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AXA/2025/FY financial supplements

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AXA — Full Year 2025 Financial Supplement (auto-extracted from the published .xlsx).

1. Market Data

Exchange Rate — 1H24 FY24 1H25 FY25 — Average 1H24 Average FY24 Average 1H25 Average FY25
USD — 1.07 1.0355 1.17 1.17 — 1.08 1.08 1.09 1.130751
JPY — 172.4 162.7392 169.56 184.09 — 164.51 163.86 162.18 169.10111
GBP — 0.85 0.83 0.86 0.87 — 0.85 0.85 0.84 0.856953
CHF — 0.96 0.94 0.93 0.93 — 0.96 0.95 0.94 0.937073
HKD — 8.37 8.04 9.21 9.14 — 8.45 8.44 8.53 8.815962
Discount Rate - 5Y — Average 1H24 Average FY24 Average 1H25 Average FY25
EUR — 0.0279 0.0284 0.0257 0.0259
USD — 0.0435 0.0441 0.044 0.0423
JPY — 0.0022 0.0042 0.0089 0.0101
GBP — 0.04 0.0425 0.0438 0.0431
CHF — 0.0105 0.0082 0.0018 0.0016
HKD — 0.0375 0.0367 0.0345 0.0318
Discount Rate - 10Y — Closing 1H24 Closing FY24 Closing 1H25 Closing FY25
EUR — 0.0306 0.0271 0.0291 0.0317
USD — 0.0454 0.0466 0.0443 0.0445
JPY — 0.0104 0.0107 0.0144 0.0208
GBP — 0.0427 0.0448 0.0456 0.0455
CHF — 0.0098 0.0038 0.0053 0.0067
HKD — 0.0379 0.0391 0.0302 0.0321

2. UE by LOB and Net Income

Group Underlying Earnings by Line of Business and Net Income Group Property & Casualty Life & Health Asset Management* Holdings
Group Underlying Earnings by Line of Business and Net Income — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues — 35273 72104 37209 75071 — 27294 55898 28697 57656 — 7979 16207 8512 17416 — — — — — — — — — —
Combined Ratio — — — — — — 0.902 0.91 0.9 0.906 — 0.976 0.974 0.971 0.972 — — — — — — — — — —
Technical Margin — 2877 5421 3107 5888 — 2682 5006 2859 5409 — 195 415 248 479 — — — — — — — — — —
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release — 1395 2775 1428 2954 — — — — — — 1395 2775 1428 2954 — — — — — — — — — —
Technical Experience — -64 -95 -30 -150 — — — — — — -64 -95 -30 -150 — — — — — — — — — —
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result — 2064 3971 2148 4013 — 1324 2559 1343 2631 — 536 975 563 946 — 24 35 14 14 — 181 402 228 422
Other Revenues — 1459 3054 1625 2167 — — — — — — — — — — — 937 2004 1018 1018 — 522 1050 607 1149
Other Expenses — -1624 -3479 -1868 -2900 — — — — — — — — — — — -698 -1493 -793 -793 — -925 -1986 -1075 -2107
Debt Financing Charges — -471 -948 -452 -928 — — — — — — — — — — — — — — — — -471 -948 -452 -928
Underlying Earnings Before Tax — 5638 10700 5958 11044 — 4006 7565 4202 8040 — 2061 4070 2209 4229 — 263 546 239 239 — -693 -1482 -692 -1464
Tax — -1427 -2662 -1503 -2644 — -1046 -1952 -1074 -2060 — -412 -874 -462 -800 — -69 -160 -68 -68 — 100 324 101 284
Income from Affiliates & Other — 122 218 111 168 — 2 3 1 3 — 103 186 101 157 — 16 29 8 8 — 0 0 0 0
Minority Interests — -89 -179 -101 -199 — -56 -106 -63 -111 — -27 -60 -34 -85 — -6 -13 -4 -4 — 0 0 0 0
Underlying Earnings Group Share — 4244 8078 4465 8368 — 2908 5510 3067 5872 — 1725 3323 1814 3501 — 204 402 175 175 — -592 -1157 -591 -1180
Underlying Earnings Growth Rate (constant FX) — 0.04 0.067 0.062 0.058 — — — — — — — — — — — — — — — — — — — —
Underlying ROE — 0.166 0.152 0.175 0.16 — — 0.162 — 0.173 — — 0.136 — 0.144 — — 0.26 — n.a. — — — — —
Net Realized Capital Gains & Losses — 93 195 66 138 — — — — — — — — — — — — — — — — — — — —
Change in Fair Value of Assets & Derivatives — -43 83 -467 -813 — — — — — — — — — — — — — — — — — — — —
Amortization of customer intangibles — -50 -131 -48 -86 — — — — — — — — — — — — — — — — — — — —
Integration and Restructuring Costs — -78 -240 -63 -197 — — — — — — — — — — — — — — — — — — — —
Exceptional Items — -147 -99 -30 2386 — — — — — — — — — — — — — — — — — — — —
Net Income Group Share — 4020 7886 3922 9797 — — — — — — — — — — — — — — — — — — — —
Deeply Subordinated and Undated Subordinated Debt Charges — -106 -201 -86 -174 — — — — — — — — — — — — — — — — — — — —
Underlying Earnings for EPS calculation — 4138 7877 4379 8195 — — — — — — — — — — — — — — — — — — — —
Net Income for EPS calculation — 3914 7685 3836 9623 — — — — — — — — — — — — — — — — — — — —
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.

Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

3. UE by Geography

Underlying Earnings by Geography Group France Europe AXA XL Asia, Africa & EME-LATAM AXA IM* Transversal & Other
Underlying Earnings by Geography — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues — 35273 72104 37208.865661 75071.468308 — 9046 18698 9566.63486 19555.35033 — 11839 24005 12661.109383 25724.032033 — 9022 18530 9428 18699 — 4312 8750 4478 8986 — — — — — — 1053 2122 1075 2107
Combined Ratio — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Technical Margin — 2877 5421 3107 5888 — 692 1470 658 1485 — 998 1957 1176 2357 — 1111 1820 1074 1928 — 70 81 150 9 — — — — — — 6 93 49 109
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release — 1395 2775 1428 2954 — 407 823 419 895 — 468 920 471 984 — 4 3 0 1 — 516 1029 538 1074 — — — — — — 0 0 0 0
Technical Experience — -64 -95 -30 -150 — -40 -96 -37 -81 — -11 -8 8 -70 — 3 2 0 -5 — -17 7 -1 6 — — — — — — 0 0 0 0
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result — 2064 3971 2148 4013 — 350 613 380 667 — 784 1486 765 1398 — 283 616 308 651 — 382 741 425 782 — 24 35 14 14 — 241 480 255 502
Other Revenues — 1459 3054 1625 2167 — 53 108 44 91 — -18 -32 -8 -12 — 0 0 0 0 — 0 0 -2 -3 — 937 2004 1018 1018 — 488 974 573 1073
Other Expenses — -1624 -3479 -1868 -2900 — -83 -180 -79 -168 — -10 -25 -6 -3 — 0 0 0 0 — -9 -20 -14 -26 — -698 -1493 -793 -793 — -823 -1761 -976 -1910
Debt Financing Charges — -471 -948 -452 -928 — 0 0 0 0 — -1 -2 -1 -2 — -16 -33 -16 -32 — -7 -12 -4 -6 — — — — — — -447 -902 -431 -887
Underlying Earnings Before Tax — 5638 10700 5958 11044 — 1380 2738 1384 2888 — 2210 4297 2406 4651 — 1385 2409 1366 2543 — 935 1826 1093 1835 — 263 546 239 239 — -535 -1116 -530 -1113
Tax — -1427 -2662 -1503 -2644 — -350 -676 -308 -665 — -536 -1004 -568 -1039 — -355 -588 -342 -650 — -205 -443 -294 -434 — -69 -160 -68 -68 — 88 209 76 212
Income from Affiliates & Other — 122 218 111 168 — 4 9 0 0 — 0 0 0 0 — 0 0 0 0 — 102 181 103 160 — 16 29 8 8 — 0 0 0 0
Minority Interests — -89 -179 -101 -199 — 0 0 0 0 — -48 -105 -56 -126 — 0 0 0 0 — -34 -60 -39 -68 — -6 -13 -4 -4 — 0 0 -1 -2
Underlying Earnings Group share — 4244 8078 4465 8368 — 1034 2071 1076 2224 — 1626 3187 1782 3486 — 1030 1820 1024 1893 — 798 1504 862 1493 — 204 402 175 175 — -447 -907 -455 -903
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.

Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. Includes Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

4. Shares & UEPS

Outstanding Shares Excluding Treasury Shares (a) Weighted Average Number
— — FY24 FY25 — FY24 FY25
Basic Number of Shares — — — — — —
As of Beginning of Period — 2226.2 2175.37 — 2226.2 2175.37
Increase of Capital Dedicated to Employees — 12.9 12.72 — 0.9 1
Exercice of Stock-options — 2.6 1.13 — 1.4 0.6
Other Movement of Treasury Shares — 4.6 4.18 — 17.5 6.3
Capital Increase / (Decrease) — -70.9 -138.03 — -55.2 -64.9
As at End of Period — 2175.4 2055.38 — — —
During the Period — — — — 2190.8 2118.3
Fully Diluted Number of Shares — — — — — —
Stock Options — — — — 0.8 0.6
Performance Shares — — — — 5.6 5.1
During the Period (A) — — — — 2197.1 2124
Earnings Group Share: — — — — — —
Net Income — — — — 7886 9796.7
Underlying Earnings — — — — 8077.9 8368.3
Impact of undated and deeply subordinated debts: — — — — — —
Undated and deeply subordinated debt charges — — — — -201.2 -173.5
Earnings for EPS Calculation: — — — — — —
Net Income for EPS Calculation (B) — — — — 7684.8 9623.2
Underlying Earnings for EPS Calculation (C) — — — — 7876.7 8194.8
Fully Diluted Euro per Share (EPS) — — — — — —
EPS (B/A) — — — — 3.5 4.53
Underlying EPS (C/A) — — — — 3.59 3.86

(a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24. (a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24. (a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24. (a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24. (a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24. (a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24. (a) (a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.

5. P&C UE by Sub LOB

Property & Casualty Underlying Earnings by Line of Business Total Commercial lines Personal lines AXA XL Reinsurance Intercompany eliminations
Property & Casualty Underlying Earnings by Line of Business — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues — 27294 55898 28697 57656 — 18657 38019 19575 39090 — 9144 18705 9513 19276 — 1155 2394 1299 2493 — -1662 -3220 -1689 -3203
Current Accident Year Loss Ratio — 0.67 0.677 0.667 0.669 — 0.681 0.688 0.68 0.68 — 0.698 0.7 0.688 0.691 — 0.697 0.706 0.708 0.719 — — — — —
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) — 0.674 0.674 0.67 0.67 — 0.692 0.694 0.693 0.688 — 0.688 0.685 0.675 0.679 — 0.68 0.679 0.694 0.715 — — — — —
Undiscounted Current Accident Year Nat Cats — 0.036 0.038 0.035 0.034 — 0.027 0.029 0.027 0.026 — 0.04 0.041 0.038 0.036 — 0.106 0.104 0.092 0.087 — — — — —
Current Accident Year Discounting — -0.039 -0.036 -0.039 -0.035 — -0.037 -0.035 -0.039 -0.035 — -0.03 -0.026 -0.026 -0.024 — -0.088 -0.077 -0.078 -0.083 — — — — —
Prior Year Reserve Development Ratio — -0.015 -0.016 -0.011 -0.011 — -0.011 -0.012 -0.013 -0.008 — -0.023 -0.018 -0.006 -0.016 — -0.011 -0.008 -0.003 0 — — — — —
Expense Ratio — 0.247 0.25 0.245 0.248 — 0.231 0.236 0.232 0.235 — 0.255 0.257 0.251 0.252 — 0.1 0.099 0.091 0.094 — — — — —
Combined Ratio — 0.902 0.91 0.9 0.906 — 0.901 0.911 0.899 0.907 — 0.929 0.939 0.933 0.928 — 0.787 0.797 0.796 0.814 — — — — —
Technical Margin — 2682 5006 2859 5409 — 1850 3372 1968 3616 — 645 1136 638 1392 — 246 486 265 464 — -60 12 -12 -63
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release — — — — — — — — — — — — — — — — — — — — — — — — —
Technical Experience — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result — 1324 2559 1343 2631 — 993 1831 1004 1941 — 240 538 275 523 — 119 210 85 186 — -28 -20 -20 -20
Investment Income — 1967 3731 2088 3988 — 1427 2625 1512 2864 — 366 761 422 794 — 202 365 174 350 — -28 -20 -20 -20
Insurance Finance Expenses — -643 -1172 -745 -1358 — -434 -794 -508 -922 — -126 -223 -148 -272 — -83 -155 -90 -163 — 0 0 0 0
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax — 4006 7565 4202 8040 — 2843 5203 2973 5557 — 886 1674 913 1914 — 365 696 349 650 — -87 -8 -33 -82
Tax — -1046 -1952 -1074 -2060 — — — — — — — — — — — — — — — — — — — —
Income from Affiliates & Other — 2 3 1 3 — — — — — — — — — — — — — — — — — — — —
Minority Interests — -56 -106 -63 -111 — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Group share — 2908 5510 3067 5872 — — — — — — — — — — — — — — — — — — — —
Closing Invested Assets — 113515 118104 116895 117507 — — — — — — — — — — — — — — — — — — — —
o/w VFA — 0 0 0 0 — — — — — — — — — — — — — — — — — — — —
o/w Non VFA — 113515 118104 116895 117507 — — — — — — — — — — — — — — — — — — — —
For short-term business — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance — 19284 16006 19766 16040 — 12070 9480 12240 9127 — 6369 5478 6831 5871 — 1572 1075 1436 1009 — -728 -27 -740 32
Best Estimate for incurred Claims net of reinsurance — 69800 71751 70215 70567 — 45710 46570 46591 47002 — 17809 18308 17781 17402 — 6704 6830 6290 6198 — -423 43 -447 -35

For For long-term business Best Best Estimate Liabilities net of reinsurance

6. P&C UE by Geography

Property & Casualty Underlying Earnings by Geography Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
Property & Casualty Underlying Earnings by Geography 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 1H24 o/w AXA XL Insurance FY24 o/w AXA XL Insurance 1H25 o/w AXA XL Insurance FY25 o/w AXA XL Insurance 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25
Property & Casualty Underlying Earnings by Geography — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 o/w AXA XL Insurance FY24 o/w AXA XL Insurance 1H25 o/w AXA XL Insurance FY25 o/w AXA XL Insurance — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues — 27294 55898 28697 57656 — 4393 9194 4697 9768 — 10060 20400 10610 21305 — 9022 7867 18530 16136 9428 8129 18699 16207 — 2855 5825 2975 5949 — 963 1948 987 1935
Current Accident Year Loss Ratio — 0.67 0.677 0.667 0.669 — 0.694 0.689 0.706 0.701 — 0.665 0.669 0.647 0.651 — 0.675 0.672 0.692 0.69 0.684 0.68 0.688 0.683 — 0.686 0.693 0.682 0.696 — 0.532 0.51 0.48 0.446
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) — 0.674 0.674 0.67 0.67 — 0.713 0.697 0.706 0.702 — 0.65 0.655 0.641 0.643 — 0.688 0.689 0.693 0.695 0.697 0.698 0.698 0.696 — 0.7 0.704 0.697 0.702 — 0.529 0.511 0.48 0.445
Undiscounted Current Accident Year Nat Cats — 0.036 0.038 0.035 0.034 — 0.034 0.038 0.048 0.045 — 0.045 0.041 0.033 0.031 — 0.038 0.028 0.046 0.038 0.042 0.034 0.039 0.031 — 0.008 0.009 0.008 0.016 — 0.014 0.011 0.013 0.012
Current Accident Year Discounting — -0.039 -0.036 -0.039 -0.035 — -0.053 -0.046 -0.048 -0.046 — -0.031 -0.028 -0.027 -0.023 — -0.051 -0.046 -0.047 -0.042 -0.055 -0.052 -0.049 -0.044 — -0.022 -0.02 -0.023 -0.022 — -0.011 -0.012 -0.012 -0.011
Prior Year Reserve Development Ratio — -0.015 -0.016 -0.011 -0.011 — -0.035 -0.039 -0.026 -0.029 — -0.021 -0.021 -0.011 -0.013 — -0.001 0 -0.001 0 -0.002 -0.002 0 0 — -0.001 0.001 -0.01 -0.002 — -0.037 -0.057 -0.04 -0.019
Expense Ratio — 0.247 0.25 0.245 0.248 — 0.219 0.219 0.207 0.204 — 0.259 0.262 0.26 0.262 — 0.203 0.218 0.21 0.227 0.204 0.222 0.209 0.226 — 0.294 0.296 0.29 0.298 — 0.505 0.509 0.525 0.528
Combined Ratio — 0.902 0.91 0.9 0.906 — 0.878 0.868 0.886 0.875 — 0.903 0.91 0.896 0.9 — 0.877 0.89 0.902 0.917 0.886 0.9 0.897 0.91 — 0.98 0.991 0.962 0.992 — 1.001 0.962 0.965 0.955
Technical Margin — 2682 5006 2859 5409 — 538 1212 533 1220 — 977 1844 1104 2127 — 1111 865 1820 1335 1074 809 1928 1464 — 57 55 114 48 — -1 74 35 86
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Technical Experience — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result — 1324 2559 1343 2631 — 251 421 261 468 — 473 912 461 876 — 273 159 596 387 298 213 632 445 — 242 484 261 530 — 86 146 62 125
Investment Income — 1967 3731 2088 3988 — 334 572 373 675 — 658 1244 667 1257 — 614 416 1233 868 681 507 1331 981 — 261 518 292 585 — 100 164 74 140
Insurance Finance Expenses — -643 -1172 -745 -1358 — -83 -151 -112 -207 — -185 -332 -206 -381 — -341 -257 -637 -481 -384 -294 -699 -536 — -20 -35 -31 -55 — -14 -18 -12 -15
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax — 4006 7565 4202 8040 — 788 1633 794 1688 — 1450 2757 1564 3002 — 1384 1024 2417 1721 1372 1022 2560 1910 — 299 539 375 579 — 85 220 97 211
Tax — -1046 -1952 -1074 -2060 — -249 -472 -220 -451 — -352 -671 -384 -734 — -352 -257 -588 -457 -339 -252 -647 -482 — -77 -159 -110 -170 — -15 -62 -21 -58
Income from Affiliates & Other — 2 3 1 3 — 0 0 0 0 — 0 0 0 0 — 0 0 0 0 0 0 0 0 — 2 3 1 3 — 0 0 0 0
Minority Interests — -56 -106 -63 -111 — 0 0 0 0 — -25 -57 -28 -52 — 0 0 0 0 0 0 0 0 — -30 -49 -34 -57 — 0 0 -1 -2
Underlying Earnings Group share — 2908 5510 3067 5872 — 539 1161 574 1237 — 1073 2029 1152 2216 — 1032 767 1828 1264 1032 770 1913 1427 — 194 334 233 355 — 70 158 75 151
For short-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance — 19284 16006 19766 16040 — 2153 1712 2221 1783 — 7151 5166 7591 5534 — 7478 5905 7028 5948 7315 5879 6467 5461 — 1802 1834 1935 2024 — 700 266 705 231
Best Estimate for incurred Claims net of reinsurance — 69800 71751 70215 70567 — 13485 13889 13900 13882 — 24834 25955 26003 25737 — 24865 18223 25915 19146 24533 18295 25044 18897 — 3385 3640 3510 3804 — 3231 2351 2269 2101

For For long-term business Best Best Estimate Liabilities net of reinsurance

7. L&H UE by LOB

Life & Health Underlying Earnings by Line of Business Total Life Health Employee Benefits* (out of Total Life & Health)
Life & Health Underlying Earnings by Line of Business — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25
Short-term Business — — — — — — — — — — — — — — — — — — — —
Revenues — 7979 16207 8512 17416 — 2112 4247 2211 4444 — 5867 11960 6301 12972 — 5592 11482 5931 12035
Combined Ratio — 0.976 0.974 0.971 0.972 — 0.945 0.955 0.952 0.954 — 0.986 0.981 0.978 0.979 — 0.982 0.978 0.974 0.971
Technical Margin — 195 415 248 479 — 116 191 107 206 — 79 224 141 273 — 101 248 156 347
Long-term Business — — — — — — — — — — — — — — — — — — — —
CSM Release — 1395 2775 1428 2954 — 1136 2253 1158 2415 — 259 522 270 539 — 58 110 59 107
Technical Experience — -64 -95 -30 -150 — -71 -98 -28 -139 — 7 3 -2 -11 — 17 37 22 38
Actual vs. Expected Cash Flows — 9 -15 12 39 — -4 -33 10 37 — 13 18 2 2 — -3 -2 -5 -8
Risk Adjustment Release — 30 59 44 72 — 25 51 37 59 — 4 8 7 13 — 2 4 7 8
Changes in Onerous Contracts — -32 6 -12 -29 — -30 9 -10 -25 — -1 -2 -2 -4 — 0 0 0 0
Other Long-term — -72 -145 -74 -232 — -63 -124 -65 -211 — -8 -21 -9 -22 — 19 35 20 38
Financial Result & Other — — — — — — — — — — — — — — — — — — — —
Financial Result — 536 975 563 946 — 454 799 462 738 — 82 176 101 209 — 75 157 91 175
Investment Income — 1319 2525 1329 2484 — 1159 2209 1159 2142 — 160 317 170 341 — 219 429 232 456
Insurance Finance Expenses — -783 -1551 -767 -1538 — -705 -1410 -697 -1405 — -78 -140 -69 -133 — -144 -272 -141 -281
Other Revenues — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax — 2061 4070 2209 4229 — 1634 3145 1699 3219 — 427 925 510 1010 — 252 552 328 666
Tax — -412 -874 -462 -800 — -316 -635 -329 -584 — -96 -239 -133 -216 — -46 -111 -64 -110
Income from Affiliates & Other — 103 186 101 157 — 101 182 93 154 — 2 4 8 2 — — — — —
Minority Interests — -27 -60 -34 -85 — -27 -56 -30 -75 — 0 -4 -3 -9 — — — — —
Underlying Earnings Group share — 1725 3323 1814 3501 — 1392 2636 1433 2715 — 333 687 381 787 — 205 441 264 556
Closing Invested Assets — 329460 345008 338447 334840 — — — — — — — — — — — — — — —
o/w VFA — 234783 230205 229844 226937 — — — — — — — — — — — — — — —
o/w Non VFA — 94677 114803 108603 107903 — — — — — — — — — — — — — — —
For short-term business — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance — 2446 2096 2856 2511 — 157 96 105 21 — 2289 2000 2750 2490 — — — — —
Best Estimate for incurred Claims net of reinsurance — 13876 14162 13960 14592 — 11589 11778 11623 11205 — 2286 2384 2337 3386 — — — — —
For long-term business — — — — — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance — 295342 306249 301040 300391 — 275276 285391 280314 280280 — 20066 20858 20726 20112 — — — — —
o/w VFA Gross of reinsurance — 264013 273094 266960 271902 — 243037 251273 244964 250326 — 20977 21821 21996 21576 — — — — —
o/w BBA Gross of reinsurance — 50097 51845 51524 45307 — 50917 52713 52731 46724 — -821 -868 -1207 -1417 — — — — —
o/w Reinsurance — -18768 -18690 -17443 -16817 — -18679 -18595 -17381 -16770 — -90 -95 -62 -47 — — — — —
    • Employee Employee Benefits include Group Protection and Group Health contracts.

8. L&H UE by Geography

Life & Health Underlying Earnings by Geography Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
Life & Health Underlying Earnings by Geography — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues — 7979 16207 8512 17416 — 4654 9503 4870 9787 — 1778 3604 2051 4419 — 0 0 0 0 — 1457 2925 1503 3037 — 90 174 88 172
Combined Ratio — 0.976 0.974 0.971 0.972 — 0.967 0.973 0.974 0.973 — 0.988 0.969 0.964 0.948 — 0 0 0 0 — 0.991 0.991 0.976 1.013 — 0.922 0.891 0.836 0.867
Technical Margin — 195 415 248 479 — 155 258 124 265 — 21 113 73 230 — 0 0 0 0 — 13 26 36 -39 — 7 19 14 23
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release — 1395 2775 1428 2954 — 407 823 419 895 — 468 920 471 984 — 4 3 0 1 — 516 1029 538 1074 — 0 0 0 0
Technical Experience — -64 -95 -30 -150 — -40 -96 -37 -81 — -11 -8 8 -70 — 3 2 0 -5 — -17 7 -1 6 — 0 0 0 0
Actual vs. Expected Cash Flows — 9 -15 12 39 — 8 -8 2 15 — 5 -11 -11 -6 — -2 -3 -1 -6 — 0 8 22 35 — 0 0 0 0
Risk Adjustment Release — 30 59 44 72 — 5 15 9 14 — 11 21 21 32 — 0 1 0 1 — 13 23 13 25 — 0 0 0 0
Changes in Onerous Contracts — -32 6 -12 -29 — 0 0 0 0 — -33 -25 -13 -36 — 5 5 0 0 — -3 26 1 7 — 0 0 0 0
Other Long-term — -72 -145 -74 -232 — -52 -103 -49 -111 — 7 7 12 -61 — 0 0 0 0 — -26 -50 -37 -61 — 0 0 0 0
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result — 536 975 563 946 — 100 192 118 197 — 284 504 269 477 — 10 19 10 20 — 142 260 165 250 — 0 0 0 2
Investment Income — 1319 2525 1329 2484 — 370 701 370 703 — 490 916 478 889 — 13 27 14 27 — 446 882 467 862 — 0 0 0 2
Insurance Finance Expenses — -783 -1551 -767 -1538 — -270 -509 -252 -507 — -206 -412 -209 -411 — -3 -7 -4 -8 — -303 -622 -301 -612 — 0 0 0 0
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax — 2061 4070 2209 4229 — 622 1176 624 1276 — 762 1529 821 1622 — 17 25 10 16 — 654 1322 739 1291 — 7 19 14 25
Tax — -412 -874 -462 -800 — -106 -220 -100 -237 — -180 -376 -176 -285 — -3 0 -2 -4 — -123 -277 -182 -272 — 0 0 -1 -4
Income from Affiliates & Other — 103 186 101 157 — 4 9 0 0 — 0 0 0 0 — 0 0 0 0 — 100 177 101 157 — 0 0 0 0
Minority Interests — -27 -60 -34 -85 — 0 0 0 0 — -23 -49 -28 -74 — 0 0 0 0 — -4 -12 -5 -11 — 0 0 0 0
Underlying Earnings Group share — 1725 3323 1814 3501 — 519 964 524 1039 — 559 1104 616 1264 — 14 25 8 12 — 627 1211 653 1165 — 7 19 14 22
For short-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance — 2446 2096 2856 2511 — 50 -2 28 -6 — 1228 967 1619 1352 — 0 0 0 0 — 1159 1124 1204 1155 — 9 6 5 10
Best Estimate for incurred Claims net of reinsurance — 13876 14162 13960 14592 — 12589 12831 12443 12850 — 773 871 1015 1186 — 0 0 0 0 — 501 447 487 541 — 13 14 15 15
For long-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance — 295342 306249 301040 300391 — 112949 115280 114525 114424 — 135034 139257 137584 136725 — 324 345 310 309 — 47035 51368 48620 48934 — 0 0 0 0
o/w VFA Gross of reinsurance — 264013 273094 266960 271902 — 116132 117942 116770 117266 — 121623 125513 121135 122782 — 0 0 0 0 — 26258 29639 29055 31854 — 0 0 0 0
o/w BBA Gross of reinsurance — 50097 51845 51524 45307 — 9606 10019 9848 8873 — 13520 13810 16410 13760 — 1670 1659 1522 1473 — 25301 26356 23743 21201 — 0 0 0 0
o/w Reinsurance — -18768 -18690 -17443 -16817 — -12790 -12682 -12093 -11715 — -108 -66 39 183 — -1346 -1315 -1212 -1164 — -4524 -4627 -4178 -4121 — 0 0 0 0

9. Life UE by Geography

Life Underlying Earnings by Geography Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
Life Underlying Earnings by Geography — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues — 2112 4247 2211 4444 — 1902 3843 2005 4044 — 53 109 54 106 — 0 0 0 0 — 157 296 152 295 — 0 0 0 0
Combined Ratio — 0.945 0.955 0.952 0.954 — 0.951 0.963 0.959 0.961 — 0.798 0.77 0.79 0.773 — 0 0 0 0 — 0.923 0.915 0.915 0.916 — 0 0 0 0
Technical Margin — 116 191 107 206 — 93 141 83 158 — 11 25 11 24 — 0 0 0 0 — 12 25 13 25 — 0 0 0 0
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release — 1136 2253 1158 2415 — 407 823 419 895 — 390 759 386 804 — 4 3 0 1 — 336 669 353 715 — 0 0 0 0
Technical Experience — -71 -98 -28 -139 — -40 -96 -37 -81 — -4 12 13 -53 — 3 2 0 -5 — -30 -16 -4 0 — 0 0 0 0
Actual vs. Expected Cash Flows — -4 -33 10 37 — 8 -8 2 15 — 3 -11 -11 -6 — -2 -3 -1 -6 — -12 -10 20 33 — 0 0 0 0
Risk Adjustment Release — 25 51 37 59 — 5 15 9 14 — 12 23 20 30 — 0 1 0 1 — 8 13 8 14 — 0 0 0 0
Changes in Onerous Contracts — -30 9 -10 -25 — 0 0 0 0 — -32 -23 -13 -33 — 5 5 0 0 — -3 26 3 8 — 0 0 0 0
Other Long-term — -63 -124 -65 -211 — -52 -103 -49 -111 — 13 23 17 -44 — 0 0 0 0 — -23 -45 -34 -55 — 0 0 0 0
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result — 454 799 462 738 — 103 193 114 185 — 249 432 232 401 — 10 19 10 20 — 92 155 105 132 — 0 0 0 0
Investment Income — 1159 2209 1159 2142 — 344 660 346 649 — 451 838 438 809 — 13 27 14 27 — 350 684 361 657 — 0 0 0 0
Insurance Finance Expenses — -705 -1410 -697 -1405 — -241 -467 -232 -464 — -202 -407 -206 -408 — -3 -7 -4 -8 — -259 -530 -256 -525 — 0 0 0 0
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax — 1634 3145 1699 3219 — 563 1060 579 1156 — 645 1227 643 1176 — 17 25 10 16 — 409 833 468 872 — 0 0 0 0
Tax — -316 -635 -329 -584 — -96 -194 -93 -213 — -148 -289 -131 -183 — -3 0 -2 -4 — -68 -152 -103 -184 — 0 0 0 0
Income from Affiliates & Other — 101 182 93 154 — 4 9 0 0 — 0 0 0 0 — 0 0 0 0 — 97 173 93 154 — 0 0 0 0
Minority Interests — -27 -56 -30 -75 — 0 0 0 0 — -23 -47 -28 -70 — 0 0 0 0 — -4 -9 -3 -5 — 0 0 0 0
Underlying Earnings Group share — 1392 2636 1433 2715 — 470 875 486 943 — 474 891 484 923 — 14 25 8 12 — 434 845 456 837 — 0 0 0 0
For short-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance — 157 96 105 21 — 23 -19 4 -41 — -3 -14 -35 -24 — 0 0 0 0 — 137 129 137 86 — 0 0 0 0
Best Estimate for incurred Claims net of reinsurance — 11589 11778 11623 11205 — 11349 11502 11352 10939 — 75 120 118 124 — 0 0 0 0 — 165 157 154 142 — 0 0 0 0
For long-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance — 275276 285391 280314 280280 — 112949 115280 114525 114424 — 114389 117841 116058 115433 — 324 345 310 309 — 47614 51926 49420 50113 — 0 0 0 0
o/w VFA Gross of reinsurance — 243037 251273 244964 250326 — 116132 117942 116770 117266 — 100727 103800 99267 101144 — 0 0 0 0 — 26178 29530 28928 31916 — 0 0 0 0
o/w BBA Gross of reinsurance — 50917 52713 52731 46724 — 9606 10019 9848 8873 — 13770 14107 16752 14106 — 1670 1659 1522 1473 — 25871 26927 24608 22272 — 0 0 0 0
o/w Reinsurance — -18679 -18595 -17381 -16770 — -12790 -12682 -12093 -11715 — -108 -66 39 183 — -1346 -1315 -1212 -1164 — -4435 -4532 -4116 -4074 — 0 0 0 0

10. Health UE by Geography

Health Underlying Earnings by Geography Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
Health Underlying Earnings by Geography — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25 — 1H24 FY24 1H25 FY25
Short-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Revenues — 5867 11960 6301 12972 — 2752 5661 2865 5744 — 1725 3495 1997 4314 — 0 0 0 0 — 1300 2629 1350 2742 — 90 174 88 172
Combined Ratio — 0.986 0.981 0.978 0.979 — 0.978 0.979 0.985 0.981 — 0.994 0.975 0.969 0.952 — 0 0 0 0 — 1 1 0.983 1.023 — 0.922 0.891 0.836 0.867
Technical Margin — 79 224 141 273 — 62 117 42 108 — 10 88 62 206 — 0 0 0 0 — 1 1 23 -64 — 7 19 14 23
Long-term Business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CSM Release — 259 522 270 539 — 0 0 0 0 — 78 161 84 180 — 0 0 0 0 — 180 360 186 359 — 0 0 0 0
Technical Experience — 7 3 -2 -11 — 0 0 0 0 — -6 -20 -5 -17 — 0 0 0 0 — 14 23 3 6 — 0 0 0 0
Actual vs. Expected Cash Flows — 13 18 2 2 — 0 0 0 0 — 1 0 0 0 — 0 0 0 0 — 12 18 2 2 — 0 0 0 0
Risk Adjustment Release — 4 8 7 13 — 0 0 0 0 — 0 -2 1 3 — 0 0 0 0 — 5 10 5 11 — 0 0 0 0
Changes in Onerous Contracts — -1 -2 -2 -4 — 0 0 0 0 — -1 -2 0 -3 — 0 0 0 0 — -1 0 -1 -1 — 0 0 0 0
Other Long-term — -8 -21 -9 -22 — 0 0 0 0 — -6 -16 -6 -16 — 0 0 0 0 — -2 -5 -3 -5 — 0 0 0 0
Financial Result & Other — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Financial Result — 82 176 101 209 — -3 -1 4 12 — 35 72 37 76 — 0 0 0 0 — 51 105 60 118 — 0 0 0 2
Investment Income — 160 317 170 341 — 26 41 24 55 — 39 77 40 79 — 0 0 0 0 — 95 198 106 205 — 0 0 0 2
Insurance Finance Expenses — -78 -140 -69 -133 — -29 -43 -20 -42 — -4 -5 -4 -3 — 0 0 0 0 — -45 -93 -45 -87 — 0 0 0 0
Other Revenues — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Underlying Earnings Before Tax — 427 925 510 1010 — 59 116 46 120 — 117 302 178 446 — 0 0 0 0 — 245 489 272 419 — 7 19 14 25
Tax — -96 -239 -133 -216 — -10 -27 -7 -24 — -31 -87 -46 -101 — 0 0 0 0 — -55 -125 -80 -88 — 0 0 -1 -4
Income from Affiliates & Other — 2 4 8 2 — 0 0 0 0 — 0 0 0 0 — 0 0 0 0 — 2 4 8 2 — 0 0 0 0
Minority Interests — 0 -4 -3 -9 — 0 0 0 0 — 0 -1 0 -4 — 0 0 0 0 — 0 -3 -3 -6 — 0 0 0 0
Underlying Earnings Group share — 333 687 381 787 — 49 89 39 96 — 85 213 132 341 — 0 0 0 0 — 192 366 197 328 — 7 19 14 22
For short-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance — 2289 2000 2750 2490 — 27 18 24 35 — 1231 981 1654 1375 — 0 0 0 0 — 1022 995 1067 1069 — 9 6 5 10
Best Estimate for incurred Claims net of reinsurance — 2286 2384 2337 3386 — 1240 1329 1091 1911 — 698 751 898 1062 — 0 0 0 0 — 336 290 334 398 — 13 14 15 15
For long-term business — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance — 20066 20858 20726 20112 — 0 0 0 0 — 20645 21416 21527 21291 — 0 0 0 0 — -579 -557 -800 -1180 — 0 0 0 0
o/w VFA Gross of reinsurance — 20977 21821 21996 21576 — 0 0 0 0 — 20896 21713 21868 21637 — 0 0 0 0 — 81 109 128 -62 — 0 0 0 0
o/w BBA Gross of reinsurance — -821 -868 -1207 -1417 — 0 0 0 0 — -250 -297 -342 -346 — 0 0 0 0 — -571 -571 -866 -1071 — 0 0 0 0
o/w Reinsurance — -90 -95 -62 -47 — 0 0 0 0 — 0 0 0 0 — 0 0 0 0 — -90 -95 -62 -47 — 0 0 0 0

11. Asset Management

1H24 FY24 1H25 FY25*
— — Total o/w Third Party — Total o/w Third Party — Total o/w Third Party — Total o/w Third Party
Opening AUM (in Euro billion) — 843 332 — 843 332 — 878.889419 356 — 878.889419 356
Net Inflows — 7 -1 — 3 4 — -3 -10 — -3 -10
Scope & Other — 0 10 — 2 21 — 0 -6 — 0 -6
Market Effect — 12 10 — 26 21 — -3 -6 — -3 -6
Currency Impact — -4 10 — 5 21 — -21 -6 — -21 -6
Closing AUM (in Euro billion) — 859 340 — 879 356 — 853 341 — 853 341
Alternatives — 227 86 — 229 90 — 233 95 — 233 95
Core & Other — 532 254 — 551 266 — 528 246 — 528 246
Asian Joint Ventures — 101 — — 99 — — 92 — — 92 —
Gross Revenues - After Intercompany Elimination — 787 — — 1701 — — 875 — — 875 —
Gross Revenues - Before Intercompany Elimination — 937 — — 2004 — — 1018 — — 1018 —
Management Fees — 679 385 — 1425 773 — 724 439 — 724 439
Performance Fees — 18 8 — 57 21 — 16 9 — 16 9
Distribution Fees — 205 — — 409 — — 231 — — 231 —
Other — 35 — — 112 — — 46 — — 46 —
General Expenses — -698 — — -1493 — — -793 — — -793 —
Distribution Fees Retroceded — -205 — — -409 — — -231 — — -231 —
Financial Result — 24 — — 35 — — 14 — — 14 —
Underlying Earnings Before Tax — 263 — — 546 — — 239 — — 239 —
Tax — -69 — — -160 — — -68 — — -68 —
Income from Affiliates & Other — 16 — — 29 — — 8 — — 8 —
Minority Interests — -6 — — -13 — — -4 — — -4 —
Underlying Earnings Group Share — 204 — — 402 — — 175 — — 175 —
Average Assets under Management (€bn) — 749 — — 759 — — 769 — — 769 —
Asset Management Fee bps — 18.119 — — 18.769 — — 18.83 — — 18.83 —
Underlying Cost Income Ratio — 0.673 — — 0.68 — — 0.714 — — 0.714 —
    • AXA AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.

12. Holdings

Holdings Underlying Earnings — 1H24 — FY24 — 1H25 — FY25
Financial Result — 181 — 402 — 228 — 422
Other Revenues — 522 — 1050 — 607 — 1149
Other Expenses — -925 — -1986 — -1075 — -2107
Tax — 100 — 324 — 101 — 284
Income from Affiliates & Other — 0 — 0 — 0 — 0
Minority Interests — 0 — 0 — 0 — 0

¹ ¹ Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. ² ² Includes liquid invested assets. ³ ³ Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024). ⁴ ⁴ On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).

13. Activity indicators

Activity Indicators by Line of Business 1H24 FY24 1H25 FY25
Activity Indicators by Line of Business — Total P&C Life & Health o/w Employee Benefits Life Health Asset Management Bank — Total P&C Life & Health o/w Employee Benefits Life Health Asset Management Bank — Total P&C Life & Health o/w Employee Benefits Life Health Asset Management Bank — Total P&C Life & Health o/w Employee Benefits Life Health Asset Management Bank
Gross Written Premiums & Other Revenues — 59872 32522 26505 6673 17419 9086 787 57 — 110316 56514 51983 12167 34497 17486 1701 118 — 64251 34097 29230 7223 19081 10149 875 49 — 115524 58038 56512 12867 37499 19014 875 99
IFRS17/9 New Business Value (NBV) (a) — 1206 — 1206 — 953 253 — — — 2264 — 2264 — 1792 473 — — — 1189 — 1189 — 928 260 — — — 2233 — 2233 — 1747 486 — —
New Business Contractual Service Margin (NB CSM) — 1131 — 1131 — 919 213 — — — 2169 — 2169 — 1770 399 — — — 1184 — 1184 — 950 234 — — — 2199 — 2199 — 1822 377 — —
Other NBV * — 456 — 456 — 333 123 — — — 824 — 824 — 594 231 — — — 382 — 382 — 270 113 — — — 757 — 757 — 491 266 — —
Tax — -381 — -381 — -299 -83 — — — -729 — -729 — -572 -158 — — — -378 — -378 — -292 -86 — — — -724 — -724 — -567 -157 — —
Present Value of Expected Premiums (PVEP) (b) — 25588 — 25588 — 18234 7354 — — — 50896 — 50896 — 36860 14036 — — — 25918 — 25918 — 19487 6430 — — — 49357 — 49357 — 37103 12254 — —
IFRS17/9 NBV Margin (a)/(b) — 0.047 — 0.047 — 0.052 0.034 — — — 0.044 — 0.044 — 0.049 0.034 — — — 0.046 — 0.046 — 0.048 0.04 — — — 0.045 — 0.045 — 0.047 0.04 — —
Activity Indicators by Geography 1H24 FY24 1H25 FY25
Activity Indicators by Geography — Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other — — Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other — — Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other — — Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues — 59872 14719 22579 11220 9571 787 995 — — 110316 28996 39298 19383 19083 1701 1856 — — 64251 15670 24649 11749 10302 875 1006 — — 115524 30598 43005 19277 19925 875 1844
IFRS17/9 New Business Value (NBV) (a) — 1206 354 348 — 504 — — — — 2264 682 597 — 986 — — — — 1189 315 364 — 510 — — — — 2233 695 578 — 959 — —
New Business Contractual Service Margin (NB CSM) — 1131 203 398 — 531 — — — — 2169 391 731 — 1047 — — — — 1184 199 443 — 541 — — — — 2199 431 740 — 1028 — —
Other NBV * — 456 275 50 — 131 — — — — 824 528 49 — 247 — — — — 382 225 28 — 129 — — — — 757 506 12 — 239 — —
Tax — -381 -123 -100 — -158 — — — — -729 -237 -184 — -309 — — — — -378 -109 -107 — -161 — — — — -724 -242 -174 — -308 — —
Present Value of Expected Premiums (PVEP) (b) — 25588 12301 6317 — 6971 — — — — 50896 25370 11831 — 13695 — — — — 25918 11662 6843 — 7413 — — — — 49357 22858 12651 — 13847 — —
IFRS17/9 NBV Margin (a)/(b) — 0.047 0.029 0.055 — 0.072 — — — — 0.044 0.027 0.05 — 0.072 — — — — 0.046 0.027 0.053 — 0.069 — — — — 0.045 0.03 0.046 — 0.069 — —
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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.
    • Includes 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 — FY24 FY25
Goodwill — 18.1 17.8
Other intangible assets — 4.4 4.4
Total Intangible assets — 22.6 22.2
Investments in real estate properties — 29.2 27.8
Financial investments — 418.2 401.8
Unit-linked Assets — 90.1 97.2
Total Investments from Insurance activities — 537.5 526.9
Investments from Non-Insurance Activities — 18.5 16.6
Equity Method investments — 1.5 1.5
Assets Arising from Insurance and Reinsurance Contracts Held — 26.1 23.9
Present Value of Future Cash Flows — 24.1 22
Contractual Service Margin — 1.4 1.4
Risk Adjustment — 0.5 0.5
Receivables and Other Assets — 24.1 21.9
Assets held for sale — 4.5 0.2
Cash and cash equivalents — 19 22.2
Liabilities, Non-controlling Interests & Shareholders' Equity — FY24 FY25
Shareholders' Equity group share — 49.9 47.2
Shareholders’ equity — 52.5 49.6
Financing debt — 14.4 15.8
Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts — 477 470.4
Present Value of Future Cash Flows — 438.4 432.6
Contractual Service Margin — 35.3 34.7
Risk Adjustment — 3.3 3.1
Other Investment Contract Liabilities — 12.6 12.8
Liabilities arising from insurance, reinsurance and investment contracts — 489.6 483.2
Liabilities Arising from Non-Insurance Activities — 10.1 9.9
Provisions for risks and charges — 4.9 4.6
Payables and Other liabilities — 80.9 72.5
Liabilities held for sale — 1.4 0

15.CSM Rollforward

Contractual Service Margin (CSM) FY23 Restated New Business CSM Underlying Return on inforce CSM Release Economic Variance Operating Variance Other* FY24
Total Group (pre-tax) 34187 2169 1383 -2775 -998 432 -545 33853
P&C 206 0 0 0 0 0 76 282
Life 26200 1770 1172 -2253 -890 363 -534 25826
Health 7782 400 211 -522 -108 69 -87 7744
Total Group (post-tax) 26777 — — — — — — 26320
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
    • Including *Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.*
Contractual Service Margin (CSM) FY24 New Business CSM Underlying Return on inforce CSM Release Economic Variance Operating Variance Other* FY25
Total Group (pre-tax) 33853 2199 1328 -2954 594 -316 -1451 33253
P&C 282 0 0 0 0 0 -21 261
Life 25826 1822 1150 -2415 487 -526 -903 25442
Health 7744 377 178 -539 107 210 -527 7550
Total Group (post-tax) 26320 — — — — — — 25864
    • Including Including scope changes and FX.
    • Including Including scope changes and FX.
    • Including Including scope changes and FX.
    • Including Including scope changes and FX.
    • Including Including scope changes and FX.

16. Invested Assets

General Account Invested Assets as of FY25 Fair value Asset Allocation % o/w Participating
General Account Invested Assets as of FY25 Fair value Asset Allocation % o/w Participating
Fixed Income 345 0.766671 0.595469
Government Bonds 167 0.371971 0.655028
Corporate Bonds and Loans 121 0.269354 0.547308
Other Fixed Income 56 0.125346 0.521919
Asset Backed Securities 25 0.055754 0.477435
Mortgage Loans 31 0.069592 0.557792
Real Estate 41 0.091575 0.6337
Infrastructure Equity 10 0.021716 0.638656
Listed Equities 10 0.023271 0.823811
Private Equity & Hedge Funds 23 0.050886 0.553433
Cash 19 0.042207 0.5001
Policy Loans 2 0.003668 0.51

1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities. 1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities. 1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities. 1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities. 1 1 Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities. 1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion. 1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion. 1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion. 1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion. 1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion. 1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion. 1 1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 2 2 Includes 91% of CLOs. 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 3 3 Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 4 4 Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion). 5 5 Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).

Duration gap Fair Value by Rating
Duration gap — Average rating AAA AA A BBB Below Investment Grade Non Rated
-0.4 yr — — — — — — — —
— — AA 0.267 0.309 0.283 0.1 0.022 0.02
— — A 0.157 0.058 0.392 0.284 0.109 —
— — — 0.541 0.281 0.099 0.028 0.008 0.043

17. Supplementary Info on Asset

Breakdown By Geographical Exposure Fair Value Belgium France Germany Italy Japan Netherlands Spain Switzerland United States Other EU countries Supranational Rest of the World
Breakdown By Geographical Exposure 167 0.06 0.12 0.06 0.05 0.08 0.03 0.06 0.09 0.1 0.08 0.13 0.15

Corporate Corporate Bonds and Loans

Breakdown By Industry Fair Value Basic Materials Communications Consumer, Cyclical Consumer, Non-Cyclical Covered and Senior Secured Bonds Energy Financials Industrial Technology Utilities Other
Breakdown By Industry 121 0.02 0.06 0.04 0.11 0.29 0.01 0.28 0.06 0.02 0.08 0.03
Exposure to the Financials Total Banks Non-Banks
Total 33.4 27.5 6
Senior Unsecured Bonds 29.8 24.3 5.5
Subordinated Bonds 3 2.7 0.4
Other 0.6 0.5 0.1

1 1 Includes REITS corporate bonds (Euro 3 billion). 1 1 Includes REITS corporate bonds (Euro 3 billion). 2 2 Includes AT1 (Euro 0.4 billion). Listed Listed Equities1

Breakdown By Asset Domiciliation Fair Value Belgium France Germany Japan Netherlands Switzerland United States Other EU countries Rest of the World
Breakdown By Asset Domiciliation 10 0.03 0.07 0.03 0.07 0.02 0.04 0.37 0.09 0.27
Breakdown By Industry Fair Value Basic Materials Communications Consumer, Cyclical Consumer, Non-Cyclical Diversified Energy Financials Funds Industrial Technology Utilities Other
Breakdown By Industry 10 0.05 0.11 0.09 0.14 0.03 0 0.2 0.06 0.12 0.17 0.01 0

1 1 Including hedges. Real Real Estate

Breakdown By Geographical Exposure Fair Value Belgium France Germany Italy Japan Spain Switzerland United Kingdom United States Other EU countries Rest of the World
Breakdown By Geographical Exposure 41 0.05 0.25 0.11 0.03 0.05 0.04 0.13 0.07 0.12 0.05 0.1
Breakdown By Type Fair Value Office Residential Industrial-Logistic Retail Others
Breakdown By Type 41 0.33 0.22 0.15 0.12 0.18

Private Private Equities1

Breakdown By Asset Domiciliation Fair Value Europe Japan United States Other

1 1 Excluding Non-listed Equity. Mortgage Mortgage Loans1,2

Breakdown by Type Fair Value Residential Commercial
Breakdown by Type 23 0.69 0.31

1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 1 1 Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). 2 2 Loan to Value: 46%.

18. Shareholders Equity

Change in Group Share Consolidated Shareholders' Equity — — FY25
Shareholders' Equity at Beginning of the Period — — 49.9
Paid-in Capital — — -4.9
Treasury Shares — — -0.1
Other Comprehensive Income Arising from Defined Benefit Plans — — -0.3
Other Comprehensive Income Related to Invested Assets — — -4.2
Other Comprehensive Income Related to (re) Insurance Contracts — — 5.4
Impact of Currency Fluctuations — — -3.5
Undated Subordinated Debt (including interest charges) — — -0.3
Realized Gains on Equity through Retained Earnings — — 0.1
Dividends — — -4.6
Net Income for the Period — — 9.8
Other — — -0.2
Shareholders' Equity at End of the Period — — 47.2
Group Share Consolidated Shareholders' Equity — FY24 FY25
Paid-in Capital — 21.8 16.9
Treasury Shares — -1.5 -1.6
Other Comprehensive Income Arising from Defined Benefit Plans — -2.4 -2.8
Other Comprehensive Income — -8.1 -6.8
Other Comprehensive Income Related to Invested Assets — -13.1 -17.3
Other Comprehensive Income Related to (re) Insurance Contracts — 5 10.5
Translation Reserves — -1.1 -4.6
Undated Subordinated Debt — 4.8 4.6
Retained Earnings — 36.5 41.4
Total Shareholders' Equity at the End of the Period — 49.9 47.2

(a) (a) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt. (b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. (b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. (b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. (b) (b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.

Unrealized Gains and Losses on Invested Assets (Net of Tax) — FY24 FY25
Government Bonds (recyclable) — -7.5 -13
Corporate Bonds (recyclable) — -4.1 -3
Cash Flow hedges (recyclable) — -3.5 -3.3
Equities (non-recyclable) — 2.3 2.1
Others (recyclable) — -0.3 -0.1
Total Other Comprehensive Income Related to Invested Assets — -13.1 -17.3
Real Estate — 6.7 6.5
Other Invested Assets Not Included in Shareholders' Equity — -0.6 -0.1

19. ROE&Gearing

Return on Equity (ROE) — FY24 FY25 Change in % points (FY25 vs FY24)
Net Income ROE — 0.148 0.188 3.936
Net Income (a) — 7.7 9.6 —
Average Adjusted Shareholders' Equity (b) — 51.8 51.3 —
Underlying ROE — 0.152 0.16 0.781
Underlying Earnings (a) — 7.9 8.2 —
Average Adjusted Shareholders' Equity (b) — 51.8 51.3 —

(a) (a) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity). (b) (b) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity). Financial Financial interest treatment

Consolidated Financial Structure & Debt Gearing (in Euro billion) — FY24 FY25
Financing Debt — 3.2 3.2
Financing Debt Instrument Issued — 3.2 3.2
Financing Debt Owed to Credit Institutions — 0 0
Dated Subordinated Debt — 11.2 12.6
Reversal of mark-to-market of interest rates derivatives — -0.1 -0.1
Total Gross Debt (A) — 14.3 15.7
Undated Deeply Subordinated Notes (TSS) — 2.9 4.3
Deeply Subordinated Notes (TSDI) — 1.9 0.3
Total Gross Debt incl. Undated and Deeply Subordinated Notes (B) — 19.2 20.3
Shareholders' Equity (Including Non-Controlling Interests) (a) (C) — 52.5 49.6
Contractual Service Margin net of tax (D) — 26.3 25.9
Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A) — 93.1 91.1
Debt Gearing (G) = (B) / (E) — 0.206 0.223

(a) (a) Shareholders' equity includes undated and deeply subordinated debts. (a) (a) Shareholders' equity includes undated and deeply subordinated debts. (a) (a) Shareholders' equity includes undated and deeply subordinated debts. (a) (a) Shareholders' equity includes undated and deeply subordinated debts. (a) (a) Shareholders' equity includes undated and deeply subordinated debts.

20. Information on Solvency II

Solvency II Rollforward FY24 Regulatory & model changes Normalized Capital Generation Operating variance Economic variance (incl. FX) Dividend & share buy-backs Debt M&A, In-force and Other FY25
Eligible Own Fund (EOF) 55.9 0.199229 8.843382 -0.39872 -2.08452 -6.044829 1.612194 -1.68379 56.370366
Solvency Capital Requirement (SCR) 25.9 0.048301 0.615756 0 -1.227868 0 0 -0.227109 25.151489
Solvency II Ratio 2.16 0.003659 0.2824 -0.014986 0.035282 -0.238186 0.063526 -0.04629 2.241234
EOF Tiering Total Unrestricted Tier Restricted Tier Tier
EOF as of FY25 56.370366 39.583708 4.709906 11.647088 0.429663
Insurance Sector 55.144384 38.357726 4.709906 11.647088 0.429663
Ancillary — — — — —
Subject to Transitional Measures* 2.391239 — 1.416814 0.974425 —
Other Financial Sectors 1.225982 1.225982 — — —
EOF as of FY24 55.9 40 4.9 10.2 0.8
Insurance Sector 53.5 37.5 4.9 10.2 0.8
Ancillary — — — — —
Subject to Transitional Measures* 4.5 — 3.4 1.1 —
Other Financial Sectors 2.5 2.5 — — —
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
    • Transitional Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.
Solvency II Key Sensitivities (in pts) FY24 FY25
Interest Rate +50 bps +2 pts +2 pts
Interest Rate -50 bps -4 pts -1 pt
Corporate Spread +50bps -1 pt -1 pt
Euro Government Spreads +50bps -10 pts -7 pts
Credit Migration +20% -4 pts -4 pts
Listed Equities +25% +0 pt -1 pt
Listed Equities -25% -3 pts +2 pts
Private and Infrastructure Equity +25% +13 pts +14 pts
Private and Infrastructure Equity -25% -15 pts -19 pts
Inflation swap curve +50bps -6 pts -5 pts

21. IFRS17 SHE to Group EOF

Reconciliation IFRS17/9 Shareholders' Equity to Solvency II Eligible Own Funds FY25
IFRS SHAREHOLDERS' EQUITY 49.635524
Contractual Service Margin (net of tax) 25.854859
IFRS SHAREHOLDERS' EQUITY inc. CSM 75.490382
Net URCG not included in Shareholders' Equity 6.408007
Elimination Undated Subordinated Debts -4.609545
Elimination Intangibles -21.28878
Goodwill -17.806481
others -3.482299
IFRS TANGIBLE NET ASSET VALUE 56.000064
Foreseeable dividends and distribution -6.306829
Technical provision adjustments -9.551781
Risk Margin vs Risk Adjustment -6.37032
BEL adjustment -3.181461
Other adjustments -0.557745
UNRESTRICTED TIER 39.583708
Restricted Tier 1 + Tier 16.356994
Tier 0.429663
GROUP ELIGIBLE OWN FUNDS 56.370366
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