 22}.
Total costs +EUR 18m, explained by inflation, costs of return to investment products market, and exceptional 2023 gains from the run-off portfolio sale to Monument ^{p. 22}.
Tax charge (incl. deferred tax movements): -EUR 62m ^{p. 22}.

Non-Life and Health Segment

Headline Metrics

Revenue: EUR 2,654m vs EUR 2,493m (+EUR 161m) ^{p. 2}.
Operating result: EUR 83m vs EUR 187m (-EUR 104m) ^{p. 2}.
Net result: EUR 45m vs EUR 118m (-EUR 73m) ^{p. 23}.
Non-Life segment operates mainly in Belgium ^{p. 16}.

Operational Income and Expenses

Operational income and expenses ^{p. 15}
(EUR m except percentages)	Dec 31, 2024	Dec 31, 2023
Revenue	2,654	2,493
All-years loss ratio (net of reinsurance)	74.3%	71.6%
Expense ratio	30.0%	29.7%
Operating result	83	187
Combined ratio	104.3%	101.3%

Operating result -EUR 104m to EUR 83m, mainly due to: (i) lower net financial income, impacted by decreased returns on inflation-linked instruments (from 5.5% in 2023 to 2.3% in 2024) in workers' compensation and unfavorable currency translation differences, (ii) premium cession under the annual quota share reinsurance treaty with AXA Group, (iii) higher average repair costs in motor and home insurance, (iv) higher claims expenses, accentuated by a particularly rainy year and the fire at the Kennedy Tower in Liège ^{p. 15}.
Expense ratio increased to 30%, mainly due to higher inflation, salary increases, and commissions ^{p. 16}.

Revenue by Product Line

Revenue by product line ^{p. 16}
(EUR m, except percentages)	2024	2024	2023	2023
Individuals (direct business)	1,114	42%	1,110	45%
Motor	514	19%	527	21%
Property damage	460	17%	446	18%
Other (non-motor liability, PJ, etc.)	140	5%	137	6%
Businesses (direct business)	1,483	56%	1,350	54%
Motor	353	13%	328	13%
Property damage	283	11%	263	11%
Liability	185	7%	166	7%
Other (AT, Health, etc.)	657	25%	588	24%
RC 10	5	0%	5	0%
Other (accepted and indirect business)	57	2%	32	1%
TOTAL	2,654	100%	2,493	100%

Revenue +EUR 161m (+6.46%) to EUR 2,654m ^{p. 16}.
Individuals product lines (42% of revenue) +0.3% to EUR 1,114m; the decrease in the Motor portfolio was offset by tariff increases, including automatic indexation to the ABEX index in Fire ^{p. 16}.
Businesses product lines (56% of revenue) +9.8% to EUR 1,483m, driven by the strategic segments of self-employed/very small businesses and collective health activities ^{p. 16}.
Other product lines (2% of revenue) at EUR 57m ^{p. 16}.

Net Result Breakdown

Net result Non-Life & Health ^{p. 23}
(EUR m except percentages)	2024	2023
Revenue	2,654	2,493
All-years loss ratio (net of reinsurance)	74%	72%
Expense ratio	30.0%	29.7%
Total costs	-795	-736
Operating result	83	187
Financial result (excl. operating financial result)	-8	1
Tax charge	-30	-70
Other charges	0	0
Net result	45	118

Financial result (excl. operating) -EUR 9m to -EUR 8m, due to lower income from inflation-linked instruments (from 5.5% in 2023 to 2.3% in 2024) in workers' compensation and deterioration from currency translation differences ^{p. 23}.
Tax charge (incl. deferred tax movements): -EUR 30m ^{p. 23}.

Investment Results

Net Investment Income Net of Fees

Net financial result by asset class 2024 ^{p. 17}
EUR m	Net investment income	Net realized capital gains/losses	Change in impairment provisions	Net financial result
Investment property	34	2	5	41
Debt instruments	764	10	10	783
Equity instruments	28	7	-6	29
Investment funds	119	55	-15	159
Loans	107	0	8	114
Investments for unit-linked contracts	0	112	0	112
Derivative instruments	-83	0	0	-83
Other	-156	14	0	-142
Total	812	200	2	1,014

Net financial result by asset class 2023 ^{p. 17}
EUR m	Net investment income	Net realized capital gains/losses	Change in impairment provisions	Net financial result
Investment property	98	12	-2	108
Debt instruments	714	-16	6	704
Equity instruments	36	32	-3	65
Investment funds	69	38	-12	95
Loans	100	-2	-19	79
Investments for unit-linked contracts	0	92	0	92
Derivative instruments	-6	0	0	-6
Other	-45	21	0	-24
Total	966	177	-29	1,114

Net financial result -9% (-EUR 100m) to EUR 1,014m ^{p. 17}.
Life & Savings net financial result: EUR 822m, -6% (-EUR 51m), due to higher REPO contract debt costs following short-term rate increases, lower financial income on investment property and derivatives, lower realized gains on equities, offset by higher income on debt instruments and investment funds, and higher realized gains on Branch 23 assets, debt instruments, and investment funds ^{p. 17-18}.
Non-Life net financial result: EUR 192m, -20% (-EUR 49m), mainly due to higher REPO contract debt costs and lower derivative income, partially offset by good results on debt instruments and investment funds ^{p. 18}.
Internal and external investment management fees are included in net investment income from other investments (mainly term deposits and repos) ^{p. 18}.

Profits and Losses Directly Recognized in Equity

Revaluation surplus under Article 57 of the Royal Decree: at Dec 31, 2024, the "Revaluation surpluses" equity item amounts to EUR 337.7m, comprising EUR 195.7m on land and buildings and EUR 142.0m on participations in related undertakings ^{p. 18}.
Immunized reserves under Article 47 of the Income Tax Code: balances in AXA Belgium's statutory accounts at Dec 31, 2024 are now at 0, as the company decided to no longer apply this tax deferral regime ^{p. 19}.

Investments in Securitization

ABS portfolio increased by EUR 214m in 2024 to EUR 1,321m, following rate decreases and reinvestments in this asset class ^{p. 20}.
AXA Belgium's strategy is to invest in Collateralised Loan Obligations with credit ratings from A to AAA ^{p. 20}.
Over 87% of ABS assets have a minimum "A" credit rating ^{p. 21}.

Capital Position

Solvency II Ratio

Solvency ratio: 197% at Dec 31, 2024, identical to 2023 ^{p. 6}.
Stability explained by a decrease in investment performance, offset by an increase in technical performance ^{p. 6}.
Solvency II ratio without Volatility Adjustment (VA): 120% at Dec 31, 2024 ^{p. 90}.

Eligible Own Funds (EOF)

EOF increased from EUR 3,526m at Dec 31, 2023 to EUR 3,568m at Dec 31, 2024 ^{p. 6}.
Economic capital composed of "Tier 1" elements for EUR 3,568m. No "Tier 3" elements, no deferred tax assets, no ancillary own funds, no items subject to transitional measures, and no subordinated debt at end-2024 ^{p. 6}.

Eligible Own Funds composition ^{p. 99}
(EUR m, post-tax)	EOF 2024	EOF 2023	Change
Share capital	163	163	-
Share premium	10	10	-
Funds for future allocation	2	40	-38
Reconciliation reserve	3,392	3,313	80
Deferred tax asset	-	-	-
Eligible Own Funds	3,568	3,526	42

Reconciliation reserve corresponds to the difference between total excess of assets over liabilities and capital (share capital + share premium), excluding subordinated debts and net of foreseeable dividends (no dividend foreseen for year-end 2024) ^{p. 99}.

Change in Own Funds

EOF movement ^{p. 100}
(EUR m, post-tax and net of foreseeable dividends)	Eligible Own Funds
EOF 2023	3,526
Opening adjustments and model change	14
Total return	52
Foreseeable dividend	0
Other	-24
EOF 2024	3,568

EOF +EUR 42m (+1.19%); mainly due to: modeling/scope changes (+EUR 14m, essentially Risk Margin correction on P&C side partly offset by Group Life contract extension modeling change); total return of +EUR 52m (new business, financial elements like rate/inflation movements and investments, operational elements like technical variance and assumption updates); no dividend foreseen; other effects (-EUR 24m, incl. Risk Margin variation) ^{p. 100}.

Own Funds by Tier

Own funds by tier ^{p. 101}
(EUR m)	Total	Tier 1 unrestricted
EOF Dec 31, 2023	3,526	3,526
Of which ancillary	0	0
Of which subject to transitional provisions	0	0
EOF Dec 31, 2024	3,568	3,568
Of which ancillary	0	0
Of which subject to transitional provisions	0	0

Own funds entirely composed of unrestricted "Tier 1" for EUR 3,568m; no own funds subject to transitional measures ^{p. 101}.

Solvency Capital Requirement (SCR)

SCR at Dec 31, 2024: EUR 1,814m (post-tax) ^{p. 6}.
SCR increased by EUR 26m vs Dec 31, 2023; split by risk type remained similar to last year ^{p. 104}.

Solvency Capital Requirement by risk category (Internal Model) ^{p. 58}
Components description	Calculation of the Solvency Capital Requirement (C0030)
Market Risk	1,312,770,614
Credit Risk	272,411,514
Life Insurance Risk	563,148,275
P&C Insurance Risk	367,163,849
Operational Risk	122,045,756
Intangible risk	0
Total undiversified components	2,637,540,009
Diversification	-724,813,581
Tax adjustment	-98,594,089
Solvency capital requirement excluding capital add-on	1,814,132,339
Capital add-ons already set	0
Solvency capital requirement	1,814,132,339

Minimum Capital Requirement (MCR)

MCR at Dec 31, 2024: EUR 816m (+EUR 11m vs 2023) ^{p. 6}.
EOF fully cover MCR; ratio of EOF to SCR is 197% at Dec 31, 2024 (identical to Dec 31, 2023) ^{p. 101}.

Reconciliation between Belgian GAAP Equity and Eligible Own Funds

Reconciliation of equity to EOF ^{p. 102}
(EUR m)	At Dec 31, 2024	At Dec 31, 2023
Belgian GAAP equity (before profit allocation)	1,233	1,266
Assets at fair value	1,364	1,682
Elimination of intangible assets	-79	-90
Technical provisions (net of reinsurance) in Best Estimate	2,009	1,941
Subordinated debts	-	-
Other	-959	-1,273
Eligible Own Funds (EOF)	3,568	3,526

Main valuation differences at Dec 31, 2024: assets at market value under Solvency II (+EUR 1,364m); intangible assets not valued under Solvency II (-EUR 79m); technical provisions (net of reinsurance) at Best Estimate under Solvency II (+EUR 2,009m increase in liabilities); "Other" (-EUR 959m) mainly represents valuation differences in deferred taxes, pension commitments (IAS 19 application), and non-insurance receivables/debts ^{p. 102}.

RSR - Standard Formula Ratio

Ratio calculated using the standard formula: 92.4% at end-2024 vs 95.2% at end-2023; performed at BNB's request but does not reflect the company's solvency or how it manages risks ^{p. 105}.

Valuation for Solvency Purposes

Solvency II Balance Sheet

Solvency II balance sheet ^{p. 111}
EUR k	C0010
Assets	—
Goodwill (R0010)	0
Deferred acquisition costs (R0020)	0
Intangible assets (R0030)	0
Deferred tax assets (R0040)	0
Pension benefit surplus (R0050)	0
Property, plant & equipment held for own use (R0060)	226,671
Investments (other than assets held for index-linked and unit-linked contracts) (R0070)	29,900,299
Property (other than for own use) (R0080)	796,274
Holdings in related undertakings, including participations (R0090)	70,775
Equities (R0100)	3,871,766
Equities - listed (R0110)	356,315
Equities - unlisted (R0120)	3,515,451
Bonds (R0130)	21,653,951
Government Bonds (R0140)	16,530,125
Corporate Bonds (R0150)	4,436,684
Structured notes (R0160)	3,059
Collateralised securities (R0170)	684,083
Collective Investments Undertakings (R0180)	3,208,616
Derivatives (R0190)	298,917
Deposits other than cash equivalents (R0200)	0
Other investments (R0210)	0
Assets held for index-linked and unit-linked contracts (R0220)	1,788,994
Loans and mortgages (R0230)	3,709,097
Loans on policies (R0240)	412,206
Loans and mortgages to individuals (R0250)	15,223
Other loans and mortgages (R0260)	3,281,668
Reinsurance recoverables from: (R0270)	354,167
Non-life and health similar to non-life (R0280)	298,246
Non-life excluding health (R0290)	284,621
Health similar to non-life (R0300)	13,625
Life and health similar to life, excluding health and index-linked and unit-linked (R0310)	55,921
Health similar to life (R0320)	24,893
Life excluding health and index-linked and unit-linked (R0330)	31,028
Life index-linked and unit-linked (R0340)	0
Deposits to cedants (R0350)	99,561
Insurance and intermediaries receivables (R0360)	342,973
Reinsurance receivables (R0370)	11,532
Receivables (trade, not insurance) (R0380)	501,554
Own shares (held directly) (R0390)	0
Amounts due in respect of own fund items or initial fund called up but not yet paid in (R0400)	0
Cash and cash equivalents (R0410)	343,365
Any other assets, not elsewhere shown (R0420)	82,928
Total assets (R0500)	37,361,141

Asset Valuation Comparison

Asset valuation comparison ^{p. 81}
(EUR m)	Fair Value (Solvency II)	Book Value (Belgian GAAP)	% of balance (Solvency II)
Goodwill	-	37	-
Deferred acquisition costs	0	0	-
Intangible assets	0	42	-
Deferred tax assets	-	-	-
Pension commitments	-	-	-
Property, plant & equipment for own use	227	124	0.61%
Investments (other than unit-linked/index-linked)	29,900	28,266	80.03%
Investment property	796	499	2.13%
Holdings in related undertakings, incl. participations	71	90	0.19%
Equity instruments	3,872	2,696	10.36%
Debt instruments	21,654	22,069	57.96%
Investment funds	3,209	2,949	8.59%
Derivatives	298	-36	0.80%
Other investments	—	—	—
Assets held for index-linked and unit-linked contracts	1,789	1,789	4.79%
Loans and mortgages	3,709	3,836	9.93%
Reinsurance recoverables	354	446	0.95%
Receivables	956	612	2.55%
Cash and cash equivalents	343	343	0.92%
Other	83	408	0.22%
Total Assets	37,361	35,903	100.00%

Under Solvency II, intangible assets are recognized if separable and evidence of exchange transactions exists; goodwill and other Belgian GAAP intangible assets have zero value in the Solvency II balance sheet ^{p. 81}.
Property, plant & equipment for own use recognized at fair value under Solvency II vs. cost under Belgian GAAP ^{p. 82}.
All investments recognized at fair value under Solvency II ^{p. 82}.
Investment property: fair value under Solvency II vs. cost under Belgian GAAP (except those covering unit-linked commitments) ^{p. 82}.
Financial assets (incl. loans): fair value under Solvency II vs. amortized cost subject to impairment under Belgian GAAP ^{p. 82}.
Derivatives: fair value under Solvency II vs. lower of cost or market under Belgian GAAP ^{p. 82}.
At Dec 31, 2024, a net deferred tax position of -EUR 98.6m was recognized in the Solvency II balance sheet ^{p. 83}.

Technical Provisions

Technical provisions comparison ^{p. 85}
(EUR m)	FY2024 Fair Value Solvency II	FY2024 Book Value (Belgian GAAP)
Technical provisions - Non-life	3,276	5,121
Technical provisions - Non-life (excl. Health)	2,767	3,848
"Best Estimate"	2,667	3,848
"Risk Margin"	100	-
Technical provisions - Health (similar to Non-life)	509	1,273
"Best Estimate"	480	1,273
"Risk Margin"	29	-
Technical provisions - Life (excl. index-linked and unit-linked)	21,348	21,490
Technical provisions - Health (similar to Life)	2,750	2,160
"Best Estimate"	2,664	2,160
"Risk Margin"	86	-
Technical provisions - Life (excl. Health, Index-linked and Unit-linked)	18,598	19,330
"Best Estimate"	18,400	19,330
"Risk Margin"	197	-
Technical provisions - Index-linked and Unit-linked	1,805	1,827
"Best Estimate"	1,796	1,827
"Risk Margin"	9	-

Technical provisions = Best Estimate Liabilities (BEL) + Risk Margin ^{p. 84}.
BEL: probability-weighted average of future cash flows related to existing contracts, discounted using the EIOPA risk-free rate curve ^{p. 84}.
Risk Margin: cost of non-hedgeable risks; present value of future capital requirements for non-hedgeable risks, using a 6% cost of capital rate ^{p. 84}.
Valuation differences stem from classification and valuation criteria differences: Life/index-linked differences mainly from cash flow determination/discounting factors and specific provisions under Belgian GAAP; Non-Life differences mainly from cash flow discounting at risk-free rate under Solvency II, different valuation of unearned premium reserves, and specific provisions under Belgian GAAP ^{p. 85}.
Main changes in Life technical provisions assumptions in 2024 concerned the review of expense assumptions: alignment with the 2024-2026 strategic plan, recalibration of operational unit costs, addition of a productivity gain on all cost types over a defined period, reduction of project costs after this period to reflect only regulatory projects ^{p. 92}.

Volatility Adjustment

Aims to protect against pro-cyclical investment behavior by mitigating the impact of asset volatility on liability values; calculated from a European reference portfolio defined by EIOPA ^{p. 90}.
Solvency II ratio without VA: 120% at Dec 31, 2024 (vs. 197% with VA) ^{p. 90}.
EOF without VA: EUR 3,218m (-EUR 350m) ^{p. 90}.
SCR without VA: +EUR 861m, mainly due to higher market risks (especially spread risks) ^{p. 90}.
MCR without VA: EUR 1,204m (+EUR 388m) ^{p. 90}.
Technical provisions without VA: EUR 26,889m (+EUR 460m) ^{p. 90}.
Results without VA are not considered economically relevant for drawing conclusions on the nature of underwritten risks and asset allocation strategy ^{p. 90}.

Other Liabilities

Other liabilities comparison ^{p. 93}
(EUR m)	Fair Value (Solvency II)	Book Value (Belgian GAAP)
Contingent liabilities	-	-
Provisions other than technical provisions	65	71
Pension commitments	546	26
Deposits from reinsurers	213	213
Deferred tax liabilities	99	0
Derivatives	247	0
Debts to credit institutions	0	-
Financial debts other than to credit institutions	4,738	4,732
Trade payables	741	745
Subordinated debts	0	0
Other	717	445

AXA Belgium has 21 pension plans, 13 legally structured as defined contribution plans; under Belgian LPC law, all Belgian defined contribution plans are considered defined benefit plans under IFRS due to minimum guaranteed returns (employer contribution: 1.75% since 01/01/2016) ^{p. 94}.
Under statutory standards, pension commitments are included in technical provisions at an amount equal to the mathematical reserve ^{p. 94}.

Governance

Management Structure

Management structure: Board of Directors and Executive Committee ^{p. 3}.
Board of Directors has three specialized committees: Audit Committee, Risk Committee, and Nomination and Remuneration Committee ^{p. 3}.
AXA Belgium operates with 4 independent key control functions under Solvency II: risk management, internal audit, compliance, and actuarial function ^{p. 3}.
Key function holders have direct access to the Board of Directors ^{p. 3}.
Risk Management is represented on the Executive Committee by the Chief Risk Officer (CRO) ^{p. 3}.
No significant changes in the management structure in 2024 ^{p. 3}.

Board of Directors and Executive Committee

Board of Directors (CA): ultimate responsibility, defines strategy, risk policy (including risk tolerance), integrity policy, validates main policies/reportings, sets risk appetite and tolerance limits, approves risk management policies, supervises activities ^{p. 26-27}.
Executive Committee (CD): effective management, implements strategy and risk system, sets up organizational/operational structure, internal control mechanisms, independent control functions, remuneration policy, internal reporting system, reports at least annually to CA, statutory auditor, and BNB on governance system effectiveness ^{p. 27}.
CA meets at least quarterly; members receive information at least three working days before meetings ^{p. 27}.
CA composed of at least seven members, including some CD members; majority non-executive; includes shareholder representatives and independent directors; members appointed/removed by General Assembly or CA (cooptation) under Fit & Proper policy ^{p. 28}.
Director mandate: max six years (usually three), renewable; independent members max three renewals, total max twelve years; age limit 70 ^{p. 28}.

Board Committees

Audit Committee: monitors financial reporting process, internal control/risk management effectiveness, internal audit, statutory audit (incl. auditor independence). Meets at least four times/year; meets with external auditors and internal audit head at least twice/year ^{p. 29}.
Risk Committee: advises CA on risk strategy/tolerance, assists CA in supervising CD's implementation. Operational since Q4 2016 ^{p. 29}.
Nomination & Remuneration Committee (CNR): elaborates recruitment/evaluation/resignation policy for directors, executives, and control function heads; examines proposals; elaborates remuneration policy for Identified Staff; formulates recommendations on individual remuneration. Meets at least twice/year ^{p. 29-30}.
In 2024: six Audit Committees, seven Risk Committees, four CNRs held; very high attendance rate ^{p. 30}.

Key Functions

All Executive Committee members are considered key function holders and must meet Fit & Proper conditions ^{p. 30}.
Four independent control functions: Risk Management (represented by CRO on CD), Compliance, Internal Audit, Actuarial function ^{p. 30}.
All independent control functions have direct access to CD and CA (via Audit or Risk Committee) ^{p. 31}.
Heads of independent control functions can only be dismissed by the CA ^{p. 31}.

Board of Directors Composition

Antimo Perretta, Chairman; Claudio Gienal, non-executive; Frédéric Hannequart, independent; Christophe Boizard, independent (since May 2024); Saskia Van Uffelen, independent; Chantal De Vrieze, independent; Etienne Bouas-Laurent, executive; Antoine Boyer de la Giroday, executive; Lucie Taleyson, executive ^{p. 38}.

Committee Composition

CNR (scope: AXA Belgium and YUZZU): Antimo Perretta (Chairman), Saskia Van Uffelen, Chantal De Vrieze ^{p. 38}.
Audit Committee (scope: AXA Belgium): Christophe Boizard (Chairman, since May 2024), Claudio Gienal, Frédéric Hannequart ^{p. 38}.
Risk Committee (scope: AXA Belgium): Christophe Boizard (Chairman, since May 2024), Frédéric Hannequart, Saskia Van Uffelen, Claudio Gienal ^{p. 38}.
Corporate Secretary: Philip da Costa ^{p. 38}.

Executive Committee Composition

Executive CA members plus: Philippe Courouble (Chief P&C Officer), Céline Dupont (Chief Life & Health Officer), Serge Martin (Chief Distribution Officer), Audrey Amiot (Chief Operating Officer), Sophie Marchal (Chief Information Officer), Els Jans (Chief People Officer), Camille Audet (Chief Customer Officer) ^{p. 38}.

Remuneration

AXA Belgium applies AXA Group remuneration policy, aligned with local regulation where stricter ^{p. 31}.
Policy aims to align staff interests with company/shareholders, link performance and remuneration, encourage ambitious objectives and long-term value creation ^{p. 31}.
Variable pay is a significant part of total remuneration for Identified Staff; structure based on Belgian financial services market analysis ^{p. 31}.
Five guiding principles: competitiveness/coherence, fair reward based on individual/collective performance, internal equity, achievement of strategic objectives as prerequisite for medium/long-term pay, integration of sustainability risks ^{p. 32}.
Sustainability criteria weight in LTI performance conditions increased from 10% (2020) to 30% (2021); includes climate-related objectives (carbon emission reduction in operations and asset footprint) and DJSI score ^{p. 32}.
Remuneration structure: fixed (base salary, function premiums) and variable (annual cash bonus, deferred Performance Shares or Restricted Shares) ^{p. 33}.
Performance Shares: subject to minimum 3-year deferral period; fully subject to 3-year performance criteria (Group financial/operational performance and entity/BU performance); vesting rate between 0% and 130%; if no dividend paid by AXA during vesting period, number of vested shares automatically halved ^{p. 34}.
Restricted Shares: vesting subject to a Group sustainability objective; vesting rate between 0% and 100% ^{p. 34}.

Risk Management System

Risk management framework rests on five pillars: Independence and adequacy of risk management; Common risk appetite framework; Systematic second opinion on key processes; Use of the Internal Model based on a robust economic capital measure; Proactive risk management ^{p. 3}.
A comprehensive internal control system ensures executive management is informed of material risks and has the tools to analyze and manage them ^{p. 3}.
Three risk categories for AXA Belgium: A. Financial market and financial position risks; B. Risks related to the nature of activities, products, and operations; C. Risks related to the evolving regulatory and competitive environment ^{p. 4}.
Insurance risks for Life and Non-Life are covered through 4 processes: new product risk controls; reinsurance strategy optimization; technical reserves review; emerging risk monitoring ^{p. 4}.
First line of defense: operational management and teams. Second line: Legal, Compliance, Internal Control, Risk Management. Third line: Internal Audit ^{p. 40}.

Internal Model

The AXA Group's internal model provides a tool to control and measure risk exposure in compliance with Solvency II ^{p. 4}.
Developed since 2007; used in risk management and decision-making to reflect risk profile more adequately than standard formula, account for company specificities, remedy standard formula shortcomings (e.g., adds sovereign spread risk, implied volatility risk), allow better evolution over time ^{p. 41}.
AXA Group received formal approval to use its Internal Model for economic capital calculation in November 2015 ^{p. 103}.
Calibrated to a 99.5% confidence level over a one-year horizon (Value-at-Risk) ^{p. 57-58}.

ORSA

Encompasses processes to identify, assess, manage, and report short- and medium-term risks to ensure target own funds level, assess ongoing sufficiency of SCR and technical provisions, and assess coherence between risk profile and SCR ^{p. 43-44}.
CRO responsible for ORSA policy development, process implementation, and reporting coordination; Executive Committee approves policy and ORSA report ^{p. 44}.
ORSA report presented to RMC and Risk Committee for final Board approval before submission to BNB; covers projected Solvency II coverage ratio, risk management practices, and management actions ^{p. 44}.

Post-Closing Governance Change

AXA Belgium simplified its organization by revising its Executive Committee composition and redistributing tasks effective January 1, 2025: Etienne Bouas-Laurent (CEO & Chairman), Antoine Boyer de la Giroday (CFO), Marie Noirhomme (CRO), Erik Heggen (Chief P&C Retail Officer), Audrey Amiot (Chief P&C Corporate Officer), Céline Dupont (Chief Life & Health Officer), Serge Martin (Chief Customer & Distribution Officer), Sophie Marchal (Chief Operating Officer), Els Jans (Chief People Officer) ^{p. 55}.

Risk Profile

SCR by Risk Category

SCR at Dec 31, 2024: EUR 1,814m (post-tax); split by risk category: Market EUR 1,313m, Credit EUR 272m, Life EUR 563m, Non-Life EUR 367m, Operational EUR 122m, Intangible 0; Sum EUR 2,638m; Diversification -EUR 725m; Total pre-tax EUR 1,913m; Tax adjustment -EUR 66m ^{p. 103-104}.

Market Risk

Origins: decrease in asset returns reducing financial margin; variation in bond yields reducing market value of bond portfolios and potentially increasing surrender volumes; decrease in market value (equities, real estate, alternative investments) impacting solvency margin; currency risk (limited, systematically hedged); inflation for Non-Life activities potentially increasing claim payments ^{p. 66}.
AXA Belgium manages financial risks within the local risk framework, coherent with Group framework; techniques include: ALM/strategic asset allocation, strict investment process with second opinion, financial risk hedging via derivatives, regular solvency position monitoring, portfolio diversification, risk appetite framework with functional market risk limits ^{p. 66-67}.

Credit Risk

Three counterparty categories monitored: investment portfolios (excl. unit-linked assets); reinsurers (receivables from ceded reinsurance); brokers and/or policyholders (receivables from insurance operations) ^{p. 68}.
Concentration risk managed via Group and local analyses by issuer, sector, region; limits defined by issuer based on credit rating, maturity, seniority; specific limits on sovereigns; compliance monitored monthly by Financial Risk Management, breaches presented to RMC ^{p. 68}.

Liquidity Risk

Risk of not having sufficient liquidity to meet payment commitments from insurance or financial/investment activities under normal or stressed conditions ^{p. 70}.
Liquidity is a crucial aspect of AXA Group's risk appetite framework, aiming to ensure sufficient liquidity to withstand severe shocks on a standalone basis over various time horizons ^{p. 70}.
At Dec 31, 2024, expected profit included in future premiums (EPIFP), calculated per Article 260(2) of the Regulation, amounts to EUR 293m net of tax (EUR 390m gross of tax) ^{p. 70}.

Operational Risk

Defined as risk of loss from inadequate or failed internal processes, people, systems, or external events; includes legal risks, excludes strategic and reputational risks ^{p. 71}.
Seven risk categories: internal fraud, external fraud, employment practices/workplace safety, clients/products/business practices, damage to physical assets, business disruption/system failures, execution/delivery/process management ^{p. 71}.
In 2024, operational risk profile reasonably well distributed; main financial means concentrated on mitigating major operational risks related to regulatory compliance and execution/delivery/process management ^{p. 71}.

Other Material Risks

Strategic Risk: risk of significant negative impact on result or capital from lack of responsiveness to sector changes or inappropriate management decisions; not included in SCR calculation; managed via a solid strategic risk management framework ^{p. 73}.
Reputational Risk: risk that an event negatively influences stakeholder perceptions; not included in SCR calculation; Group defined a global framework with reactive and proactive approaches ^{p. 73}.
Emerging Risks: risks that may develop or already exist and constantly evolve; characterized by high uncertainty, difficult to quantify; not included in SCR calculation; monitoring organized through a detection process; risks classified into five subgroups (environment & energy, society, politics & regulation, economy/finance & business, health & medicine, tech & data) ^{p. 74}.

Activity and Significant Events

General Information

AXA Belgium S.A./N.V. is a Belgian public limited insurance company, 94.93% owned by AXA Holdings Belgium (itself 100% owned by AXA S.A.) ^{p. 8}.
Its business is to support clients (individuals, SMEs, and large companies) with insurance, provident, and savings products and services ^{p. 8}.
Registered office: Place du Trône 1, 1000 Brussels, Belgium. Phone: +32 (0)2 678 61 11 ^{p. 8}.
Supervised by the National Bank of Belgium (BNB), the Financial Services and Markets Authority (FSMA), and FEDRIS (Federal Agency for Occupational Risks) ^{p. 8}.
The AXA Group's main supervisory authority is the Autorité de Contrôle Prudentiel et de Résolution (ACPR), 61, rue Taitbout, 75436 Paris Cedex 9, France ^{p. 9}.
Statutory auditors: EY, Reviseurs d'Entreprises, SRL (B00160), Kouterveldstraat, 7B, 1831 Diegem, represented by Joeri Klaykens and Jean-François Hubin ^{p. 9}.
Subscribed and called-up capital at Dec 31, 2024: EUR 163m. Number of shares: 312,789 ^{p. 9}.

Main Related Undertakings

Main related undertakings ^{p. 9}
Parent company and subsidiaries (insurance companies)	Legal Form	Country	Dec 31, 2024 % voting rights	Dec 31, 2024 % Group interest	Dec 31, 2023 % voting rights	Dec 31, 2023 % Group interest
AXA Belgium	Public limited company	Belgium	Parent Company	Parent Company	Parent Company	Parent Company
Yuzzu	Public limited company	Belgium	99.87	99.87	99.87	99.87
Crelan Insurance	Public limited company	Belgium	0	0	100	100

Significant Events in 2024

AXA Belgium continued executing its ACT26 strategic plan in 2024 ^{p. 11}.
Priority 1: Accelerate growth to become "Top 3" in all business lines:
- Returned to the investment insurance market with a new flexible product (Branch 21 and 23) ^{p. 11}.
- Signed an agreement in December 2024 with Van Mossel Group (the #1 Belgian car dealer by sales volume) to offer AXA motor insurance through Van Mossel dealerships ^{p. 11}.
- Sustained growth in group health, with market share exceeding 16% at end-2024, driven by strengthened distribution and continuous service innovation ^{p. 11}.
Priority 2: Get closer to clients and brokers for the best insurance experience:
- Digitalization remains a strategic priority; AXA ranked top among insurers for digital journeys (SIA Partners 2024 ranking) ^{p. 11}.
- MyAXA client space usage +32% in 2024; ePay usage +51% ^{p. 11}.
- Supports Assuralia's call to the federal government to review the natural disaster regime ^{p. 11}.
- Targets to reduce carbon footprint by 26% between 2019 and 2025, achieved via BREEAM "Excellent" certified offices, mobility policy (100% electric vehicle catalogue, public transport reimbursement) ^{p. 11}.
- Trained 7,600 children, 618 brokers, and 100% of employees at the Climate School in partnership with GoodPlanet ^{p. 12}.
- AXA Hearts in Action volunteers collected over 3 tonnes of waste during AXA Week for Good with partner River Cleanup ^{p. 12}.
- "Water Quality and Global Change" chair inaugurated at VUB in January; AXA Research Fund donated EUR 1m to this chair led by Prof. Ann Van Griensven ^{p. 12}.
- Prof. Dr. Alban de Kerchove d'Exaerde took over the AXA neuroscience chair ^{p. 12}.
- "Finance for Kids" days with partner Toekomst Atelier De l'Avenir raised over EUR 19,000, reaching 120+ vulnerable young people ^{p. 12}.
- Increased prevention efforts with the Foundation against Cancer, IKWV, Walloon and Flemish road safety agencies ^{p. 12}.
Priority 3: Transform the company through technology for sustainable performance:
- Continued AI development, including an internalized and secured version of Chat GPT for all employees ^{p. 12}.
- AI-based document analysis increased structured data input from brokers; AI used to improve technical performance via enhanced fraud and recourse detection ^{p. 12}.
- Annual quota share reinsurance treaty with AXA SA effective from January 1, 2024 ^{p. 12}.
Other highlights:
- New European and Belgian regulations impacting the insurance market came into force in 2024 and 2025 (Digital Operational Resilience Act, law simplifying insurance contract termination rules, law on payment deadlines and sanctions for insurance benefits, new Book 6 of the Civil Code) ^{p. 12}.
- Obtained dispensation from the PCV (Provision Complémentaire Vie) for 2024 from the BNB, as the Solvency II ratio exceeds 100% in a "low yield stress test" scenario ^{p. 13}.

Quantitative Reporting Templates (QRTs)

S.04.05.21.03 — Home Country: Life Insurance and Reinsurance Obligations

Life insurance obligations in home country ^{p. 114}
EUR k	Home country C0030
Gross Written Premium (R1020)	1,456,261
Gross Earned Premium (R1030)	1,456,952
Claims incurred (R1040)	1,885,877
Gross Expenses Incurred (R1050)	282,594

S.05.01.02.01 — Non-Life (direct business)

Non-Life premiums, claims and expenses by line of business ^{p. 115}
EUR k	Medical expense insurance (C0010)	Income protection insurance (C0020)	Workers' compensation insurance (C0030)	Motor vehicle liability insurance (C0040)	Other motor insurance (C0050)	Marine, aviation and transport insurance (C0060)	Fire and other damage to property insurance (C0070)	General liability insurance (C0080)	Credit and suretyship insurance (C0090)	Legal expenses insurance (C0100)	Assistance (C0110)	Miscellaneous financial loss (C0120)
Premiums written	—	—	—	—	—	—	—	—	—	—	—	—
Gross - Direct Business (R0110)	188,737	70,108	328,235	455,513	412,098	21,338	746,887	224,334	0	73,713	0	6,486
Gross - Proportional reinsurance accepted (R0120)	0	0	0	0	0	0	0	0	0	0	0	0
Reinsurers' share (R0140)	5,662	582	6,784	168,740	150,568	6,746	307,684	83,401	0	25,916	0	1,463
Net (R0200)	183,075	69,527	321,451	286,772	261,530	14,592	439,203	140,933	0	47,797	0	5,022
Premiums earned	—	—	—	—	—	—	—	—	—	—	—	—
Gross - Direct Business (R0210)	188,541	70,476	328,247	454,180	408,280	21,338	744,481	224,755	0	73,365	0	6,486
Gross - Proportional reinsurance accepted (R0220)	0	0	0	0	0	0	0	0	0	0	0	0
Reinsurers' share (R0240)	5,662	582	6,784	167,422	148,286	6,746	303,657	83,356	0	25,525	0	1,466
Net (R0300)	182,879	69,894	321,464	286,758	259,994	14,592	440,824	141,399	0	47,840	0	5,020
Claims incurred	—	—	—	—	—	—	—	—	—	—	—	—
Gross - Direct Business (R0310)	183,724	25,312	197,695	332,634	249,655	8,968	245,495	142,916	0	36,807	0	3,493
Gross - Proportional reinsurance accepted (R0320)	0	0	0	0	0	0	0	0	0	0	0	0
Reinsurers' share (R0340)	4,527	54	2,576	54,975	82,404	4,092	118,026	41,411	0	15,326	0	994
Net (R0400)	179,198	25,259	195,119	277,660	167,251	4,875	127,469	101,506	0	21,481	0	2,499
Expenses incurred (R0550)	21,142	28,280	77,691	112,389	106,676	4,014	219,500	59,623	0	14,210	0	703

S.05.01.02.01 — Non-Life (accepted proportional and non-proportional reinsurance)

Non-Life accepted reinsurance premiums, claims and expenses ^{p. 116}
EUR k	Health (C0130)	Casualty (C0140)	Marine, aviation, transport (C0150)	Property (C0160)	Total (C0200)
Premiums written	—	—	—	—	—
Gross - Direct Business (R0110)	—	—	—	—	2,527,448
Gross - Proportional reinsurance accepted (R0120)	—	—	—	—	0
Gross - Non-proportional reinsurance accepted (R0130)	0	0	0	50,928	50,928
Reinsurers' share (R0140)	0	0	0	1,000	758,545
Net (R0200)	0	0	0	49,928	1,819,831
Premiums earned	—	—	—	—	—
Gross - Direct Business (R0210)	—	—	—	—	2,520,149
Gross - Proportional reinsurance accepted (R0220)	—	—	—	—	0
Gross - Non-proportional reinsurance accepted (R0230)	0	0	0	50,988	50,988
Reinsurers' share (R0240)	0	0	0	1,000	750,485
Net (R0300)	0	0	0	49,988	1,820,652
Claims incurred	—	—	—	—	—
Gross - Direct Business (R0310)	—	—	—	—	1,426,700
Gross - Proportional reinsurance accepted (R0320)	—	—	—	—	0
Gross - Non-proportional reinsurance accepted (R0330)	0	2,003	0	12,606	14,609
Reinsurers' share (R0340)	0	0	0	1,406	325,791
Net (R0400)	0	2,003	0	11,200	1,115,519
Expenses incurred (R0550)	0	27	0	7,321	651,576
Balance - other technical expenses/income (R1210)	—	—	—	—	-1,794
Total technical expenses (R1300)	—	—	—	—	649,782

S.05.01.02.02 — Life

Life premiums, claims and expenses by line of business ^{p. 117}
EUR k	Health insurance (C0210)	Insurance with profit participation (C0220)	Index-linked and unit-linked insurance (C0230)	Other life insurance (C0240)	Annuities from non-life (health) (C0250)	Annuities from non-life (other) (C0260)	Health reinsurance (C0270)	Life reinsurance (C0280)	Total (C0300)
Premiums written	—	—	—	—	—	—	—	—	—
Gross (R1410)	33,139	1,161,796	205,899	12,620	75,464	0	0	481	1,489,400
Reinsurers' share (R1420)	925	11,719	0	268	16,982	0	0	0	29,894
Net (R1500)	32,214	1,150,078	205,899	12,351	58,483	0	0	481	1,459,506
Premiums earned	—	—	—	—	—	—	—	—	—
Gross (R1510)	33,139	1,161,796	205,899	12,620	76,156	0	0	481	1,490,091
Reinsurers' share (R1520)	925	11,719	0	268	17,002	0	0	0	29,914
Net (R1600)	32,214	1,150,078	205,899	12,351	59,153	0	0	481	1,460,177
Claims incurred	—	—	—	—	—	—	—	—	—
Gross (R1610)	25,342	1,564,636	179,935	2,279	134,752	0	0	4,274	1,911,219
Reinsurers' share (R1620)	420	17,913	0	102	13,046	0	0	0	31,481
Net (R1700)	24,922	1,546,724	179,935	2,177	121,706	0	0	4,274	1,879,738
Expenses incurred (R1900)	3,800	225,774	28,960	5,261	17,919	0	0	145	281,858
Balance - other technical expenses/income (R2510)	—	—	—	—	—	—	—	—	-869
Total technical expenses (R2600)	—	—	—	—	—	—	—	—	280,989
Total amount of surrenders (R2700)	0	775,305	102,488	70	108,536	0	0	47	986,447

S.12.01.02.01 — Life and Health SLT Technical Provisions

Life and Health SLT Technical Provisions ^{p. 118}
EUR k	Insurance with profit participation (C0020)	Index-linked and unit-linked insurance (C0030)	Contracts without options and guarantees (C0040)	Contracts with options or guarantees (C0050)	Other life insurance (C0060)	Contracts without options and guarantees (C0070)	Contracts with options or guarantees (C0080)	Annuities from non-life (other) (C0090)	Accepted reinsurance (C0100)	Total (Life other than health, incl. Unit-Linked) (C0150)
Technical provisions calculated as a whole (R0010)	0	0	—	—	0	—	—	0	0	0
Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0020)	0	0	—	—	0	—	—	0	0	0
Best Estimate	—	—	—	—	—	—	—	—	—	—
Gross Best Estimate (R0030)	18,260,784	—	0	1,795,508	—	0	108,244	0	31,297	20,195,833
Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0080)	31,028	—	0	0	—	0	0	0	0	31,028
Best estimate minus recoverables - total (R0090)	18,229,756	—	0	1,795,508	—	0	108,244	0	31,297	20,164,805
Risk Margin (R0100)	157,424	9,076	—	—	39,965	—	—	0	106	206,571
Technical provisions - total (R0200)	18,418,208	1,804,584	—	—	148,209	—	—	0	31,403	20,402,404

S.12.01.02.01 — Life and Health SLT Technical Provisions (Health similar to life)

Health similar to life technical provisions ^{p. 119}
EUR k	Health insurance (direct business) (C0160)	Contracts without options and guarantees (C0170)	Contracts with options or guarantees (C0180)	Annuities from non-life (health) (C0190)	Health reinsurance (accepted) (C0200)	Total (Health similar to life) (C0210)
Technical provisions calculated as a whole (R0010)	0	—	—	0	0	0
Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0020)	0	—	—	0	0	0
Best Estimate	—	—	—	—	—	—
Gross Best Estimate (R0030)	—	0	80,166	2,584,168	0	2,664,333
Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0080)	—	0	879	24,013	0	24,893
Best estimate minus recoverables - total (R0090)	—	0	79,286	2,560,154	0	2,639,441
Risk Margin (R0100)	26,062	—	—	59,949	0	86,011
Technical provisions - total (R0200)	106,228	—	—	2,644,116	0	2,750,344

S.17.01.02.01 — Non-Life Technical Provisions

Non-Life Technical Provisions ^{p. 120}
EUR k	Medical expense insurance (C0020)	Income protection insurance (C0030)	Workers' compensation insurance (C0040)	Motor vehicle liability insurance (C0050)	Other motor insurance (C0060)	Marine, aviation and transport insurance (C0070)	Fire and other damage to property insurance (C0080)	General liability insurance (C0090)	Credit and suretyship insurance (C0100)	Legal expenses insurance (C0110)	Assistance (C0120)	Miscellaneous financial loss (C0130)
Technical provisions calculated as a whole (R0010)	0	0	0	0	0	0	0	0	0	0	0	0
Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0050)	0	0	0	0	0	0	0	0	0	0	0	0
Premium provisions	—	—	—	—	—	—	—	—	—	—	—	—
Gross (R0060)	-29,138	-10,924	-10,035	75,365	76,685	-2,983	156,528	-7,398	0	14,725	0	-1,112
Total recoverable from reinsurance/SPV and Finite Re after adjustment (R0140)	0	0	0	810	1,776	0	7,029	504	0	196	0	0
Net Best Estimate of Premium Provisions (R0150)	-29,138	-10,924	-10,035	74,556	74,908	-2,983	149,499	-7,902	0	14,529	0	-1,112
Claims provisions	—	—	—	—	—	—	—	—	—	—	—	—
Gross (R0160)	128,411	88,363	313,652	1,275,468	74,964	12,718	326,954	422,274	0	122,610	0	58,859
Total recoverable from reinsurance/SPV and Finite Re after adjustment (R0240)	3,570	1,656	8,399	91,003	10,733	2,293	99,173	56,301	0	10,805	0	1,250
Net Best Estimate of Claims Provisions (R0250)	124,841	86,707	305,253	1,184,465	64,231	10,424	227,781	365,973	0	111,804	0	57,609
Total Best estimate - gross (R0260)	99,273	77,438	303,617	1,350,833	151,649	9,735	483,482	414,876	0	137,335	0	57,748
Total Best estimate - net (R0270)	95,703	75,782	295,218	1,259,021	139,139	7,441	377,280	358,072	0	126,333	0	56,497
Risk margin (R0280)	28,351	61	154	61,338	1,403	241	7,577	22,160	0	3,211	0	1,305
Technical provisions - total (R0320)	127,624	77,500	303,771	1,412,171	153,052	9,975	491,059	437,036	0	140,546	0	59,053
Recoverable from reinsurance/SPV and Finite Re after adjustment - total (R0330)	3,570	1,656	8,399	91,813	12,510	2,293	106,202	56,805	0	11,002	0	1,250
Technical provisions minus recoverables - total (R0340)	124,054	75,844	295,372	1,320,359	140,542	7,682	384,857	380,232	0	129,544	0	57,803

Notes

ABEX: Index used for automatic indexation in Fire insurance ^{p. 16}.
ABS: Asset-Backed Securities ^{p. 20}.
ACPR: Autorité de Contrôle Prudentiel et de Résolution ^{p. 9}.
ALM: Asset & Liability Management ^{p. 60}.
ARCC: Audit, Risk & Compliance Committee ^{p. 42}.
BEL: Best Estimate Liabilities ^{p. 84}.
BNB: National Bank of Belgium (Banque Nationale de Belgique) ^{p. 8}.
BREEAM: Building Research Establishment Environmental Assessment Method ^{p. 11}.
CA: Board of Directors (Conseil d'Administration) ^{p. 26}.
CD: Executive Committee (Comité de Direction) ^{p. 26}.
CDS: Credit Default Swaps ^{p. 68}.
CNR: Nomination and Remuneration Committee (Comité de Nomination et de Rémunération) ^{p. 29}.
CRA: Credit Risk Adjustment ^{p. 87}.
CRO: Chief Risk Officer ^{p. 3}.
CSA: Credit Support Annex ^{p. 69}.
DBO: Defined Benefit Obligation ^{p. 94}.
DJSI: Dow Jones Sustainability Index ^{p. 32}.
EIOPA: European Insurance and Occupational Pensions Authority ^{p. 84}.
EOF: Eligible Own Funds ^{p. 6}.
EPIFP: Expected Profit Included in Future Premiums ^{p. 70}.
FEDRIS: Federal Agency for Occupational Risks ^{p. 8}.
FSMA: Financial Services and Markets Authority ^{p. 8}.
GAAP: Generally Accepted Accounting Principles ^{p. 77}.
GMWB: Guaranteed Minimum Withdrawal Benefit ^{p. 89}.
IAP: Investment Approval Process ^{p. 61}.
ICOFR: Internal Control Over Financial Reporting ^{p. 46}.
IFC: Internal Financial Control ^{p. 48}.
IFRS: International Financial Reporting Standards ^{p. 5}.
IMR: Internal Model Review ^{p. 43}.
ISDA: International Swaps and Derivatives Association ^{p. 69}.
LLP: Last Liquid Point ^{p. 87}.
LPC: Loi sur les Pensions Complémentaires (Law on Supplementary Pensions) ^{p. 94}.
LTI: Long-Term Incentive ^{p. 32}.
MCR: Minimum Capital Requirement ^{p. 6}.
ORSA: Own Risk and Solvency Assessment ^{p. 43}.
OTC: Over-The-Counter ^{p. 69}.
PCV: Provision Complémentaire Vie ^{p. 13}.
QRT: Quantitative Reporting Template ^{p. 106}.
REPO: Repurchase Agreement ^{p. 17}.
RMC: Risk Management Committee ^{p. 42}.
RSR: Regular Supervisory Report ^{p. 105}.
SCR: Solvency Capital Requirement ^{p. 6}.
SFCR: Solvency and Financial Condition Report ^{p. 1}.
SLT: Similar to Life Techniques ^{p. 114}.
SPV: Special Purpose Vehicle ^{p. 118}.
UFR: Ultimate Forward Rate ^{p. 87}.
VA: Volatility Adjustment ^{p. 87}.
VOOC: Vendors & Outsourcing Oversight Committee ^{p. 54}.
Operating result (pre-tax): An alternative performance indicator used by the AXA Group, corresponding to the difference between revenues and operating expenses, excluding items such as realized capital gains/losses, impairment provisions, and gains/losses on financial assets at fair value through profit or loss ^{p. 2}.