| page | 2 |
|---|
| marker | "1" |
|---|
| host | "In EUR millionGroupProperty & CasualtyLife & HealthAsset Management⟦⟧Holdings" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 2 |
|---|
| marker | "1" |
|---|
| text | "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." |
|---|
| printed_on | 2 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 2 |
|---|
| marker | "2" |
|---|
| host | "In EUR millionGroupProperty & CasualtyLife & HealthAsset Management Holdings⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 2 |
|---|
| marker | "2" |
|---|
| text | "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." |
|---|
| printed_on | 2 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "3" |
|---|
| host | "In EUR millionGroupFranceEuropeAXA XLAsia, Africa & EME-LATAMAXA IM⟦⟧Transversal & Other" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 3 |
|---|
| marker | "3" |
|---|
| text | "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." |
|---|
| printed_on | 3 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "3" |
|---|
| host | "In EUR millionGroupFranceEuropeAXA XLAsia, Africa & EME-LATAMAXA IM⟦⟧Transversal & Other" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 3 |
|---|
| marker | "3" |
|---|
| text | "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." |
|---|
| printed_on | 3 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 3 |
|---|
| marker | "4" |
|---|
| host | "Holdings⟦⟧-592-1,157-591-1,180-24-54-23-52-654146-16-33-16-32-23-41-24-26————-524-1,083-543-1,076" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 3 |
|---|
| marker | "4" |
|---|
| text | "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." |
|---|
| printed_on | 3 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 4 |
|---|
| marker | "5" |
|---|
| host | "Outstanding Shares Excluding Treasury Shares⟦⟧Weighted Average Number" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 4 |
|---|
| marker | "5" |
|---|
| text | "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." |
|---|
| printed_on | 4 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 7 |
|---|
| marker | "6" |
|---|
| host | "In EUR millionTotalLifeHealthEmployee Benefits* (out of Total Life & Health)⟦⟧Employee Benefits* (out of Total Life & Health)" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 7 |
|---|
| marker | "6" |
|---|
| text | "Employee Benefits include Group Protection and Group Health contracts." |
|---|
| printed_on | 7 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 11 |
|---|
| marker | "7" |
|---|
| host | "In EUR million1H24FY241H25FY25⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 11 |
|---|
| marker | "7" |
|---|
| text | "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." |
|---|
| printed_on | 11 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 12 |
|---|
| marker | "8" |
|---|
| host | "Holdings underlying earnings build-up⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 12 |
|---|
| marker | "8" |
|---|
| text | "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." |
|---|
| printed_on | 12 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 12 |
|---|
| marker | "9" |
|---|
| host | "Opening Cash Balance at AXA SA⟦⟧—4.0—4.0" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 12 |
|---|
| marker | "9" |
|---|
| text | "Includes liquid invested assets." |
|---|
| printed_on | 12 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 12 |
|---|
| marker | "10" |
|---|
| host | "Net cash remittance from subsidiaries⟦⟧—7.7—7.5" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 12 |
|---|
| marker | "10" |
|---|
| text | "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)." |
|---|
| printed_on | 12 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 12 |
|---|
| marker | "11" |
|---|
| host | "Share buy-backs⟦⟧—-1.8—-4.7" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 12 |
|---|
| marker | "11" |
|---|
| text | "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)." |
|---|
| printed_on | 12 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 12 |
|---|
| marker | "9" |
|---|
| host | "Closing Cash Balance at AXA SA⟦⟧—4.0—5.6" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 12 |
|---|
| marker | "9" |
|---|
| text | "Includes liquid invested assets." |
|---|
| printed_on | 12 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 13 |
|---|
| marker | "12" |
|---|
| host | "TotalP&CLife & Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeH" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 13 |
|---|
| marker | "12" |
|---|
| text | "Employee Benefits include Group Protection and Group Health contracts." |
|---|
| printed_on | 13 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 13 |
|---|
| marker | "12" |
|---|
| host | "TotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeH" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 13 |
|---|
| marker | "12" |
|---|
| text | "Employee Benefits include Group Protection and Group Health contracts." |
|---|
| printed_on | 13 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 13 |
|---|
| marker | "12" |
|---|
| host | "TotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits⟦⟧LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeH" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 13 |
|---|
| marker | "12" |
|---|
| text | "Employee Benefits include Group Protection and Group Health contracts." |
|---|
| printed_on | 13 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 13 |
|---|
| marker | "12" |
|---|
| host | "TotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits LifeHealthAsset ManagementBankTotalP&CLife & Healtho/w Employee Benefits⟦⟧LifeH" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 13 |
|---|
| marker | "12" |
|---|
| text | "Employee Benefits include Group Protection and Group Health contracts." |
|---|
| printed_on | 13 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 13 |
|---|
| marker | "13" |
|---|
| host | "Other NBV⟦⟧456—456—333123——824—824—594231——382—382—270113——757—757—491266——" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 13 |
|---|
| marker | "13" |
|---|
| text | "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." |
|---|
| printed_on | 13 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 13 |
|---|
| marker | "13" |
|---|
| host | "Other NBV⟦⟧45627550—131——82452849—247——38222528—129——75750612—239——" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 13 |
|---|
| marker | "13" |
|---|
| text | "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." |
|---|
| printed_on | 13 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "14" |
|---|
| host | "In EUR millionFY23 Restated⟦⟧New Business CSMUnderlying Return on inforceCSM ReleaseEconomic VarianceOperating VarianceOther FY24" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 15 |
|---|
| marker | "14" |
|---|
| text | "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." |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "15" |
|---|
| host | "In EUR millionFY23 Restated New Business CSMUnderlying Return on inforceCSM ReleaseEconomic VarianceOperating VarianceOther⟦⟧FY24" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 15 |
|---|
| marker | "15" |
|---|
| text | "Including scope changes and FX." |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 15 |
|---|
| marker | "15" |
|---|
| host | "In EUR millionFY24New Business CSMUnderlying Return on inforceCSM ReleaseEconomic VarianceOperating VarianceOther⟦⟧FY25" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 15 |
|---|
| marker | "15" |
|---|
| text | "Including scope changes and FX." |
|---|
| printed_on | 15 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "21" |
|---|
| host | "Fair valueAsset Allocation %o/w ParticipatingDuration gapAverage rating1⟦⟧AAAAAABBBBelow Investment GradeNon Rated" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "21" |
|---|
| text | "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." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "16" |
|---|
| host | "General Account Invested Assets⟦⟧450—60%-0.4 yr———————" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "16" |
|---|
| text | "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." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "17" |
|---|
| host | "Asset Backed Securities⟦⟧256%48%——54%28%10%3%1%4%" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "17" |
|---|
| text | "Includes 91% of CLOs." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "18" |
|---|
| host | "Mortgage Loans⟦⟧317%56%————————" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "18" |
|---|
| text | "Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion)." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "19" |
|---|
| host | "Listed Equities⟦⟧102%82%————————" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "19" |
|---|
| text | "Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating)." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 16 |
|---|
| marker | "20" |
|---|
| host | "Private Equity & Hedge Funds⟦⟧235%55%————————" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 16 |
|---|
| marker | "20" |
|---|
| text | "Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion)." |
|---|
| printed_on | 16 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "31" |
|---|
| host | "Corporate bonds and loans exposure to financials by type⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "31" |
|---|
| text | "Includes REITS corporate bonds (Euro 3 billion)." |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "23" |
|---|
| host | "In EUR billionTotalBanksNon-Banks1⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "23" |
|---|
| text | "Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises)." |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "22" |
|---|
| host | "Subordinated Bonds⟦⟧3.02.70.4" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "22" |
|---|
| text | "Includes AT1 (Euro 0.4 billion)." |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "32" |
|---|
| host | "Listed equities breakdown by industry⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "32" |
|---|
| text | "Including hedges." |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "33" |
|---|
| host | "Private equities breakdown by asset domiciliation⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "33" |
|---|
| text | "Excluding Non-listed Equity." |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 17 |
|---|
| marker | "24" |
|---|
| host | "In EUR billionFair ValueResidentialCommercial⟦⟧" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 17 |
|---|
| marker | "24" |
|---|
| text | "Loan to Value: 46%." |
|---|
| printed_on | 17 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "25" |
|---|
| host | "Book Value per Share⟦⟧24.524.0" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "25" |
|---|
| text | "Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt." |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 18 |
|---|
| marker | "26" |
|---|
| host | "Shareholders' Equity + CSM per Share⟦⟧32.733.2" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 18 |
|---|
| marker | "26" |
|---|
| text | "Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share." |
|---|
| printed_on | 18 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "27" |
|---|
| host | "Net Income⟦⟧7.79.6—" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "27" |
|---|
| text | "Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity)." |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "28" |
|---|
| host | "Average Adjusted Shareholders' Equity⟦⟧51.851.3—" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "28" |
|---|
| text | "Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity)." |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "27" |
|---|
| host | "Underlying Earnings⟦⟧7.98.2—" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "27" |
|---|
| text | "Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity)." |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "28" |
|---|
| host | "Average Adjusted Shareholders' Equity⟦⟧51.851.3—" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "28" |
|---|
| text | "Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity)." |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 19 |
|---|
| marker | "29" |
|---|
| host | "Shareholders' Equity (Including Non-Controlling Interests) (a) (C)⟦⟧52.549.6" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 19 |
|---|
| marker | "29" |
|---|
| text | "Shareholders' equity includes undated and deeply subordinated debts." |
|---|
| printed_on | 19 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 20 |
|---|
| marker | "30" |
|---|
| host | "Subject to Transitional Measures⟦⟧2.4—1.41.0—" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 20 |
|---|
| marker | "30" |
|---|
| text | "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." |
|---|
| printed_on | 20 |
|---|
| source | "block" |
|---|
|
|---|
|
| page | 20 |
|---|
| marker | "30" |
|---|
| host | "Subject to Transitional Measures⟦⟧4.5—3.41.1—" |
|---|
| source | "model" |
|---|
| method | "page" |
|---|
| content | | page | 20 |
|---|
| marker | "30" |
|---|
| text | "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." |
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| printed_on | 20 |
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| source | "block" |
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