Data:AXA/2025/HY/Financial supplement (Excel).json

doc_id	"e5ipnc"
document	organization "AXA" year "2025" period "1H" document_category "Financial supplement" document_name "AXA HY 2025 Financial Supplement (Excel)" publication_date "2025-08-01" language "English"
sections	id "e5ipnc-c1" chunk 1 pages 1 heading "Market Data" tags Empty array links "Full year 2024" data_items Empty array effective_tags "Full year 2024" content "**Exchange rate by currency.** | | 1H24 | {{t\|FY24\|\|Full year 2024}} | 1H25 | Average 1H24 | Average {{t\|FY24\|\|Full year 2024}} | Average 1H25 | | --- | --- | --- | --- | --- | --- | --- | | USD | {{t\|1.07\|e5ipnc-igm5}} | {{t\|1.04\|e5ipnc-8fol}} | {{t\|1.17\|e5ipnc-kn6p}} | {{t\|1.08\|e5ipnc-m89j}} | {{t\|1.08\|e5ipnc-t5xv}} | {{t\|1.09\|e5ipnc-onk2}} | | JPY | {{t\|172\|e5ipnc-dj53}} | {{t\|163\|e5ipnc-1qt1}} | {{t\|170\|e5ipnc-l9rh}} | {{t\|165\|e5ipnc-cgqx}} | {{t\|164\|e5ipnc-k0hx}} | {{t\|162\|e5ipnc-k9v9}} | | GBP | {{t\|0.85\|e5ipnc-trry}} | {{t\|0.83\|e5ipnc-upgl}} | {{t\|0.86\|e5ipnc-lgao}} | {{t\|0.85\|e5ipnc-mkvo}} | {{t\|0.85\|e5ipnc-yxcn}} | {{t\|0.84\|e5ipnc-7oo3}} | | CHF | {{t\|0.96\|e5ipnc-gtmd}} | {{t\|0.94\|e5ipnc-wmiq}} | {{t\|0.93\|e5ipnc-b94r}} | {{t\|0.96\|e5ipnc-itdp}} | {{t\|0.95\|e5ipnc-2imh}} | {{t\|0.94\|e5ipnc-05wg}} | | HKD | {{t\|8.37\|e5ipnc-52w9}} | {{t\|8.04\|e5ipnc-5yzl}} | {{t\|9.21\|e5ipnc-803p}} | {{t\|8.45\|e5ipnc-ng5t}} | {{t\|8.44\|e5ipnc-nayp}} | {{t\|8.53\|e5ipnc-m788}} | **Discount rate 5Y by currency.** | % | Average 1H24 | Average {{t\|FY24\|\|Full year 2024}} | Average 1H25 | | --- | --- | --- | --- | | EUR | {{t\|2.79%\|e5ipnc-1h7o}} | {{t\|2.84%\|e5ipnc-pd0m}} | {{t\|2.57%\|e5ipnc-vjz9}} | | USD | {{t\|4.35%\|e5ipnc-km6z}} | {{t\|4.41%\|e5ipnc-e7yc}} | {{t\|4.40%\|e5ipnc-33q4}} | | JPY | {{t\|0.22%\|e5ipnc-4drz}} | {{t\|0.42%\|e5ipnc-dpz3}} | {{t\|0.89%\|e5ipnc-8zhz}} | | GBP | {{t\|4.00%\|e5ipnc-a1o8}} | {{t\|4.25%\|e5ipnc-wchh}} | {{t\|4.38%\|e5ipnc-gj2e}} | | CHF | {{t\|1.05%\|e5ipnc-plya}} | {{t\|0.82%\|e5ipnc-fcjs}} | {{t\|0.18%\|e5ipnc-dny5}} | | HKD | {{t\|3.75%\|e5ipnc-si2f}} | {{t\|3.67%\|e5ipnc-d20s}} | {{t\|3.45%\|e5ipnc-xasu}} | **Discount rate 10Y by currency.** | % | Closing 1H24 | Closing {{t\|FY24\|\|Full year 2024}} | Closing 1H25 | | --- | --- | --- | --- | | EUR | {{t\|3.06%\|e5ipnc-a043}} | {{t\|2.71%\|e5ipnc-rb6w}} | {{t\|2.91%\|e5ipnc-91iy}} | | USD | {{t\|4.54%\|e5ipnc-fat7}} | {{t\|4.66%\|e5ipnc-ry5c}} | {{t\|4.43%\|e5ipnc-noks}} | | JPY | {{t\|1.04%\|e5ipnc-c24r}} | {{t\|1.07%\|e5ipnc-x95z}} | {{t\|1.44%\|e5ipnc-cjtd}} | | GBP | {{t\|4.27%\|e5ipnc-41eq}} | {{t\|4.48%\|e5ipnc-dpq4}} | {{t\|4.56%\|e5ipnc-51gc}} | | CHF | {{t\|0.98%\|e5ipnc-dd53}} | {{t\|0.38%\|e5ipnc-6d3g}} | {{t\|0.53%\|e5ipnc-2dvh}} | | HKD | {{t\|3.79%\|e5ipnc-71l3}} | {{t\|3.91%\|e5ipnc-wvtt}} | {{t\|3.02%\|e5ipnc-wb17}} |" id "e5ipnc-c2" chunk 2 pages 2 heading "UE by LOB and Net Income" tags Empty array links "AXA" "Property & casualty" "Life & health" "AXA Investment Managers" "Full year 2024" "Other revenue" "Underlying earnings" "Foreign exchange" data_items Empty array effective_tags "AXA" "AXA Investment Managers" "Foreign exchange" "Full year 2024" "Life & health" "Other revenue" "Property & casualty" "Underlying earnings" content "**Group underlying earnings and net income build-up by line of business.** | In EUR million | {{t\|Group\|\|AXA}} 1H24 | {{t\|Group\|\|AXA}} {{t\|FY24\|\|Full year 2024}} | {{t\|Group\|\|AXA}} 1H25 | {{t\|Property & Casualty\|\|Property & casualty}} 1H24 | {{t\|Property & Casualty\|\|Property & casualty}} {{t\|FY24\|\|Full year 2024}} | {{t\|Property & Casualty\|\|Property & casualty}} 1H25 | {{t\|Life & Health\|\|Life & health}} 1H24 | {{t\|Life & Health\|\|Life & health}} {{t\|FY24\|\|Full year 2024}} | {{t\|Life & Health\|\|Life & health}} 1H25 | {{t\|Asset Management\|\|AXA Investment Managers}} 1H24 | {{t\|Asset Management\|\|AXA Investment Managers}} {{t\|FY24\|\|Full year 2024}} | {{t\|Asset Management\|\|AXA Investment Managers}} 1H25 | Holdings (1) 1H24 | Holdings (1) {{t\|FY24\|\|Full year 2024}} | Holdings (1) 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | {{t\|35,273\|e5ipnc-xnoz}} | {{t\|72,104\|e5ipnc-isgn}} | {{t\|37,209\|e5ipnc-tvrv}} | {{t\|27,294\|e5ipnc-zu6g}} | {{t\|55,898\|e5ipnc-hjlg}} | {{t\|28,697\|e5ipnc-xujk}} | {{t\|7,979\|e5ipnc-uqt9}} | {{t\|16,207\|e5ipnc-ew27}} | {{t\|8,512\|e5ipnc-5f5i}} | — | — | — | — | — | — | | Short-term Business — Combined Ratio | — | — | — | {{t\|90.2%\|e5ipnc-koac}} | {{t\|91.0%\|e5ipnc-ddtw}} | {{t\|90.0%\|e5ipnc-71pn}} | {{t\|97.6%\|e5ipnc-xbdn}} | {{t\|97.4%\|e5ipnc-f21d}} | {{t\|97.1%\|e5ipnc-d0qs}} | — | — | — | — | — | — | | Short-term Business — Technical Margin | {{t\|2,877\|e5ipnc-om5k}} | {{t\|5,421\|e5ipnc-n0xc}} | {{t\|3,107\|e5ipnc-rmtr}} | {{t\|2,682\|e5ipnc-c9cg}} | {{t\|5,006\|e5ipnc-078r}} | {{t\|2,859\|e5ipnc-xtrr}} | {{t\|195\|e5ipnc-sbgt}} | {{t\|415\|e5ipnc-ma4x}} | {{t\|248\|e5ipnc-pd36}} | — | — | — | — | — | — | | Long-term Business — CSM Release | {{t\|1,395\|e5ipnc-kglf}} | {{t\|2,775\|e5ipnc-cmei}} | {{t\|1,428\|e5ipnc-0wd0}} | — | — | — | {{t\|1,395\|e5ipnc-xqdt}} | {{t\|2,775\|e5ipnc-iock}} | {{t\|1,428\|e5ipnc-e17b}} | — | — | — | — | — | — | | Long-term Business — Technical Experience | {{t\|-64\|e5ipnc-8qle}} | {{t\|-95\|e5ipnc-ujpo}} | {{t\|-30\|e5ipnc-5g3w}} | — | — | — | {{t\|-64\|e5ipnc-vymm}} | {{t\|-95\|e5ipnc-ve1u}} | {{t\|-30\|e5ipnc-p2il}} | — | — | — | — | — | — | | Financial Result & Other — Financial Result | {{t\|2,064\|e5ipnc-5mhu}} | {{t\|3,971\|e5ipnc-t2g5}} | {{t\|2,148\|e5ipnc-a3ld}} | {{t\|1,324\|e5ipnc-tngn}} | {{t\|2,559\|e5ipnc-am68}} | {{t\|1,343\|e5ipnc-t4fw}} | {{t\|536\|e5ipnc-0eay}} | {{t\|975\|e5ipnc-l0xu}} | {{t\|563\|e5ipnc-g6r1}} | {{t\|24\|e5ipnc-a77u}} | {{t\|35\|e5ipnc-vbpe}} | {{t\|14\|e5ipnc-n863}} | {{t\|181\|e5ipnc-cj2u}} | {{t\|402\|e5ipnc-uywg}} | {{t\|228\|e5ipnc-cqcm}} | | Financial Result & Other — {{t\|Other Revenues\|\|Other revenue}} | {{t\|1,459\|e5ipnc-fprx}} | {{t\|3,054\|e5ipnc-s5xp}} | {{t\|1,625\|e5ipnc-9frc}} | — | — | — | — | — | — | {{t\|937\|e5ipnc-nz5a}} | {{t\|2,004\|e5ipnc-o14t}} | {{t\|1,018\|e5ipnc-pm0s}} | {{t\|522\|e5ipnc-lr3x}} | {{t\|1,050\|e5ipnc-gzmr}} | {{t\|607\|e5ipnc-eu3t}} | | Financial Result & Other — Other Expenses | {{t\|-1,624\|e5ipnc-zdt2}} | {{t\|-3,479\|e5ipnc-ar7p}} | {{t\|-1,868\|e5ipnc-hxbt}} | — | — | — | — | — | — | {{t\|-698\|e5ipnc-rkjz}} | {{t\|-1,493\|e5ipnc-0bu6}} | {{t\|-793\|e5ipnc-4xw3}} | {{t\|-925\|e5ipnc-4lkz}} | {{t\|-1,986\|e5ipnc-e611}} | {{t\|-1,075\|e5ipnc-ul9v}} | | Financial Result & Other — Debt Financing Charges | {{t\|-471\|e5ipnc-3ijb}} | {{t\|-948\|e5ipnc-m3s7}} | {{t\|-452\|e5ipnc-bto4}} | — | — | — | — | — | — | — | — | — | {{t\|-471\|e5ipnc-0l3h}} | {{t\|-948\|e5ipnc-h2z8}} | {{t\|-452\|e5ipnc-5zwe}} | | Financial Result & Other — {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|5,638\|e5ipnc-m5rr}} | {{t\|10,700\|e5ipnc-675j}} | {{t\|5,958\|e5ipnc-yj61}} | {{t\|4,006\|e5ipnc-ill4}} | {{t\|7,565\|e5ipnc-pxbz}} | {{t\|4,202\|e5ipnc-ly9k}} | {{t\|2,061\|e5ipnc-ys6t}} | {{t\|4,070\|e5ipnc-3bg0}} | {{t\|2,209\|e5ipnc-8zub}} | {{t\|263\|e5ipnc-logg}} | {{t\|546\|e5ipnc-wxrk}} | {{t\|239\|e5ipnc-f6lo}} | {{t\|-693\|e5ipnc-gkr4}} | {{t\|-1,482\|e5ipnc-73nl}} | {{t\|-692\|e5ipnc-n158}} | | Financial Result & Other — Tax | {{t\|-1,427\|e5ipnc-8ate}} | {{t\|-2,662\|e5ipnc-y1b3}} | {{t\|-1,503\|e5ipnc-f2wc}} | {{t\|-1,046\|e5ipnc-fglg}} | {{t\|-1,952\|e5ipnc-vwdb}} | {{t\|-1,074\|e5ipnc-dtj2}} | {{t\|-412\|e5ipnc-3gag}} | {{t\|-874\|e5ipnc-vii1}} | {{t\|-462\|e5ipnc-o33j}} | {{t\|-69\|e5ipnc-rfxw}} | {{t\|-160\|e5ipnc-mbog}} | {{t\|-68\|e5ipnc-z6yu}} | {{t\|100\|e5ipnc-lmqr}} | {{t\|324\|e5ipnc-0v30}} | {{t\|101\|e5ipnc-7qqf}} | | Financial Result & Other — Income from Affiliates & Other | {{t\|122\|e5ipnc-6ygq}} | {{t\|218\|e5ipnc-v063}} | {{t\|111\|e5ipnc-4c41}} | {{t\|2\|e5ipnc-s3tj}} | {{t\|3\|e5ipnc-9d7o}} | {{t\|1\|e5ipnc-p3nj}} | {{t\|103\|e5ipnc-zsya}} | {{t\|186\|e5ipnc-au8m}} | {{t\|101\|e5ipnc-fr6i}} | {{t\|16\|e5ipnc-c118}} | {{t\|29\|e5ipnc-roso}} | {{t\|8\|e5ipnc-fy7k}} | {{t\|0\|e5ipnc-0s2a}} | {{t\|0\|e5ipnc-ae0c}} | {{t\|0\|e5ipnc-wyte}} | | Financial Result & Other — Minority Interests | {{t\|-89\|e5ipnc-nutn}} | {{t\|-179\|e5ipnc-ju3b}} | {{t\|-101\|e5ipnc-3yk1}} | {{t\|-56\|e5ipnc-g36r}} | {{t\|-106\|e5ipnc-yw5j}} | {{t\|-63\|e5ipnc-uw2z}} | {{t\|-27\|e5ipnc-npz5}} | {{t\|-60\|e5ipnc-9k2v}} | {{t\|-34\|e5ipnc-q5te}} | {{t\|-6\|e5ipnc-103r}} | {{t\|-13\|e5ipnc-bg5r}} | {{t\|-4\|e5ipnc-9wsm}} | {{t\|0\|e5ipnc-2vxu}} | {{t\|0\|e5ipnc-emwl}} | {{t\|0\|e5ipnc-2hjh}} | | Financial Result & Other — {{t\|Underlying Earnings Group Share\|\|Underlying earnings}} | {{t\|4,244\|e5ipnc-y6kq}} | {{t\|8,078\|e5ipnc-yj7t}} | {{t\|4,465\|e5ipnc-yhu7}} | {{t\|2,908\|e5ipnc-4nlb}} | {{t\|5,510\|e5ipnc-1q33}} | {{t\|3,067\|e5ipnc-k4t1}} | {{t\|1,725\|e5ipnc-dl96}} | {{t\|3,323\|e5ipnc-zbru}} | {{t\|1,814\|e5ipnc-ou1v}} | {{t\|204\|e5ipnc-s4y5}} | {{t\|402\|e5ipnc-icss}} | {{t\|175\|e5ipnc-1i1a}} | {{t\|-592\|e5ipnc-ra57}} | {{t\|-1,157\|e5ipnc-k716}} | {{t\|-591\|e5ipnc-rhzr}} | | Financial Result & Other — {{t\|Underlying Earnings\|\|Underlying earnings}} Growth Rate (constant {{t\|FX\|\|Foreign exchange}}) | {{t\|4%\|e5ipnc-1q7p}} | {{t\|7%\|e5ipnc-prug}} | {{t\|6%\|e5ipnc-mhcn}} | — | — | — | — | — | — | — | — | — | — | — | — | | **Financial Result & Other — Underlying ROE** | {{t\|16.6%\|e5ipnc-ukum}} | {{t\|15.2%\|e5ipnc-05zz}} | {{t\|17.5%\|e5ipnc-lw3h}} | — | {{t\|16.2%\|e5ipnc-l31a}} | — | — | {{t\|13.6%\|e5ipnc-jiq0}} | — | — | {{t\|26.0%\|e5ipnc-wijv}} | — | — | — | — | | Financial Result & Other — Net Realized Capital Gains & Losses | {{t\|93\|e5ipnc-r1ri}} | {{t\|195\|e5ipnc-jgv6}} | {{t\|66\|e5ipnc-faxm}} | — | — | — | — | — | — | — | — | — | — | — | — | | Financial Result & Other — Change in Fair Value of Assets & Derivatives | {{t\|-43\|e5ipnc-fh83}} | {{t\|83\|e5ipnc-i677}} | {{t\|-467\|e5ipnc-tau4}} | — | — | — | — | — | — | — | — | — | — | — | — | | Financial Result & Other — Amortization of customer intangibles | {{t\|-50\|e5ipnc-pfna}} | {{t\|-131\|e5ipnc-uhz7}} | {{t\|-48\|e5ipnc-kprn}} | — | — | — | — | — | — | — | — | — | — | — | — | | Financial Result & Other — Integration and Restructuring Costs | {{t\|-78\|e5ipnc-liug}} | {{t\|-240\|e5ipnc-g9u3}} | {{t\|-63\|e5ipnc-cvrg}} | — | — | — | — | — | — | — | — | — | — | — | — | | Financial Result & Other — Exceptional Items | {{t\|-147\|e5ipnc-cpza}} | {{t\|-99\|e5ipnc-mwoq}} | {{t\|-30\|e5ipnc-2lt2}} | — | — | — | — | — | — | — | — | — | — | — | — | | **Financial Result & Other — Net Income Group Share** | {{t\|4,020\|e5ipnc-i4j4}} | {{t\|7,886\|e5ipnc-3txz}} | {{t\|3,922\|e5ipnc-gi1w}} | — | — | — | — | — | — | — | — | — | — | — | — | | Financial Result & Other — Deeply Subordinated and Undated Subordinated Debt Charges | {{t\|-106\|e5ipnc-96vh}} | {{t\|-201\|e5ipnc-nnrd}} | {{t\|-86\|e5ipnc-vcn5}} | — | — | — | — | — | — | — | — | — | — | — | — | | Financial Result & Other — {{t\|Underlying Earnings\|\|Underlying earnings}} for EPS calculation | {{t\|4,138\|e5ipnc-a3rq}} | {{t\|7,877\|e5ipnc-1gln}} | {{t\|4,379\|e5ipnc-rent}} | — | — | — | — | — | — | — | — | — | — | — | — | | **Financial Result & Other — Net Income for EPS calculation** | {{t\|3,914\|e5ipnc-7o3n}} | {{t\|7,685\|e5ipnc-p1vs}} | {{t\|3,836\|e5ipnc-rcp4}} | — | — | — | — | — | — | — | — | — | — | — | — | (1) Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25." id "e5ipnc-c3" chunk 3 pages 3 heading "UE by Geography" tags Empty array links "AXA" "AXA France" "AXA Europe" "AXA XL" "AXA Asia, Africa & EME-LATAM" "AXA Investment Managers" "AXA Transversal & Other" "Full year 2024" "Other revenue" "Underlying earnings" "Business mix" "Property & casualty" "Life & health" data_items Empty array effective_tags "AXA" "AXA Asia, Africa & EME-LATAM" "AXA Europe" "AXA France" "AXA Investment Managers" "AXA Transversal & Other" "AXA XL" "Business mix" "Full year 2024" "Life & health" "Other revenue" "Property & casualty" "Underlying earnings" content "**Underlying earnings build-up by geography.** | In EUR million | {{t\|Group\|\|AXA}} 1H24 | {{t\|Group\|\|AXA}} {{t\|FY24\|\|Full year 2024}} | {{t\|Group\|\|AXA}} 1H25 | {{t\|France\|\|AXA France}} 1H24 | {{t\|France\|\|AXA France}} {{t\|FY24\|\|Full year 2024}} | {{t\|France\|\|AXA France}} 1H25 | {{t\|Europe\|\|AXA Europe}} 1H24 | {{t\|Europe\|\|AXA Europe}} {{t\|FY24\|\|Full year 2024}} | {{t\|Europe\|\|AXA Europe}} 1H25 | {{t\|AXA XL\|\|AXA XL}} 1H24 | {{t\|AXA XL\|\|AXA XL}} {{t\|FY24\|\|Full year 2024}} | {{t\|AXA XL\|\|AXA XL}} 1H25 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H24 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} {{t\|FY24\|\|Full year 2024}} | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H25 | {{t\|AXA IM\|\|AXA Investment Managers}} 1H24 | {{t\|AXA IM\|\|AXA Investment Managers}} {{t\|FY24\|\|Full year 2024}} | {{t\|AXA IM\|\|AXA Investment Managers}} 1H25 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H24 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} {{t\|FY24\|\|Full year 2024}} | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | {{t\|35,273\|e5ipnc-ywv1}} | {{t\|72,104\|e5ipnc-w05b}} | {{t\|37,209\|e5ipnc-33z1}} | {{t\|9,046\|e5ipnc-8udp}} | {{t\|18,698\|e5ipnc-27dw}} | {{t\|9,567\|e5ipnc-zu4q}} | {{t\|11,839\|e5ipnc-njvn}} | {{t\|24,005\|e5ipnc-a2ay}} | {{t\|12,661\|e5ipnc-uyv5}} | {{t\|9,022\|e5ipnc-z9r4}} | {{t\|18,530\|e5ipnc-9pg7}} | {{t\|9,428\|e5ipnc-guhh}} | {{t\|4,312\|e5ipnc-h5b6}} | {{t\|8,750\|e5ipnc-1vpl}} | {{t\|4,478\|e5ipnc-u1aq}} | — | — | — | {{t\|1,053\|e5ipnc-edeh}} | {{t\|2,122\|e5ipnc-vfr0}} | {{t\|1,075\|e5ipnc-rx0z}} | | Combined Ratio — Technical Margin | {{t\|2,877\|e5ipnc-4pvq}} | {{t\|5,421\|e5ipnc-o0a5}} | {{t\|3,107\|e5ipnc-hwd3}} | {{t\|692\|e5ipnc-yt9r}} | {{t\|1,470\|e5ipnc-32dn}} | {{t\|658\|e5ipnc-qzr4}} | {{t\|998\|e5ipnc-6oey}} | {{t\|1,957\|e5ipnc-1w1e}} | {{t\|1,176\|e5ipnc-ifd8}} | {{t\|1,111\|e5ipnc-k9oo}} | {{t\|1,820\|e5ipnc-7c3w}} | {{t\|1,074\|e5ipnc-qakl}} | {{t\|70\|e5ipnc-p3t8}} | {{t\|81\|e5ipnc-vapz}} | {{t\|150\|e5ipnc-j77l}} | — | — | — | {{t\|6\|e5ipnc-8eck}} | {{t\|93\|e5ipnc-e061}} | {{t\|49\|e5ipnc-3fg5}} | | Long-term Business — CSM Release | {{t\|1,395\|e5ipnc-7mzy}} | {{t\|2,775\|e5ipnc-j6uv}} | {{t\|1,428\|e5ipnc-ksb1}} | {{t\|407\|e5ipnc-sy06}} | {{t\|823\|e5ipnc-d533}} | {{t\|419\|e5ipnc-qb2d}} | {{t\|468\|e5ipnc-yi55}} | {{t\|920\|e5ipnc-v666}} | {{t\|471\|e5ipnc-nvh4}} | {{t\|4\|e5ipnc-hcxp}} | {{t\|3\|e5ipnc-43a9}} | {{t\|0\|e5ipnc-bcrq}} | {{t\|516\|e5ipnc-uuz4}} | {{t\|1,029\|e5ipnc-oufj}} | {{t\|538\|e5ipnc-kbb1}} | — | — | — | {{t\|0\|e5ipnc-twr8}} | {{t\|0\|e5ipnc-e3ow}} | {{t\|0\|e5ipnc-ej32}} | | Long-term Business — Technical Experience | {{t\|-64\|e5ipnc-6kkv}} | {{t\|-95\|e5ipnc-w2i8}} | {{t\|-30\|e5ipnc-8qrj}} | {{t\|-40\|e5ipnc-9f44}} | {{t\|-96\|e5ipnc-2g6e}} | {{t\|-37\|e5ipnc-jct0}} | {{t\|-11\|e5ipnc-wrd6}} | {{t\|-8\|e5ipnc-ekmc}} | {{t\|8\|e5ipnc-hdgs}} | {{t\|3\|e5ipnc-rjne}} | {{t\|2\|e5ipnc-rnlb}} | {{t\|0\|e5ipnc-duks}} | {{t\|-17\|e5ipnc-ihm0}} | {{t\|7\|e5ipnc-czys}} | {{t\|-1\|e5ipnc-za0k}} | — | — | — | {{t\|0\|e5ipnc-7m1c}} | {{t\|0\|e5ipnc-vv04}} | {{t\|0\|e5ipnc-gutu}} | | Financial Result & Other — Financial Result | {{t\|2,064\|e5ipnc-0v4z}} | {{t\|3,971\|e5ipnc-021v}} | {{t\|2,148\|e5ipnc-8uru}} | {{t\|350\|e5ipnc-69od}} | {{t\|613\|e5ipnc-mn9q}} | {{t\|380\|e5ipnc-0ers}} | {{t\|784\|e5ipnc-c7az}} | {{t\|1,486\|e5ipnc-5uku}} | {{t\|765\|e5ipnc-depy}} | {{t\|283\|e5ipnc-vx0s}} | {{t\|616\|e5ipnc-9dxt}} | {{t\|308\|e5ipnc-uf91}} | {{t\|382\|e5ipnc-lwvx}} | {{t\|741\|e5ipnc-a22u}} | {{t\|425\|e5ipnc-j5zj}} | {{t\|24\|e5ipnc-f6sk}} | {{t\|35\|e5ipnc-484i}} | {{t\|14\|e5ipnc-bagu}} | {{t\|241\|e5ipnc-6tt5}} | {{t\|480\|e5ipnc-f560}} | {{t\|255\|e5ipnc-xm6f}} | | Financial Result & Other — {{t\|Other Revenues\|\|Other revenue}} | {{t\|1,459\|e5ipnc-3en3}} | {{t\|3,054\|e5ipnc-vj04}} | {{t\|1,625\|e5ipnc-5op7}} | {{t\|53\|e5ipnc-gkci}} | {{t\|108\|e5ipnc-dyow}} | {{t\|44\|e5ipnc-hiar}} | {{t\|-18\|e5ipnc-fxlb}} | {{t\|-32\|e5ipnc-lan3}} | {{t\|-8\|e5ipnc-n0uj}} | {{t\|0\|e5ipnc-t42x}} | {{t\|0\|e5ipnc-s0eh}} | {{t\|0\|e5ipnc-fekm}} | {{t\|0\|e5ipnc-ewsr}} | {{t\|0\|e5ipnc-ryh7}} | {{t\|-2\|e5ipnc-z293}} | {{t\|937\|e5ipnc-50zl}} | {{t\|2,004\|e5ipnc-ahxr}} | {{t\|1,018\|e5ipnc-40nk}} | {{t\|488\|e5ipnc-98lt}} | {{t\|974\|e5ipnc-e6kb}} | {{t\|573\|e5ipnc-2568}} | | Financial Result & Other — Other Expenses | {{t\|-1,624\|e5ipnc-urbe}} | {{t\|-3,479\|e5ipnc-erps}} | {{t\|-1,868\|e5ipnc-tpzy}} | {{t\|-83\|e5ipnc-bopy}} | {{t\|-180\|e5ipnc-gkjm}} | {{t\|-79\|e5ipnc-bcgg}} | {{t\|-10\|e5ipnc-knkk}} | {{t\|-25\|e5ipnc-8ho7}} | {{t\|-6\|e5ipnc-aap2}} | {{t\|0\|e5ipnc-4lcq}} | {{t\|0\|e5ipnc-u890}} | {{t\|0\|e5ipnc-zvjl}} | {{t\|-9\|e5ipnc-4b4h}} | {{t\|-20\|e5ipnc-o2tx}} | {{t\|-14\|e5ipnc-ms7e}} | {{t\|-698\|e5ipnc-cswl}} | {{t\|-1,493\|e5ipnc-z452}} | {{t\|-793\|e5ipnc-kput}} | {{t\|-823\|e5ipnc-39rg}} | {{t\|-1,761\|e5ipnc-vy5s}} | {{t\|-976\|e5ipnc-9k8q}} | | Financial Result & Other — Debt Financing Charges | {{t\|-471\|e5ipnc-m3qf}} | {{t\|-948\|e5ipnc-zco9}} | {{t\|-452\|e5ipnc-m1p3}} | {{t\|0\|e5ipnc-e09c}} | {{t\|0\|e5ipnc-8em6}} | {{t\|0\|e5ipnc-0g94}} | {{t\|-1\|e5ipnc-905m}} | {{t\|-2\|e5ipnc-pb7c}} | {{t\|-1\|e5ipnc-gg4c}} | {{t\|-16\|e5ipnc-cu9m}} | {{t\|-33\|e5ipnc-48fl}} | {{t\|-16\|e5ipnc-wu8m}} | {{t\|-7\|e5ipnc-he98}} | {{t\|-12\|e5ipnc-f6zx}} | {{t\|-4\|e5ipnc-rbe4}} | — | — | — | {{t\|-447\|e5ipnc-yhro}} | {{t\|-902\|e5ipnc-b1fv}} | {{t\|-431\|e5ipnc-h4us}} | | Financial Result & Other — {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|5,638\|e5ipnc-nnsq}} | {{t\|10,700\|e5ipnc-nklh}} | {{t\|5,958\|e5ipnc-01sf}} | {{t\|1,380\|e5ipnc-kjpi}} | {{t\|2,738\|e5ipnc-v4jh}} | {{t\|1,384\|e5ipnc-z3im}} | {{t\|2,210\|e5ipnc-7wtf}} | {{t\|4,297\|e5ipnc-3l4t}} | {{t\|2,406\|e5ipnc-374h}} | {{t\|1,385\|e5ipnc-mxwa}} | {{t\|2,409\|e5ipnc-iyuc}} | {{t\|1,366\|e5ipnc-4jcp}} | {{t\|935\|e5ipnc-7qvh}} | {{t\|1,826\|e5ipnc-zs5v}} | {{t\|1,093\|e5ipnc-f1dt}} | {{t\|263\|e5ipnc-qwwt}} | {{t\|546\|e5ipnc-7xfj}} | {{t\|239\|e5ipnc-dl7y}} | {{t\|-535\|e5ipnc-nw6d}} | {{t\|-1,116\|e5ipnc-hwoh}} | {{t\|-530\|e5ipnc-fsnw}} | | Financial Result & Other — Tax | {{t\|-1,427\|e5ipnc-8usm}} | {{t\|-2,662\|e5ipnc-pwyk}} | {{t\|-1,503\|e5ipnc-3iov}} | {{t\|-350\|e5ipnc-t8gt}} | {{t\|-676\|e5ipnc-dj6l}} | {{t\|-308\|e5ipnc-skrc}} | {{t\|-536\|e5ipnc-r4wg}} | {{t\|-1,004\|e5ipnc-66f5}} | {{t\|-568\|e5ipnc-b1t6}} | {{t\|-355\|e5ipnc-mytr}} | {{t\|-588\|e5ipnc-m64z}} | {{t\|-342\|e5ipnc-hcff}} | {{t\|-205\|e5ipnc-8llb}} | {{t\|-443\|e5ipnc-j4zh}} | {{t\|-294\|e5ipnc-jhib}} | {{t\|-69\|e5ipnc-ifuy}} | {{t\|-160\|e5ipnc-ucu7}} | {{t\|-68\|e5ipnc-ux4f}} | {{t\|88\|e5ipnc-j265}} | {{t\|209\|e5ipnc-4aj0}} | {{t\|76\|e5ipnc-8wzb}} | | Financial Result & Other — Income from Affiliates & Other | {{t\|122\|e5ipnc-bco2}} | {{t\|218\|e5ipnc-wlaq}} | {{t\|111\|e5ipnc-a1u9}} | {{t\|4\|e5ipnc-g2uh}} | {{t\|9\|e5ipnc-gc3k}} | {{t\|0\|e5ipnc-ux18}} | {{t\|0\|e5ipnc-oza1}} | {{t\|0\|e5ipnc-u6ym}} | {{t\|0\|e5ipnc-i4xy}} | {{t\|0\|e5ipnc-9oy0}} | {{t\|0\|e5ipnc-ublu}} | {{t\|0\|e5ipnc-zs0b}} | {{t\|102\|e5ipnc-xn2k}} | {{t\|181\|e5ipnc-v96s}} | {{t\|103\|e5ipnc-ngob}} | {{t\|16\|e5ipnc-nvyq}} | {{t\|29\|e5ipnc-9cyr}} | {{t\|8\|e5ipnc-w4l7}} | {{t\|0\|e5ipnc-s8mc}} | {{t\|0\|e5ipnc-c9sb}} | {{t\|0\|e5ipnc-hewa}} | | Financial Result & Other — Minority Interests | {{t\|-89\|e5ipnc-66tg}} | {{t\|-179\|e5ipnc-kgka}} | {{t\|-101\|e5ipnc-00bm}} | {{t\|0\|e5ipnc-ohc7}} | {{t\|0\|e5ipnc-etxo}} | {{t\|0\|e5ipnc-2lcp}} | {{t\|-48\|e5ipnc-4e2r}} | {{t\|-105\|e5ipnc-eak3}} | {{t\|-56\|e5ipnc-ojqw}} | {{t\|0\|e5ipnc-aavz}} | {{t\|0\|e5ipnc-vc3u}} | {{t\|0\|e5ipnc-smsg}} | {{t\|-34\|e5ipnc-7b3y}} | {{t\|-60\|e5ipnc-kxp0}} | {{t\|-39\|e5ipnc-8nd8}} | {{t\|-6\|e5ipnc-yggx}} | {{t\|-13\|e5ipnc-s58a}} | {{t\|-4\|e5ipnc-ev9l}} | {{t\|0\|e5ipnc-r02y}} | {{t\|0\|e5ipnc-1jlr}} | {{t\|-1\|e5ipnc-xqcu}} | | Financial Result & Other — {{t\|Underlying Earnings Group share\|\|Underlying earnings}} | {{t\|4,244\|e5ipnc-xde8}} | {{t\|8,078\|e5ipnc-vo6k}} | {{t\|4,465\|e5ipnc-h2fv}} | {{t\|1,034\|e5ipnc-lq1b}} | {{t\|2,071\|e5ipnc-0ia3}} | {{t\|1,076\|e5ipnc-2350}} | {{t\|1,626\|e5ipnc-u3k7}} | {{t\|3,187\|e5ipnc-g99m}} | {{t\|1,782\|e5ipnc-idh2}} | {{t\|1,030\|e5ipnc-y840}} | {{t\|1,820\|e5ipnc-ed36}} | {{t\|1,024\|e5ipnc-68uo}} | {{t\|798\|e5ipnc-yfwz}} | {{t\|1,504\|e5ipnc-uwwz}} | {{t\|862\|e5ipnc-psee}} | {{t\|204\|e5ipnc-5ybr}} | {{t\|402\|e5ipnc-fogz}} | {{t\|175\|e5ipnc-10rh}} | {{t\|-447\|e5ipnc-apgu}} | {{t\|-907\|e5ipnc-fa8e}} | {{t\|-455\|e5ipnc-e31o}} | **Underlying earnings by line of business and geography.** | In EUR million | {{t\|Group\|\|AXA}} 1H24 | {{t\|Group\|\|AXA}} {{t\|FY24\|\|Full year 2024}} | {{t\|Group\|\|AXA}} 1H25 | {{t\|France\|\|AXA France}} 1H24 | {{t\|France\|\|AXA France}} {{t\|FY24\|\|Full year 2024}} | {{t\|France\|\|AXA France}} 1H25 | {{t\|Europe\|\|AXA Europe}} 1H24 | {{t\|Europe\|\|AXA Europe}} {{t\|FY24\|\|Full year 2024}} | {{t\|Europe\|\|AXA Europe}} 1H25 | {{t\|AXA XL\|\|AXA XL}} 1H24 | {{t\|AXA XL\|\|AXA XL}} {{t\|FY24\|\|Full year 2024}} | {{t\|AXA XL\|\|AXA XL}} 1H25 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H24 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} {{t\|FY24\|\|Full year 2024}} | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H25 | {{t\|AXA IM\|\|AXA Investment Managers}} 1H24 | {{t\|AXA IM\|\|AXA Investment Managers}} {{t\|FY24\|\|Full year 2024}} | {{t\|AXA IM\|\|AXA Investment Managers}} 1H25 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H24 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} {{t\|FY24\|\|Full year 2024}} | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | {{t\|Underlying Earnings\|\|Underlying earnings}} by {{t\|Line of Business\|\|Business mix}} — {{t\|Property & Casualty\|\|Property & casualty}} | {{t\|2,908\|e5ipnc-ivck}} | {{t\|5,510\|e5ipnc-tg9i}} | {{t\|3,067\|e5ipnc-76o8}} | {{t\|539\|e5ipnc-fino}} | {{t\|1,161\|e5ipnc-bf9e}} | {{t\|574\|e5ipnc-0gwm}} | {{t\|1,073\|e5ipnc-bsok}} | {{t\|2,029\|e5ipnc-hd0s}} | {{t\|1,152\|e5ipnc-rie9}} | {{t\|1,032\|e5ipnc-y7na}} | {{t\|1,828\|e5ipnc-vhqo}} | {{t\|1,032\|e5ipnc-qgiw}} | {{t\|194\|e5ipnc-jfw1}} | {{t\|334\|e5ipnc-s9f7}} | {{t\|233\|e5ipnc-s0rr}} | — | — | — | {{t\|70\|e5ipnc-u5vc}} | {{t\|158\|e5ipnc-84iv}} | {{t\|75\|e5ipnc-poiv}} | | {{t\|Underlying Earnings\|\|Underlying earnings}} by {{t\|Line of Business\|\|Business mix}} — {{t\|Life & Health\|\|Life & health}} | {{t\|1,725\|e5ipnc-q3wd}} | {{t\|3,323\|e5ipnc-g7p2}} | {{t\|1,814\|e5ipnc-1nka}} | {{t\|519\|e5ipnc-gmie}} | {{t\|964\|e5ipnc-2yb4}} | {{t\|524\|e5ipnc-jie9}} | {{t\|559\|e5ipnc-lzyi}} | {{t\|1,104\|e5ipnc-x81k}} | {{t\|616\|e5ipnc-pi00}} | {{t\|14\|e5ipnc-zfg4}} | {{t\|25\|e5ipnc-k4cp}} | {{t\|8\|e5ipnc-x5gx}} | {{t\|627\|e5ipnc-vl47}} | {{t\|1,211\|e5ipnc-szgb}} | {{t\|653\|e5ipnc-az4a}} | — | — | — | {{t\|7\|e5ipnc-qpd9}} | {{t\|19\|e5ipnc-aufk}} | {{t\|14\|e5ipnc-5va5}} | | {{t\|Underlying Earnings\|\|Underlying earnings}} by {{t\|Line of Business\|\|Business mix}} — {{t\|Asset Management\|\|AXA Investment Managers}} | {{t\|204\|e5ipnc-sjld}} | {{t\|402\|e5ipnc-c7ob}} | {{t\|175\|e5ipnc-cgt4}} | — | — | — | — | — | — | — | — | — | — | — | — | {{t\|204\|e5ipnc-l229}} | {{t\|402\|e5ipnc-9yzd}} | {{t\|175\|e5ipnc-thqh}} | — | — | — | | {{t\|Underlying Earnings\|\|Underlying earnings}} by {{t\|Line of Business\|\|Business mix}} — Holdings (2) | {{t\|-592\|e5ipnc-py8m}} | {{t\|-1,157\|e5ipnc-rz5p}} | {{t\|-591\|e5ipnc-7e81}} | {{t\|-24\|e5ipnc-rt7j}} | {{t\|-54\|e5ipnc-thko}} | {{t\|-23\|e5ipnc-58tx}} | {{t\|-6\|e5ipnc-k6y9}} | {{t\|54\|e5ipnc-5hum}} | {{t\|14\|e5ipnc-ms9s}} | {{t\|-16\|e5ipnc-fe2k}} | {{t\|-33\|e5ipnc-19yb}} | {{t\|-16\|e5ipnc-078v}} | {{t\|-23\|e5ipnc-6112}} | {{t\|-41\|e5ipnc-osuu}} | {{t\|-24\|e5ipnc-ifxl}} | — | — | — | {{t\|-524\|e5ipnc-o151}} | {{t\|-1,083\|e5ipnc-66kj}} | {{t\|-543\|e5ipnc-rmi9}} | (2) Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25." id "e5ipnc-c4" chunk 4 pages 4 heading "Shares & UEPS" tags Empty array links "Full year 2024" "Underlying earnings" "Underlying earnings per share" data_items Empty array effective_tags "Full year 2024" "Underlying earnings" "Underlying earnings per share" content "**Basic number of shares rollforward.** | | Outstanding Shares Excluding Treasury Shares (3) 1H24 | Outstanding Shares Excluding Treasury Shares (3) {{t\|FY24\|\|Full year 2024}} | Outstanding Shares Excluding Treasury Shares (3) 1H25 | Weighted Average Number 1H24 | Weighted Average Number {{t\|FY24\|\|Full year 2024}} | Weighted Average Number 1H25 | | --- | --- | --- | --- | --- | --- | --- | | **Basic Number of Shares — As of Beginning of Period** | {{t\|2,226.2\|e5ipnc-jf7w}} | {{t\|2,226.2\|e5ipnc-zcvu}} | {{t\|2,175.4\|e5ipnc-ck7v}} | {{t\|2,226.2\|e5ipnc-0uxt}} | {{t\|2,226.2\|e5ipnc-pic1}} | {{t\|2,175.4\|e5ipnc-c1qc}} | | Basic Number of Shares — Increase of Capital Dedicated to Employees | {{t\|0.0\|e5ipnc-65vh}} | {{t\|12.9\|e5ipnc-q1k5}} | {{t\|0.0\|e5ipnc-z27p}} | {{t\|0.0\|e5ipnc-e3pl}} | {{t\|0.9\|e5ipnc-rq18}} | {{t\|0.0\|e5ipnc-5q0s}} | | Basic Number of Shares — Exercice of Stock-options | {{t\|1.3\|e5ipnc-jowf}} | {{t\|2.6\|e5ipnc-8w6g}} | {{t\|0.7\|e5ipnc-ol7y}} | {{t\|0.7\|e5ipnc-fgmx}} | {{t\|1.4\|e5ipnc-2p1r}} | {{t\|0.3\|e5ipnc-1uby}} | | Basic Number of Shares — Other Movement of Treasury Shares | {{t\|-45.2\|e5ipnc-dxx0}} | {{t\|4.6\|e5ipnc-9lzc}} | {{t\|-42.7\|e5ipnc-dbpm}} | {{t\|-17.6\|e5ipnc-xwk3}} | {{t\|17.5\|e5ipnc-q6vj}} | {{t\|-18.5\|e5ipnc-9kx0}} | | Basic Number of Shares — Capital Increase / (Decrease) | {{t\|0.0\|e5ipnc-pgc2}} | {{t\|-70.9\|e5ipnc-f176}} | {{t\|0.0\|e5ipnc-idqh}} | {{t\|0.0\|e5ipnc-uyio}} | {{t\|-55.2\|e5ipnc-eati}} | {{t\|0.0\|e5ipnc-knun}} | | **Basic Number of Shares — As at End of Period** | {{t\|2,182.3\|e5ipnc-eoxq}} | {{t\|2,175.4\|e5ipnc-6o95}} | {{t\|2,133.4\|e5ipnc-t3zz}} | — | — | — | | **Basic Number of Shares — During the Period** | — | — | — | {{t\|2,209.3\|e5ipnc-wjh0}} | {{t\|2,190.8\|e5ipnc-mq8o}} | {{t\|2,157.2\|e5ipnc-ipz0}} | | Fully Diluted Number of Shares — Stock Options | — | — | — | {{t\|1.1\|e5ipnc-kzu8}} | {{t\|0.8\|e5ipnc-gva8}} | {{t\|0.7\|e5ipnc-iphg}} | | Fully Diluted Number of Shares — Performance Shares | — | — | — | {{t\|4.2\|e5ipnc-gk83}} | {{t\|5.6\|e5ipnc-rjom}} | {{t\|4.0\|e5ipnc-4apu}} | | **Fully Diluted Number of Shares — During the Period (A)** | — | — | — | {{t\|2,214.7\|e5ipnc-b2c4}} | {{t\|2,197.1\|e5ipnc-2c51}} | {{t\|2,161.9\|e5ipnc-z2wq}} | | Earnings Group Share: — Net Income | — | — | — | {{t\|4,020\|e5ipnc-tx0a}} | {{t\|7,886\|e5ipnc-471h}} | {{t\|3,922\|e5ipnc-vo8s}} | | Earnings Group Share: — {{t\|Underlying Earnings\|\|Underlying earnings}} | — | — | — | {{t\|4,244\|e5ipnc-0abq}} | {{t\|8,078\|e5ipnc-zhxz}} | {{t\|4,465\|e5ipnc-zt47}} | | Impact of undated and deeply subordinated debts: — Undated and deeply subordinated debt charges | — | — | — | {{t\|-106\|e5ipnc-kf1q}} | {{t\|-201\|e5ipnc-ymlm}} | {{t\|-86\|e5ipnc-w7dl}} | | Earnings for EPS Calculation: — Net Income for EPS Calculation (B) | — | — | — | {{t\|3,914\|e5ipnc-i1zy}} | {{t\|7,685\|e5ipnc-lhsz}} | {{t\|3,836\|e5ipnc-qqce}} | | Earnings for EPS Calculation: — {{t\|Underlying Earnings\|\|Underlying earnings}} for EPS Calculation (C) | — | — | — | {{t\|4,138\|e5ipnc-7loe}} | {{t\|7,877\|e5ipnc-wkhn}} | {{t\|4,379\|e5ipnc-gy4r}} | | **Fully Diluted Euro per Share (EPS) — EPS (B/A)** | — | — | — | {{t\|1.77\|e5ipnc-pkdl}} | {{t\|3.50\|e5ipnc-14u1}} | {{t\|1.77\|e5ipnc-mzo4}} | | Fully Diluted Euro per Share (EPS) — {{t\|Underlying EPS\|\|Underlying earnings per share}} (C/A) | — | — | — | {{t\|1.87\|e5ipnc-ywux}} | {{t\|3.59\|e5ipnc-9k2b}} | {{t\|2.03\|e5ipnc-bff3}} | (3) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 89 million shares as of 1H24, 39 million shares as of FY24 and 82 million shares as of 1H25." id "e5ipnc-c5" chunk 5 pages 5 heading "P&C UE by Sub LOB" tags Empty array links "AXA XL" "Full year 2024" "Other revenue" "Underlying earnings" data_items Empty array effective_tags "AXA" "AXA XL" "Full year 2024" "Other revenue" "Underlying earnings" content "**Property & casualty underlying earnings build-up by line of business.** | In EUR million | Total 1H24 | Total {{t\|FY24\|\|Full year 2024}} | Total 1H25 | Commercial lines 1H24 | Commercial lines {{t\|FY24\|\|Full year 2024}} | Commercial lines 1H25 | Personal lines 1H24 | Personal lines {{t\|FY24\|\|Full year 2024}} | Personal lines 1H25 | {{t\|AXA XL\|\|AXA XL}} Reinsurance 1H24 | {{t\|AXA XL\|\|AXA XL}} Reinsurance {{t\|FY24\|\|Full year 2024}} | {{t\|AXA XL\|\|AXA XL}} Reinsurance 1H25 | Intercompany eliminations 1H24 | Intercompany eliminations {{t\|FY24\|\|Full year 2024}} | Intercompany eliminations 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | {{t\|27,294\|e5ipnc-r3ja}} | {{t\|55,898\|e5ipnc-ej9n}} | {{t\|28,697\|e5ipnc-04lp}} | {{t\|18,657\|e5ipnc-ojbb}} | {{t\|38,019\|e5ipnc-ppe6}} | {{t\|19,575\|e5ipnc-9ip8}} | {{t\|9,144\|e5ipnc-53uh}} | {{t\|18,705\|e5ipnc-cv9n}} | {{t\|9,513\|e5ipnc-3c68}} | {{t\|1,155\|e5ipnc-lf3z}} | {{t\|2,394\|e5ipnc-glhx}} | {{t\|1,299\|e5ipnc-tupf}} | {{t\|-1,662\|e5ipnc-kn0n}} | {{t\|-3,220\|e5ipnc-d68k}} | {{t\|-1,689\|e5ipnc-f358}} | | Short-term Business — Current Accident Year Loss Ratio | {{t\|67.0%\|e5ipnc-o52r}} | {{t\|67.7%\|e5ipnc-jndu}} | {{t\|66.7%\|e5ipnc-nk4i}} | {{t\|68.1%\|e5ipnc-5e6o}} | {{t\|68.8%\|e5ipnc-c4cr}} | {{t\|68.0%\|e5ipnc-vp22}} | {{t\|69.8%\|e5ipnc-8jga}} | {{t\|70.0%\|e5ipnc-k4yl}} | {{t\|68.8%\|e5ipnc-cwkt}} | {{t\|69.7%\|e5ipnc-61mb}} | {{t\|70.6%\|e5ipnc-tmgq}} | {{t\|70.8%\|e5ipnc-pofw}} | — | — | — | | Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | {{t\|67.4%\|e5ipnc-hw9o}} | {{t\|67.4%\|e5ipnc-cswh}} | {{t\|67.0%\|e5ipnc-4si3}} | {{t\|69.2%\|e5ipnc-yu3y}} | {{t\|69.4%\|e5ipnc-4pb5}} | {{t\|69.3%\|e5ipnc-pe6y}} | {{t\|68.8%\|e5ipnc-e1vg}} | {{t\|68.5%\|e5ipnc-ldmq}} | {{t\|67.5%\|e5ipnc-zsm9}} | {{t\|68.0%\|e5ipnc-a3ps}} | {{t\|67.9%\|e5ipnc-bes4}} | {{t\|69.4%\|e5ipnc-kirh}} | — | — | — | | Short-term Business — Undiscounted Current Accident Year Nat Cats | {{t\|3.6%\|e5ipnc-2son}} | {{t\|3.8%\|e5ipnc-4k8i}} | {{t\|3.5%\|e5ipnc-w6s4}} | {{t\|2.7%\|e5ipnc-bdrw}} | {{t\|2.9%\|e5ipnc-akb3}} | {{t\|2.7%\|e5ipnc-4iqj}} | {{t\|4.0%\|e5ipnc-8095}} | {{t\|4.1%\|e5ipnc-n476}} | {{t\|3.8%\|e5ipnc-shih}} | {{t\|10.6%\|e5ipnc-8p7r}} | {{t\|10.4%\|e5ipnc-89va}} | {{t\|9.2%\|e5ipnc-dmys}} | — | — | — | | Short-term Business — Current Accident Year Discounting | {{t\|-3.9%\|e5ipnc-me46}} | {{t\|-3.6%\|e5ipnc-y6ew}} | {{t\|-3.9%\|e5ipnc-8oe0}} | {{t\|-3.7%\|e5ipnc-uo7f}} | {{t\|-3.5%\|e5ipnc-trbp}} | {{t\|-3.9%\|e5ipnc-6w7d}} | {{t\|-3.0%\|e5ipnc-m7gs}} | {{t\|-2.6%\|e5ipnc-3lxh}} | {{t\|-2.6%\|e5ipnc-i9lo}} | {{t\|-8.8%\|e5ipnc-n04n}} | {{t\|-7.7%\|e5ipnc-mrjp}} | {{t\|-7.8%\|e5ipnc-s59a}} | — | — | — | | Short-term Business — Prior Year Reserve Development Ratio | {{t\|-1.5%\|e5ipnc-zuvw}} | {{t\|-1.6%\|e5ipnc-0nbx}} | {{t\|-1.1%\|e5ipnc-4hvj}} | {{t\|-1.1%\|e5ipnc-px2f}} | {{t\|-1.2%\|e5ipnc-xv5n}} | {{t\|-1.3%\|e5ipnc-ujmn}} | {{t\|-2.3%\|e5ipnc-9wi2}} | {{t\|-1.8%\|e5ipnc-9z5p}} | {{t\|-0.6%\|e5ipnc-6pug}} | {{t\|-1.1%\|e5ipnc-x4pz}} | {{t\|-0.8%\|e5ipnc-vw38}} | {{t\|-0.3%\|e5ipnc-dyfi}} | — | — | — | | Short-term Business — Expense Ratio | {{t\|24.7%\|e5ipnc-zh7c}} | {{t\|25.0%\|e5ipnc-137z}} | {{t\|24.5%\|e5ipnc-xkyu}} | {{t\|23.1%\|e5ipnc-6hvw}} | {{t\|23.6%\|e5ipnc-1n2r}} | {{t\|23.2%\|e5ipnc-emkd}} | {{t\|25.5%\|e5ipnc-x4mg}} | {{t\|25.7%\|e5ipnc-g0di}} | {{t\|25.1%\|e5ipnc-r1xc}} | {{t\|10.0%\|e5ipnc-ua2s}} | {{t\|9.9%\|e5ipnc-d6dm}} | {{t\|9.1%\|e5ipnc-j18h}} | — | — | — | | Short-term Business — Combined Ratio | {{t\|90.2%\|e5ipnc-jt78}} | {{t\|91.0%\|e5ipnc-0mya}} | {{t\|90.0%\|e5ipnc-8fbe}} | {{t\|90.1%\|e5ipnc-ziso}} | {{t\|91.1%\|e5ipnc-nqa9}} | {{t\|89.9%\|e5ipnc-s02s}} | {{t\|92.9%\|e5ipnc-y7xl}} | {{t\|93.9%\|e5ipnc-ibpn}} | {{t\|93.3%\|e5ipnc-u8pa}} | {{t\|78.7%\|e5ipnc-d09t}} | {{t\|79.7%\|e5ipnc-43sj}} | {{t\|79.6%\|e5ipnc-1xg6}} | — | — | — | | Short-term Business — Technical Margin | {{t\|2,682\|e5ipnc-zk72}} | {{t\|5,006\|e5ipnc-7a6r}} | {{t\|2,859\|e5ipnc-798j}} | {{t\|1,850\|e5ipnc-yvao}} | {{t\|3,372\|e5ipnc-bin0}} | {{t\|1,968\|e5ipnc-2eky}} | {{t\|645\|e5ipnc-bshb}} | {{t\|1,136\|e5ipnc-e0za}} | {{t\|638\|e5ipnc-xl36}} | {{t\|246\|e5ipnc-hopy}} | {{t\|486\|e5ipnc-fqxx}} | {{t\|265\|e5ipnc-ou2n}} | {{t\|-60\|e5ipnc-etsp}} | {{t\|12\|e5ipnc-we0h}} | {{t\|-12\|e5ipnc-kk3b}} | | Financial Result & Other — Financial Result | {{t\|1,324\|e5ipnc-rbmy}} | {{t\|2,559\|e5ipnc-9byu}} | {{t\|1,343\|e5ipnc-ymu2}} | {{t\|993\|e5ipnc-kv4r}} | {{t\|1,831\|e5ipnc-24x6}} | {{t\|1,004\|e5ipnc-upj9}} | {{t\|240\|e5ipnc-s93j}} | {{t\|538\|e5ipnc-e9fk}} | {{t\|275\|e5ipnc-7798}} | {{t\|119\|e5ipnc-a8vn}} | {{t\|210\|e5ipnc-mqbw}} | {{t\|85\|e5ipnc-ukdq}} | {{t\|-28\|e5ipnc-nudu}} | {{t\|-20\|e5ipnc-zqjd}} | {{t\|-20\|e5ipnc-24q3}} | | Financial Result & Other — Investment Income | {{t\|1,967\|e5ipnc-3lhs}} | {{t\|3,731\|e5ipnc-yi7k}} | {{t\|2,088\|e5ipnc-3f4h}} | {{t\|1,427\|e5ipnc-f6f2}} | {{t\|2,625\|e5ipnc-6epg}} | {{t\|1,512\|e5ipnc-mdmi}} | {{t\|366\|e5ipnc-yu7p}} | {{t\|761\|e5ipnc-dsoa}} | {{t\|422\|e5ipnc-dizu}} | {{t\|202\|e5ipnc-n0p4}} | {{t\|365\|e5ipnc-n1ej}} | {{t\|174\|e5ipnc-x2bh}} | {{t\|-28\|e5ipnc-c30f}} | {{t\|-20\|e5ipnc-sb0t}} | {{t\|-20\|e5ipnc-p3us}} | | Financial Result & Other — Insurance Finance Expenses | {{t\|-643\|e5ipnc-mp3z}} | {{t\|-1,172\|e5ipnc-7em1}} | {{t\|-745\|e5ipnc-shdm}} | {{t\|-434\|e5ipnc-gtc4}} | {{t\|-794\|e5ipnc-i9mw}} | {{t\|-508\|e5ipnc-dkws}} | {{t\|-126\|e5ipnc-a7y9}} | {{t\|-223\|e5ipnc-h4do}} | {{t\|-148\|e5ipnc-ts0f}} | {{t\|-83\|e5ipnc-kf43}} | {{t\|-155\|e5ipnc-8u85}} | {{t\|-90\|e5ipnc-rsty}} | {{t\|0\|e5ipnc-0ldm}} | {{t\|0\|e5ipnc-xok8}} | {{t\|0\|e5ipnc-bj2n}} | | Debt Financing Charges — {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|4,006\|e5ipnc-cz9r}} | {{t\|7,565\|e5ipnc-c2g7}} | {{t\|4,202\|e5ipnc-0tkc}} | {{t\|2,843\|e5ipnc-wqsf}} | {{t\|5,203\|e5ipnc-ddad}} | {{t\|2,973\|e5ipnc-f9cp}} | {{t\|886\|e5ipnc-fvg3}} | {{t\|1,674\|e5ipnc-88yr}} | {{t\|913\|e5ipnc-s7m8}} | {{t\|365\|e5ipnc-cdmu}} | {{t\|696\|e5ipnc-bh8z}} | {{t\|349\|e5ipnc-47cu}} | {{t\|-87\|e5ipnc-7lgs}} | {{t\|-8\|e5ipnc-nbna}} | {{t\|-33\|e5ipnc-zqy9}} | | Debt Financing Charges — Tax | {{t\|-1,046\|e5ipnc-pb46}} | {{t\|-1,952\|e5ipnc-3j1c}} | {{t\|-1,074\|e5ipnc-tdc4}} | — | — | — | — | — | — | — | — | — | — | — | — | | Debt Financing Charges — Income from Affiliates & Other | {{t\|2\|e5ipnc-gxz8}} | {{t\|3\|e5ipnc-v2tg}} | {{t\|1\|e5ipnc-du2q}} | — | — | — | — | — | — | — | — | — | — | — | — | | Debt Financing Charges — Minority Interests | {{t\|-56\|e5ipnc-eoao}} | {{t\|-106\|e5ipnc-123y}} | {{t\|-63\|e5ipnc-eioa}} | — | — | — | — | — | — | — | — | — | — | — | — | | Debt Financing Charges — {{t\|Underlying Earnings Group share\|\|Underlying earnings}} | {{t\|2,908\|e5ipnc-lq8q}} | {{t\|5,510\|e5ipnc-a76j}} | {{t\|3,067\|e5ipnc-9hb8}} | — | — | — | — | — | — | — | — | — | — | — | — | | **Debt Financing Charges — Closing Invested Assets** | {{t\|113,515\|e5ipnc-jf5w}} | {{t\|118,104\|e5ipnc-dbqt}} | {{t\|116,895\|e5ipnc-xjc5}} | — | — | — | — | — | — | — | — | — | — | — | — | | Debt Financing Charges — o/w VFA | {{t\|0\|e5ipnc-q2kb}} | {{t\|0\|e5ipnc-b2yz}} | {{t\|0\|e5ipnc-13nf}} | — | — | — | — | — | — | — | — | — | — | — | — | | Debt Financing Charges — o/w Non VFA | {{t\|113,515\|e5ipnc-9wd2}} | {{t\|118,104\|e5ipnc-902v}} | {{t\|116,895\|e5ipnc-5lsb}} | — | — | — | — | — | — | — | — | — | — | — | — | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | {{t\|19,284\|e5ipnc-qgdp}} | {{t\|16,006\|e5ipnc-wse7}} | {{t\|19,766\|e5ipnc-ub6d}} | {{t\|12,070\|e5ipnc-qw49}} | {{t\|9,480\|e5ipnc-zcr8}} | {{t\|12,240\|e5ipnc-rivd}} | {{t\|6,369\|e5ipnc-dueu}} | {{t\|5,478\|e5ipnc-pt9x}} | {{t\|6,831\|e5ipnc-l7j9}} | {{t\|1,572\|e5ipnc-e9bb}} | {{t\|1,075\|e5ipnc-zcxs}} | {{t\|1,436\|e5ipnc-i2jc}} | {{t\|-728\|e5ipnc-5015}} | {{t\|-27\|e5ipnc-4f8l}} | {{t\|-740\|e5ipnc-0uti}} | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | {{t\|69,800\|e5ipnc-yccb}} | {{t\|71,751\|e5ipnc-av2x}} | {{t\|70,215\|e5ipnc-1awp}} | {{t\|45,710\|e5ipnc-pv92}} | {{t\|46,570\|e5ipnc-4dne}} | {{t\|46,591\|e5ipnc-eyc2}} | {{t\|17,809\|e5ipnc-v3hx}} | {{t\|18,308\|e5ipnc-40kw}} | {{t\|17,781\|e5ipnc-p0p3}} | {{t\|6,704\|e5ipnc-dkyx}} | {{t\|6,830\|e5ipnc-ve8o}} | {{t\|6,290\|e5ipnc-h8gw}} | {{t\|-423\|e5ipnc-5t7o}} | {{t\|43\|e5ipnc-6i9r}} | {{t\|-447\|e5ipnc-kowf}} |" id "e5ipnc-c6" chunk 6 pages 6 heading "P&C UE by Geography" tags Empty array links "AXA France" "AXA Europe" "AXA XL" "AXA Asia, Africa & EME-LATAM" "AXA Transversal & Other" "Full year 2024" "Other revenue" "Underlying earnings" data_items Empty array effective_tags "AXA" "AXA Asia, Africa & EME-LATAM" "AXA Europe" "AXA France" "AXA Transversal & Other" "AXA XL" "Full year 2024" "Other revenue" "Underlying earnings" content "**Property & casualty underlying earnings build-up by geography.** | In EUR million | Total 1H24 | Total {{t\|FY24\|\|Full year 2024}} | Total 1H25 | {{t\|France\|\|AXA France}} 1H24 | {{t\|France\|\|AXA France}} {{t\|FY24\|\|Full year 2024}} | {{t\|France\|\|AXA France}} 1H25 | {{t\|Europe\|\|AXA Europe}} 1H24 | {{t\|Europe\|\|AXA Europe}} {{t\|FY24\|\|Full year 2024}} | {{t\|Europe\|\|AXA Europe}} 1H25 | {{t\|AXA XL\|\|AXA XL}} 1H24 | {{t\|AXA XL\|\|AXA XL}} o/w {{t\|AXA XL\|\|AXA XL}} Insurance | {{t\|AXA XL\|\|AXA XL}} {{t\|FY24\|\|Full year 2024}} | {{t\|AXA XL\|\|AXA XL}} o/w {{t\|AXA XL\|\|AXA XL}} Insurance | {{t\|AXA XL\|\|AXA XL}} 1H25 | {{t\|AXA XL\|\|AXA XL}} o/w {{t\|AXA XL\|\|AXA XL}} Insurance | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H24 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} {{t\|FY24\|\|Full year 2024}} | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H25 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H24 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} {{t\|FY24\|\|Full year 2024}} | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | {{t\|27,294\|e5ipnc-a8sp}} | {{t\|55,898\|e5ipnc-k458}} | {{t\|28,697\|e5ipnc-pwsv}} | {{t\|4,393\|e5ipnc-kti8}} | {{t\|9,194\|e5ipnc-s11x}} | {{t\|4,697\|e5ipnc-k91r}} | {{t\|10,060\|e5ipnc-gvvm}} | {{t\|20,400\|e5ipnc-p8rd}} | {{t\|10,610\|e5ipnc-vhhw}} | {{t\|9,022\|e5ipnc-i39c}} | {{t\|7,867\|e5ipnc-36sd}} | {{t\|18,530\|e5ipnc-n1m9}} | {{t\|16,136\|e5ipnc-xwiq}} | {{t\|9,428\|e5ipnc-2uya}} | {{t\|8,129\|e5ipnc-ko6i}} | {{t\|2,855\|e5ipnc-nr2a}} | {{t\|5,825\|e5ipnc-jxhh}} | {{t\|2,975\|e5ipnc-srg6}} | {{t\|963\|e5ipnc-1pi4}} | {{t\|1,948\|e5ipnc-tb2s}} | {{t\|987\|e5ipnc-csxk}} | | Short-term Business — Current Accident Year Loss Ratio | {{t\|67.0%\|e5ipnc-8nwh}} | {{t\|67.7%\|e5ipnc-zf95}} | {{t\|66.7%\|e5ipnc-zmyf}} | {{t\|69.4%\|e5ipnc-he04}} | {{t\|68.9%\|e5ipnc-ydq0}} | {{t\|70.6%\|e5ipnc-r7bd}} | {{t\|66.5%\|e5ipnc-m4vr}} | {{t\|66.9%\|e5ipnc-y716}} | {{t\|64.7%\|e5ipnc-ys6j}} | {{t\|67.5%\|e5ipnc-htuc}} | {{t\|67.2%\|e5ipnc-u7ts}} | {{t\|69.2%\|e5ipnc-6k5l}} | {{t\|69.0%\|e5ipnc-0kcf}} | {{t\|68.4%\|e5ipnc-jmto}} | {{t\|68.0%\|e5ipnc-a7g7}} | {{t\|68.6%\|e5ipnc-0644}} | {{t\|69.3%\|e5ipnc-j2vc}} | {{t\|68.2%\|e5ipnc-cpk0}} | {{t\|53.2%\|e5ipnc-f1um}} | {{t\|51.0%\|e5ipnc-tcrh}} | {{t\|48.0%\|e5ipnc-wejb}} | | Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | {{t\|67.4%\|e5ipnc-cdgm}} | {{t\|67.4%\|e5ipnc-o79q}} | {{t\|67.0%\|e5ipnc-fb0g}} | {{t\|71.3%\|e5ipnc-1qst}} | {{t\|69.7%\|e5ipnc-5mmi}} | {{t\|70.6%\|e5ipnc-fj1r}} | {{t\|65.0%\|e5ipnc-j30y}} | {{t\|65.5%\|e5ipnc-ix70}} | {{t\|64.1%\|e5ipnc-ev94}} | {{t\|68.8%\|e5ipnc-bqaa}} | {{t\|68.9%\|e5ipnc-vib5}} | {{t\|69.3%\|e5ipnc-g4hy}} | {{t\|69.5%\|e5ipnc-bl8u}} | {{t\|69.7%\|e5ipnc-45eh}} | {{t\|69.8%\|e5ipnc-4wfn}} | {{t\|70.0%\|e5ipnc-4evb}} | {{t\|70.4%\|e5ipnc-msuq}} | {{t\|69.7%\|e5ipnc-jac4}} | {{t\|52.9%\|e5ipnc-siat}} | {{t\|51.1%\|e5ipnc-u1zy}} | {{t\|48.0%\|e5ipnc-zbdb}} | | Short-term Business — Undiscounted Current Accident Year Nat Cats | {{t\|3.6%\|e5ipnc-85xh}} | {{t\|3.8%\|e5ipnc-k8vu}} | {{t\|3.5%\|e5ipnc-q7qf}} | {{t\|3.4%\|e5ipnc-wyvw}} | {{t\|3.8%\|e5ipnc-curw}} | {{t\|4.8%\|e5ipnc-mhpf}} | {{t\|4.5%\|e5ipnc-qelq}} | {{t\|4.1%\|e5ipnc-k2oo}} | {{t\|3.3%\|e5ipnc-uc6b}} | {{t\|3.8%\|e5ipnc-1tse}} | {{t\|2.8%\|e5ipnc-ws4p}} | {{t\|4.6%\|e5ipnc-eve5}} | {{t\|3.8%\|e5ipnc-zj14}} | {{t\|4.2%\|e5ipnc-mkqw}} | {{t\|3.4%\|e5ipnc-akwh}} | {{t\|0.8%\|e5ipnc-m4ib}} | {{t\|0.9%\|e5ipnc-lhle}} | {{t\|0.8%\|e5ipnc-tcof}} | {{t\|1.4%\|e5ipnc-uo2d}} | {{t\|1.1%\|e5ipnc-d7j2}} | {{t\|1.3%\|e5ipnc-d2ft}} | | Short-term Business — Current Accident Year Discounting | {{t\|-3.9%\|e5ipnc-6iw0}} | {{t\|-3.6%\|e5ipnc-jct8}} | {{t\|-3.9%\|e5ipnc-lrfi}} | {{t\|-5.3%\|e5ipnc-icvh}} | {{t\|-4.6%\|e5ipnc-j39u}} | {{t\|-4.8%\|e5ipnc-asiq}} | {{t\|-3.1%\|e5ipnc-ofnr}} | {{t\|-2.8%\|e5ipnc-4cch}} | {{t\|-2.7%\|e5ipnc-uy79}} | {{t\|-5.1%\|e5ipnc-3gtw}} | {{t\|-4.6%\|e5ipnc-98tv}} | {{t\|-4.7%\|e5ipnc-5wnr}} | {{t\|-4.2%\|e5ipnc-aem4}} | {{t\|-5.5%\|e5ipnc-n0s6}} | {{t\|-5.2%\|e5ipnc-2vuh}} | {{t\|-2.2%\|e5ipnc-1e2t}} | {{t\|-2.0%\|e5ipnc-rzfo}} | {{t\|-2.3%\|e5ipnc-vwjb}} | {{t\|-1.1%\|e5ipnc-i5ob}} | {{t\|-1.2%\|e5ipnc-wgbw}} | {{t\|-1.2%\|e5ipnc-vyql}} | | Short-term Business — Prior Year Reserve Development Ratio | {{t\|-1.5%\|e5ipnc-1wd2}} | {{t\|-1.6%\|e5ipnc-u3se}} | {{t\|-1.1%\|e5ipnc-gqlw}} | {{t\|-3.5%\|e5ipnc-hk3g}} | {{t\|-3.9%\|e5ipnc-gyp4}} | {{t\|-2.6%\|e5ipnc-bh3h}} | {{t\|-2.1%\|e5ipnc-sbke}} | {{t\|-2.1%\|e5ipnc-87v0}} | {{t\|-1.1%\|e5ipnc-fpli}} | {{t\|-0.1%\|e5ipnc-tyex}} | {{t\|0.0%\|e5ipnc-krsg}} | {{t\|-0.1%\|e5ipnc-hlj6}} | {{t\|0.0%\|e5ipnc-b2r4}} | {{t\|-0.2%\|e5ipnc-4q75}} | {{t\|-0.2%\|e5ipnc-7cxt}} | {{t\|-0.1%\|e5ipnc-an20}} | {{t\|0.1%\|e5ipnc-kxex}} | {{t\|-1.0%\|e5ipnc-lnpf}} | {{t\|-3.7%\|e5ipnc-q0dp}} | {{t\|-5.7%\|e5ipnc-cap6}} | {{t\|-4.0%\|e5ipnc-jyij}} | | Short-term Business — Expense Ratio | {{t\|24.7%\|e5ipnc-02mz}} | {{t\|25.0%\|e5ipnc-b159}} | {{t\|24.5%\|e5ipnc-wjux}} | {{t\|21.9%\|e5ipnc-vups}} | {{t\|21.9%\|e5ipnc-vgx1}} | {{t\|20.7%\|e5ipnc-jnan}} | {{t\|25.9%\|e5ipnc-iwbx}} | {{t\|26.2%\|e5ipnc-tac0}} | {{t\|26.0%\|e5ipnc-n7gj}} | {{t\|20.3%\|e5ipnc-1v0t}} | {{t\|21.8%\|e5ipnc-4ylg}} | {{t\|21.0%\|e5ipnc-1rn6}} | {{t\|22.7%\|e5ipnc-o31r}} | {{t\|20.4%\|e5ipnc-6n3s}} | {{t\|22.2%\|e5ipnc-viyu}} | {{t\|29.4%\|e5ipnc-300r}} | {{t\|29.6%\|e5ipnc-fwof}} | {{t\|29.0%\|e5ipnc-s0qz}} | {{t\|50.5%\|e5ipnc-ds5q}} | {{t\|50.9%\|e5ipnc-27f4}} | {{t\|52.5%\|e5ipnc-scnm}} | | Short-term Business — Combined Ratio | {{t\|90.2%\|e5ipnc-91g9}} | {{t\|91.0%\|e5ipnc-wfmc}} | {{t\|90.0%\|e5ipnc-aaob}} | {{t\|87.8%\|e5ipnc-d3sa}} | {{t\|86.8%\|e5ipnc-hlqf}} | {{t\|88.6%\|e5ipnc-q7df}} | {{t\|90.3%\|e5ipnc-38am}} | {{t\|91.0%\|e5ipnc-hu23}} | {{t\|89.6%\|e5ipnc-c72i}} | {{t\|87.7%\|e5ipnc-wzj6}} | {{t\|89.0%\|e5ipnc-cbv9}} | {{t\|90.2%\|e5ipnc-ynty}} | {{t\|91.7%\|e5ipnc-1516}} | {{t\|88.6%\|e5ipnc-a75a}} | {{t\|90.0%\|e5ipnc-28dq}} | {{t\|98.0%\|e5ipnc-hthf}} | {{t\|99.1%\|e5ipnc-34qq}} | {{t\|96.2%\|e5ipnc-hm76}} | {{t\|100.1%\|e5ipnc-futd}} | {{t\|96.2%\|e5ipnc-fw1t}} | {{t\|96.5%\|e5ipnc-qmf8}} | | Short-term Business — Technical Margin | {{t\|2,682\|e5ipnc-qqdx}} | {{t\|5,006\|e5ipnc-940e}} | {{t\|2,859\|e5ipnc-4mnr}} | {{t\|538\|e5ipnc-lv1f}} | {{t\|1,212\|e5ipnc-9gtt}} | {{t\|533\|e5ipnc-3x1o}} | {{t\|977\|e5ipnc-nh2e}} | {{t\|1,844\|e5ipnc-okpo}} | {{t\|1,104\|e5ipnc-bixz}} | {{t\|1,111\|e5ipnc-9d1u}} | {{t\|865\|e5ipnc-adm2}} | {{t\|1,820\|e5ipnc-ehmq}} | {{t\|1,335\|e5ipnc-6rtd}} | {{t\|1,074\|e5ipnc-j3a4}} | {{t\|809\|e5ipnc-g03q}} | {{t\|57\|e5ipnc-my2t}} | {{t\|55\|e5ipnc-0tvi}} | {{t\|114\|e5ipnc-encj}} | {{t\|-1\|e5ipnc-u1na}} | {{t\|74\|e5ipnc-r3f0}} | {{t\|35\|e5ipnc-q61s}} | | Financial Result & Other — Financial Result | {{t\|1,324\|e5ipnc-p5xr}} | {{t\|2,559\|e5ipnc-pbwf}} | {{t\|1,343\|e5ipnc-axxm}} | {{t\|251\|e5ipnc-0btb}} | {{t\|421\|e5ipnc-op97}} | {{t\|261\|e5ipnc-ua4l}} | {{t\|473\|e5ipnc-h75o}} | {{t\|912\|e5ipnc-zmbz}} | {{t\|461\|e5ipnc-mhyl}} | {{t\|273\|e5ipnc-993y}} | {{t\|159\|e5ipnc-o3dd}} | {{t\|596\|e5ipnc-03h0}} | {{t\|387\|e5ipnc-ho74}} | {{t\|298\|e5ipnc-atg2}} | {{t\|213\|e5ipnc-hv8y}} | {{t\|242\|e5ipnc-stjz}} | {{t\|484\|e5ipnc-h39v}} | {{t\|261\|e5ipnc-62v4}} | {{t\|86\|e5ipnc-f70n}} | {{t\|146\|e5ipnc-3h5k}} | {{t\|62\|e5ipnc-p4n4}} | | Financial Result & Other — Investment Income | {{t\|1,967\|e5ipnc-pwe9}} | {{t\|3,731\|e5ipnc-ol79}} | {{t\|2,088\|e5ipnc-uj51}} | {{t\|334\|e5ipnc-sxee}} | {{t\|572\|e5ipnc-pz5e}} | {{t\|373\|e5ipnc-1q8i}} | {{t\|658\|e5ipnc-i92k}} | {{t\|1,244\|e5ipnc-ref2}} | {{t\|667\|e5ipnc-2udk}} | {{t\|614\|e5ipnc-6ol4}} | {{t\|416\|e5ipnc-85v1}} | {{t\|1,233\|e5ipnc-26y7}} | {{t\|868\|e5ipnc-5qx9}} | {{t\|681\|e5ipnc-7bkj}} | {{t\|507\|e5ipnc-5jor}} | {{t\|261\|e5ipnc-ozvq}} | {{t\|518\|e5ipnc-d4rr}} | {{t\|292\|e5ipnc-tmno}} | {{t\|100\|e5ipnc-ton7}} | {{t\|164\|e5ipnc-qj5g}} | {{t\|74\|e5ipnc-quqp}} | | Financial Result & Other — Insurance Finance Expenses | {{t\|-643\|e5ipnc-339e}} | {{t\|-1,172\|e5ipnc-kp2k}} | {{t\|-745\|e5ipnc-ysvc}} | {{t\|-83\|e5ipnc-39im}} | {{t\|-151\|e5ipnc-gyd6}} | {{t\|-112\|e5ipnc-853c}} | {{t\|-185\|e5ipnc-mjbf}} | {{t\|-332\|e5ipnc-n4ue}} | {{t\|-206\|e5ipnc-h776}} | {{t\|-341\|e5ipnc-ga26}} | {{t\|-257\|e5ipnc-8vns}} | {{t\|-637\|e5ipnc-a68m}} | {{t\|-481\|e5ipnc-c7lj}} | {{t\|-384\|e5ipnc-w56o}} | {{t\|-294\|e5ipnc-rjqj}} | {{t\|-20\|e5ipnc-57uy}} | {{t\|-35\|e5ipnc-ledb}} | {{t\|-31\|e5ipnc-865c}} | {{t\|-14\|e5ipnc-f5z8}} | {{t\|-18\|e5ipnc-ilto}} | {{t\|-12\|e5ipnc-e5o5}} | | Debt Financing Charges — {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|4,006\|e5ipnc-22td}} | {{t\|7,565\|e5ipnc-4qfe}} | {{t\|4,202\|e5ipnc-koa0}} | {{t\|788\|e5ipnc-hjjl}} | {{t\|1,633\|e5ipnc-fw1u}} | {{t\|794\|e5ipnc-oxjm}} | {{t\|1,450\|e5ipnc-zeyt}} | {{t\|2,757\|e5ipnc-duj4}} | {{t\|1,564\|e5ipnc-vy7v}} | {{t\|1,384\|e5ipnc-bes7}} | {{t\|1,024\|e5ipnc-3sq7}} | {{t\|2,417\|e5ipnc-jg83}} | {{t\|1,721\|e5ipnc-been}} | {{t\|1,372\|e5ipnc-e24k}} | {{t\|1,022\|e5ipnc-janw}} | {{t\|299\|e5ipnc-i6t6}} | {{t\|539\|e5ipnc-7y65}} | {{t\|375\|e5ipnc-rzse}} | {{t\|85\|e5ipnc-10pi}} | {{t\|220\|e5ipnc-s5ut}} | {{t\|97\|e5ipnc-xs7n}} | | Debt Financing Charges — Tax | {{t\|-1,046\|e5ipnc-p0fk}} | {{t\|-1,952\|e5ipnc-xd4s}} | {{t\|-1,074\|e5ipnc-4mip}} | {{t\|-249\|e5ipnc-scvi}} | {{t\|-472\|e5ipnc-2sgq}} | {{t\|-220\|e5ipnc-5vhx}} | {{t\|-352\|e5ipnc-pbre}} | {{t\|-671\|e5ipnc-hjkd}} | {{t\|-384\|e5ipnc-h83c}} | {{t\|-352\|e5ipnc-8e7c}} | {{t\|-257\|e5ipnc-l39y}} | {{t\|-588\|e5ipnc-kj4k}} | {{t\|-457\|e5ipnc-ou0e}} | {{t\|-339\|e5ipnc-4amv}} | {{t\|-252\|e5ipnc-abax}} | {{t\|-77\|e5ipnc-cuwr}} | {{t\|-159\|e5ipnc-ti5c}} | {{t\|-110\|e5ipnc-bnto}} | {{t\|-15\|e5ipnc-nion}} | {{t\|-62\|e5ipnc-3yvc}} | {{t\|-21\|e5ipnc-4h6w}} | | Debt Financing Charges — Income from Affiliates & Other | {{t\|2\|e5ipnc-8xg3}} | {{t\|3\|e5ipnc-zbcp}} | {{t\|1\|e5ipnc-olmw}} | {{t\|0\|e5ipnc-7zl9}} | {{t\|0\|e5ipnc-tuzc}} | {{t\|0\|e5ipnc-baym}} | {{t\|0\|e5ipnc-1pze}} | {{t\|0\|e5ipnc-kvgl}} | {{t\|0\|e5ipnc-hls7}} | {{t\|0\|e5ipnc-ld74}} | {{t\|0\|e5ipnc-mhv7}} | {{t\|0\|e5ipnc-mmrk}} | {{t\|0\|e5ipnc-muol}} | {{t\|0\|e5ipnc-h6lw}} | {{t\|0\|e5ipnc-m1dg}} | {{t\|2\|e5ipnc-yslx}} | {{t\|3\|e5ipnc-c5h9}} | {{t\|1\|e5ipnc-lzxa}} | {{t\|0\|e5ipnc-ztgk}} | {{t\|0\|e5ipnc-2d3a}} | {{t\|0\|e5ipnc-vxh4}} | | Debt Financing Charges — Minority Interests | {{t\|-56\|e5ipnc-r32w}} | {{t\|-106\|e5ipnc-8e1d}} | {{t\|-63\|e5ipnc-gapf}} | {{t\|0\|e5ipnc-tj5p}} | {{t\|0\|e5ipnc-v0h4}} | {{t\|0\|e5ipnc-0wqa}} | {{t\|-25\|e5ipnc-t690}} | {{t\|-57\|e5ipnc-79y5}} | {{t\|-28\|e5ipnc-izsn}} | {{t\|0\|e5ipnc-oe5y}} | {{t\|0\|e5ipnc-o6j1}} | {{t\|0\|e5ipnc-djxf}} | {{t\|0\|e5ipnc-20oo}} | {{t\|0\|e5ipnc-05st}} | {{t\|0\|e5ipnc-vlz4}} | {{t\|-30\|e5ipnc-x03e}} | {{t\|-49\|e5ipnc-p1od}} | {{t\|-34\|e5ipnc-hgy9}} | {{t\|0\|e5ipnc-o0m0}} | {{t\|0\|e5ipnc-nh88}} | {{t\|-1\|e5ipnc-oun8}} | | Debt Financing Charges — {{t\|Underlying Earnings Group share\|\|Underlying earnings}} | {{t\|2,908\|e5ipnc-acm2}} | {{t\|5,510\|e5ipnc-f87c}} | {{t\|3,067\|e5ipnc-wb3c}} | {{t\|539\|e5ipnc-z8tm}} | {{t\|1,161\|e5ipnc-nqxj}} | {{t\|574\|e5ipnc-27ba}} | {{t\|1,073\|e5ipnc-q5d2}} | {{t\|2,029\|e5ipnc-b2t6}} | {{t\|1,152\|e5ipnc-hren}} | {{t\|1,032\|e5ipnc-ezbt}} | {{t\|767\|e5ipnc-lr91}} | {{t\|1,828\|e5ipnc-96ui}} | {{t\|1,264\|e5ipnc-ajmc}} | {{t\|1,032\|e5ipnc-zbof}} | {{t\|770\|e5ipnc-kj4l}} | {{t\|194\|e5ipnc-a68f}} | {{t\|334\|e5ipnc-z5ii}} | {{t\|233\|e5ipnc-2pkt}} | {{t\|70\|e5ipnc-2xg9}} | {{t\|158\|e5ipnc-a1r2}} | {{t\|75\|e5ipnc-kio3}} | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | {{t\|19,284\|e5ipnc-6fiz}} | {{t\|16,006\|e5ipnc-q45m}} | {{t\|19,766\|e5ipnc-gbaz}} | {{t\|2,153\|e5ipnc-3hkl}} | {{t\|1,712\|e5ipnc-ys2b}} | {{t\|2,221\|e5ipnc-c1qg}} | {{t\|7,151\|e5ipnc-4yf1}} | {{t\|5,166\|e5ipnc-nkxm}} | {{t\|7,591\|e5ipnc-naze}} | {{t\|7,478\|e5ipnc-3jv9}} | {{t\|5,905\|e5ipnc-3y6u}} | {{t\|7,028\|e5ipnc-kbu8}} | {{t\|5,948\|e5ipnc-7771}} | {{t\|7,315\|e5ipnc-xl90}} | {{t\|5,879\|e5ipnc-5cja}} | {{t\|1,802\|e5ipnc-j4fb}} | {{t\|1,834\|e5ipnc-kh13}} | {{t\|1,935\|e5ipnc-kktf}} | {{t\|700\|e5ipnc-meh6}} | {{t\|266\|e5ipnc-y1h0}} | {{t\|705\|e5ipnc-vkmf}} | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | {{t\|69,800\|e5ipnc-gnx3}} | {{t\|71,751\|e5ipnc-wjch}} | {{t\|70,215\|e5ipnc-ev0f}} | {{t\|13,485\|e5ipnc-oela}} | {{t\|13,889\|e5ipnc-jwgo}} | {{t\|13,900\|e5ipnc-fw2s}} | {{t\|24,834\|e5ipnc-f5yo}} | {{t\|25,955\|e5ipnc-662c}} | {{t\|26,003\|e5ipnc-ugfo}} | {{t\|24,865\|e5ipnc-6nzv}} | {{t\|18,223\|e5ipnc-p48t}} | {{t\|25,915\|e5ipnc-pb8f}} | {{t\|19,146\|e5ipnc-mr5e}} | {{t\|24,533\|e5ipnc-wxgy}} | {{t\|18,295\|e5ipnc-9b27}} | {{t\|3,385\|e5ipnc-m8mr}} | {{t\|3,640\|e5ipnc-hq86}} | {{t\|3,510\|e5ipnc-qg0w}} | {{t\|3,231\|e5ipnc-0djh}} | {{t\|2,351\|e5ipnc-cjfo}} | {{t\|2,269\|e5ipnc-qo6f}} |" id "e5ipnc-c7" chunk 7 pages 7 heading "L&H UE by LOB" tags Empty array links "Life & health" "Full year 2024" "Other revenue" "Underlying earnings" data_items Empty array effective_tags "Full year 2024" "Life & health" "Other revenue" "Underlying earnings" content "**Life & health underlying earnings build-up by line of business.** | In EUR million | Total 1H24 | Total {{t\|FY24\|\|Full year 2024}} | Total 1H25 | Life 1H24 | Life {{t\|FY24\|\|Full year 2024}} | Life 1H25 | Health 1H24 | Health {{t\|FY24\|\|Full year 2024}} | Health 1H25 | Employee Benefits* (out of Total {{t\|Life & Health\|\|Life & health}}) (4) 1H24 | Employee Benefits* (out of Total {{t\|Life & Health\|\|Life & health}}) {{t\|FY24\|\|Full year 2024}} | Employee Benefits* (out of Total {{t\|Life & Health\|\|Life & health}}) 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | {{t\|7,979\|e5ipnc-4dij}} | {{t\|16,207\|e5ipnc-re9n}} | {{t\|8,512\|e5ipnc-ciy4}} | {{t\|2,112\|e5ipnc-qdee}} | {{t\|4,247\|e5ipnc-w0sh}} | {{t\|2,211\|e5ipnc-phs4}} | {{t\|5,867\|e5ipnc-5s7x}} | {{t\|11,960\|e5ipnc-fidl}} | {{t\|6,301\|e5ipnc-9hke}} | {{t\|5,592\|e5ipnc-7pcn}} | {{t\|11,482\|e5ipnc-9kby}} | {{t\|5,931\|e5ipnc-kij7}} | | Short-term Business — Combined Ratio | {{t\|97.6%\|e5ipnc-kaj0}} | {{t\|97.4%\|e5ipnc-i27t}} | {{t\|97.1%\|e5ipnc-kxwo}} | {{t\|94.5%\|e5ipnc-odsr}} | {{t\|95.5%\|e5ipnc-pnk8}} | {{t\|95.2%\|e5ipnc-vstm}} | {{t\|98.6%\|e5ipnc-gum5}} | {{t\|98.1%\|e5ipnc-oikv}} | {{t\|97.8%\|e5ipnc-7g16}} | {{t\|98.2%\|e5ipnc-28i3}} | {{t\|97.8%\|e5ipnc-x7sw}} | {{t\|97.4%\|e5ipnc-35oz}} | | Short-term Business — Technical Margin | {{t\|195\|e5ipnc-xly4}} | {{t\|415\|e5ipnc-gwt6}} | {{t\|248\|e5ipnc-gfc5}} | {{t\|116\|e5ipnc-dikj}} | {{t\|191\|e5ipnc-y22l}} | {{t\|107\|e5ipnc-yftp}} | {{t\|79\|e5ipnc-7x1e}} | {{t\|224\|e5ipnc-vd8o}} | {{t\|141\|e5ipnc-ax6k}} | {{t\|101\|e5ipnc-ui3d}} | {{t\|248\|e5ipnc-he8p}} | {{t\|156\|e5ipnc-or15}} | | Long-term Business — CSM Release | {{t\|1,395\|e5ipnc-pb0l}} | {{t\|2,775\|e5ipnc-uwtb}} | {{t\|1,428\|e5ipnc-xlzo}} | {{t\|1,136\|e5ipnc-kf98}} | {{t\|2,253\|e5ipnc-gqpj}} | {{t\|1,158\|e5ipnc-86vr}} | {{t\|259\|e5ipnc-vzcf}} | {{t\|522\|e5ipnc-m3zq}} | {{t\|270\|e5ipnc-9cxm}} | {{t\|58\|e5ipnc-a8xo}} | {{t\|110\|e5ipnc-u4md}} | {{t\|59\|e5ipnc-pnxu}} | | Long-term Business — Technical Experience | {{t\|-64\|e5ipnc-t2dr}} | {{t\|-95\|e5ipnc-3tsj}} | {{t\|-30\|e5ipnc-gtzj}} | {{t\|-71\|e5ipnc-8yzm}} | {{t\|-98\|e5ipnc-ydrs}} | {{t\|-28\|e5ipnc-hgrf}} | {{t\|7\|e5ipnc-n8lf}} | {{t\|3\|e5ipnc-tcq3}} | {{t\|-2\|e5ipnc-zk4j}} | {{t\|17\|e5ipnc-s7ou}} | {{t\|37\|e5ipnc-rcrx}} | {{t\|22\|e5ipnc-94s2}} | | Long-term Business — Actual vs. Expected Cash Flows | {{t\|9\|e5ipnc-gc0q}} | {{t\|-15\|e5ipnc-r7w6}} | {{t\|12\|e5ipnc-wnrm}} | {{t\|-4\|e5ipnc-cgmb}} | {{t\|-33\|e5ipnc-jii7}} | {{t\|10\|e5ipnc-vxh8}} | {{t\|13\|e5ipnc-rl4l}} | {{t\|18\|e5ipnc-cyok}} | {{t\|2\|e5ipnc-avvl}} | {{t\|-3\|e5ipnc-5ntx}} | {{t\|-2\|e5ipnc-sml5}} | {{t\|-5\|e5ipnc-ce6o}} | | Long-term Business — Risk Adjustment Release | {{t\|30\|e5ipnc-8qrq}} | {{t\|59\|e5ipnc-4d7d}} | {{t\|44\|e5ipnc-0o92}} | {{t\|25\|e5ipnc-a8ws}} | {{t\|51\|e5ipnc-xpw9}} | {{t\|37\|e5ipnc-08q0}} | {{t\|4\|e5ipnc-zboc}} | {{t\|8\|e5ipnc-jwj2}} | {{t\|7\|e5ipnc-tvr7}} | {{t\|2\|e5ipnc-oh92}} | {{t\|4\|e5ipnc-y5pl}} | {{t\|7\|e5ipnc-99uj}} | | Long-term Business — Changes in Onerous Contracts | {{t\|-32\|e5ipnc-maek}} | {{t\|6\|e5ipnc-fvd5}} | {{t\|-12\|e5ipnc-81ar}} | {{t\|-30\|e5ipnc-z1vs}} | {{t\|9\|e5ipnc-33wb}} | {{t\|-10\|e5ipnc-c3ku}} | {{t\|-1\|e5ipnc-xn5k}} | {{t\|-2\|e5ipnc-8rvw}} | {{t\|-2\|e5ipnc-c8c5}} | {{t\|0\|e5ipnc-nhrf}} | {{t\|0\|e5ipnc-4svd}} | {{t\|0\|e5ipnc-yllh}} | | Long-term Business — Other Long-term | {{t\|-72\|e5ipnc-97n8}} | {{t\|-145\|e5ipnc-yo36}} | {{t\|-74\|e5ipnc-jtah}} | {{t\|-63\|e5ipnc-0531}} | {{t\|-124\|e5ipnc-5aho}} | {{t\|-65\|e5ipnc-8he5}} | {{t\|-8\|e5ipnc-yxmj}} | {{t\|-21\|e5ipnc-ewho}} | {{t\|-9\|e5ipnc-erbi}} | {{t\|19\|e5ipnc-s9m5}} | {{t\|35\|e5ipnc-wevj}} | {{t\|20\|e5ipnc-1rrg}} | | Financial Result & Other — Financial Result | {{t\|536\|e5ipnc-rtud}} | {{t\|975\|e5ipnc-fzey}} | {{t\|563\|e5ipnc-gbll}} | {{t\|454\|e5ipnc-on95}} | {{t\|799\|e5ipnc-8e59}} | {{t\|462\|e5ipnc-by4p}} | {{t\|82\|e5ipnc-m8yv}} | {{t\|176\|e5ipnc-gpb2}} | {{t\|101\|e5ipnc-puiq}} | {{t\|75\|e5ipnc-2ogk}} | {{t\|157\|e5ipnc-idae}} | {{t\|91\|e5ipnc-pw0c}} | | Financial Result & Other — Investment Income | {{t\|1,319\|e5ipnc-noh7}} | {{t\|2,525\|e5ipnc-6nsm}} | {{t\|1,329\|e5ipnc-vav2}} | {{t\|1,159\|e5ipnc-wll6}} | {{t\|2,209\|e5ipnc-9bxn}} | {{t\|1,159\|e5ipnc-i6xa}} | {{t\|160\|e5ipnc-ru5d}} | {{t\|317\|e5ipnc-i8jt}} | {{t\|170\|e5ipnc-856f}} | {{t\|219\|e5ipnc-oc1r}} | {{t\|429\|e5ipnc-w4d5}} | {{t\|232\|e5ipnc-gi1a}} | | Financial Result & Other — Insurance Finance Expenses | {{t\|-783\|e5ipnc-1bpb}} | {{t\|-1,551\|e5ipnc-ywrk}} | {{t\|-767\|e5ipnc-340b}} | {{t\|-705\|e5ipnc-gvds}} | {{t\|-1,410\|e5ipnc-iivq}} | {{t\|-697\|e5ipnc-kb31}} | {{t\|-78\|e5ipnc-1nln}} | {{t\|-140\|e5ipnc-sqqp}} | {{t\|-69\|e5ipnc-0sjn}} | {{t\|-144\|e5ipnc-ynl0}} | {{t\|-272\|e5ipnc-t5d9}} | {{t\|-141\|e5ipnc-kq25}} | | Debt Financing Charges — {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|2,061\|e5ipnc-jvj9}} | {{t\|4,070\|e5ipnc-rra6}} | {{t\|2,209\|e5ipnc-ayj8}} | {{t\|1,634\|e5ipnc-qdm9}} | {{t\|3,145\|e5ipnc-944z}} | {{t\|1,699\|e5ipnc-p963}} | {{t\|427\|e5ipnc-4c7w}} | {{t\|925\|e5ipnc-zppn}} | {{t\|510\|e5ipnc-gzj1}} | {{t\|252\|e5ipnc-2xnh}} | {{t\|552\|e5ipnc-1g4s}} | {{t\|328\|e5ipnc-08x1}} | | Debt Financing Charges — Tax | {{t\|-412\|e5ipnc-qq10}} | {{t\|-874\|e5ipnc-p2ql}} | {{t\|-462\|e5ipnc-9nts}} | {{t\|-316\|e5ipnc-8dj5}} | {{t\|-635\|e5ipnc-p6g9}} | {{t\|-329\|e5ipnc-4hfc}} | {{t\|-96\|e5ipnc-jqsl}} | {{t\|-239\|e5ipnc-p6yi}} | {{t\|-133\|e5ipnc-pg80}} | {{t\|-46\|e5ipnc-wr97}} | {{t\|-111\|e5ipnc-6gcq}} | {{t\|-64\|e5ipnc-04ny}} | | Debt Financing Charges — Income from Affiliates & Other | {{t\|103\|e5ipnc-h4dd}} | {{t\|186\|e5ipnc-cvog}} | {{t\|101\|e5ipnc-twgd}} | {{t\|101\|e5ipnc-0rjh}} | {{t\|182\|e5ipnc-x4h8}} | {{t\|93\|e5ipnc-bbrq}} | {{t\|2\|e5ipnc-ld2k}} | {{t\|4\|e5ipnc-8dvo}} | {{t\|8\|e5ipnc-ihw4}} | — | — | — | | Debt Financing Charges — Minority Interests | {{t\|-27\|e5ipnc-txbs}} | {{t\|-60\|e5ipnc-xqpw}} | {{t\|-34\|e5ipnc-txsl}} | {{t\|-27\|e5ipnc-883m}} | {{t\|-56\|e5ipnc-th6h}} | {{t\|-30\|e5ipnc-9eca}} | {{t\|0\|e5ipnc-r6oo}} | {{t\|-4\|e5ipnc-86jb}} | {{t\|-3\|e5ipnc-v5by}} | — | — | — | | Debt Financing Charges — {{t\|Underlying Earnings Group share\|\|Underlying earnings}} | {{t\|1,725\|e5ipnc-uyn9}} | {{t\|3,323\|e5ipnc-3sut}} | {{t\|1,814\|e5ipnc-k37d}} | {{t\|1,392\|e5ipnc-ecus}} | {{t\|2,636\|e5ipnc-pqs3}} | {{t\|1,433\|e5ipnc-ross}} | {{t\|333\|e5ipnc-3xjs}} | {{t\|687\|e5ipnc-7mlj}} | {{t\|381\|e5ipnc-pjsv}} | {{t\|205\|e5ipnc-zqry}} | {{t\|441\|e5ipnc-xymu}} | {{t\|264\|e5ipnc-2rbh}} | | **Debt Financing Charges — Closing Invested Assets** | {{t\|329,460\|e5ipnc-kt3r}} | {{t\|345,008\|e5ipnc-0220}} | {{t\|338,447\|e5ipnc-495k}} | — | — | — | — | — | — | — | — | — | | Debt Financing Charges — o/w VFA | {{t\|234,783\|e5ipnc-qh4i}} | {{t\|230,205\|e5ipnc-470p}} | {{t\|229,844\|e5ipnc-uugm}} | — | — | — | — | — | — | — | — | — | | Debt Financing Charges — o/w Non VFA | {{t\|94,677\|e5ipnc-q8f8}} | {{t\|114,803\|e5ipnc-zypp}} | {{t\|108,603\|e5ipnc-si02}} | — | — | — | — | — | — | — | — | — | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | {{t\|2,446\|e5ipnc-kdxq}} | {{t\|2,096\|e5ipnc-gli2}} | {{t\|2,856\|e5ipnc-57pv}} | {{t\|157\|e5ipnc-rsuu}} | {{t\|96\|e5ipnc-qgee}} | {{t\|105\|e5ipnc-trih}} | {{t\|2,289\|e5ipnc-l8ka}} | {{t\|2,000\|e5ipnc-8q4r}} | {{t\|2,750\|e5ipnc-5i90}} | — | — | — | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | {{t\|13,876\|e5ipnc-lnkl}} | {{t\|14,162\|e5ipnc-paax}} | {{t\|13,960\|e5ipnc-3zoy}} | {{t\|11,589\|e5ipnc-umdh}} | {{t\|11,778\|e5ipnc-123j}} | {{t\|11,623\|e5ipnc-d4dc}} | {{t\|2,286\|e5ipnc-pxqw}} | {{t\|2,384\|e5ipnc-bdd0}} | {{t\|2,337\|e5ipnc-yg8l}} | — | — | — | | **For long-term business — Best Estimate Liabilities net of reinsurance** | {{t\|295,342\|e5ipnc-ixwj}} | {{t\|306,249\|e5ipnc-zn60}} | {{t\|301,040\|e5ipnc-v2tm}} | {{t\|275,276\|e5ipnc-9l1w}} | {{t\|285,391\|e5ipnc-nwxg}} | {{t\|280,314\|e5ipnc-fzkg}} | {{t\|20,066\|e5ipnc-bu7w}} | {{t\|20,858\|e5ipnc-oazs}} | {{t\|20,726\|e5ipnc-tjrn}} | — | — | — | | For long-term business — o/w VFA Gross of reinsurance | {{t\|264,013\|e5ipnc-hduh}} | {{t\|273,094\|e5ipnc-x04y}} | {{t\|266,960\|e5ipnc-h317}} | {{t\|243,037\|e5ipnc-reyq}} | {{t\|251,273\|e5ipnc-9u0l}} | {{t\|244,964\|e5ipnc-3is1}} | {{t\|20,977\|e5ipnc-2hgd}} | {{t\|21,821\|e5ipnc-gd8o}} | {{t\|21,996\|e5ipnc-na9w}} | — | — | — | | For long-term business — o/w BBA Gross of reinsurance | {{t\|50,097\|e5ipnc-e3uy}} | {{t\|51,845\|e5ipnc-jw9t}} | {{t\|51,524\|e5ipnc-rexw}} | {{t\|50,917\|e5ipnc-2ve8}} | {{t\|52,713\|e5ipnc-bgxu}} | {{t\|52,731\|e5ipnc-cllq}} | {{t\|-821\|e5ipnc-plts}} | {{t\|-868\|e5ipnc-fca7}} | {{t\|-1,207\|e5ipnc-vdij}} | — | — | — | | For long-term business — o/w Reinsurance | {{t\|-18,768\|e5ipnc-3ckn}} | {{t\|-18,690\|e5ipnc-da3x}} | {{t\|-17,443\|e5ipnc-ef36}} | {{t\|-18,679\|e5ipnc-rhjy}} | {{t\|-18,595\|e5ipnc-jkce}} | {{t\|-17,381\|e5ipnc-mxqa}} | {{t\|-90\|e5ipnc-tn9v}} | {{t\|-95\|e5ipnc-bp69}} | {{t\|-62\|e5ipnc-bnow}} | — | — | — | (4) Employee Benefits include Group Protection and Group Health contracts." id "e5ipnc-c8" chunk 8 pages 8 heading "L&H UE by Geography" tags Empty array links "AXA France" "AXA Europe" "AXA XL" "AXA Asia, Africa & EME-LATAM" "AXA Transversal & Other" "Full year 2024" "Other revenue" "Underlying earnings" data_items Empty array effective_tags "AXA" "AXA Asia, Africa & EME-LATAM" "AXA Europe" "AXA France" "AXA Transversal & Other" "AXA XL" "Full year 2024" "Other revenue" "Underlying earnings" content "**Life & health underlying earnings build-up by geography.** | In EUR million | Total 1H24 | Total {{t\|FY24\|\|Full year 2024}} | Total 1H25 | {{t\|France\|\|AXA France}} 1H24 | {{t\|France\|\|AXA France}} {{t\|FY24\|\|Full year 2024}} | {{t\|France\|\|AXA France}} 1H25 | {{t\|Europe\|\|AXA Europe}} 1H24 | {{t\|Europe\|\|AXA Europe}} {{t\|FY24\|\|Full year 2024}} | {{t\|Europe\|\|AXA Europe}} 1H25 | {{t\|AXA XL\|\|AXA XL}} 1H24 | {{t\|AXA XL\|\|AXA XL}} {{t\|FY24\|\|Full year 2024}} | {{t\|AXA XL\|\|AXA XL}} 1H25 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H24 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} {{t\|FY24\|\|Full year 2024}} | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H25 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H24 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} {{t\|FY24\|\|Full year 2024}} | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | {{t\|7,979\|e5ipnc-vv0v}} | {{t\|16,207\|e5ipnc-9kxw}} | {{t\|8,512\|e5ipnc-ksef}} | {{t\|4,654\|e5ipnc-ce69}} | {{t\|9,503\|e5ipnc-faq7}} | {{t\|4,870\|e5ipnc-uc0c}} | {{t\|1,778\|e5ipnc-6490}} | {{t\|3,604\|e5ipnc-ps1i}} | {{t\|2,051\|e5ipnc-0bnb}} | {{t\|0\|e5ipnc-z8l1}} | {{t\|0\|e5ipnc-jt7x}} | {{t\|0\|e5ipnc-gnnr}} | {{t\|1,457\|e5ipnc-g165}} | {{t\|2,925\|e5ipnc-wzv0}} | {{t\|1,503\|e5ipnc-0ue4}} | {{t\|90\|e5ipnc-fvb4}} | {{t\|174\|e5ipnc-tokm}} | {{t\|88\|e5ipnc-99a6}} | | Short-term Business — Combined Ratio | {{t\|97.6%\|e5ipnc-x24h}} | {{t\|97.4%\|e5ipnc-618j}} | {{t\|97.1%\|e5ipnc-z17s}} | {{t\|96.7%\|e5ipnc-bios}} | {{t\|97.3%\|e5ipnc-8xa0}} | {{t\|97.4%\|e5ipnc-1myc}} | {{t\|98.8%\|e5ipnc-xqpg}} | {{t\|96.9%\|e5ipnc-bof6}} | {{t\|96.4%\|e5ipnc-eowa}} | {{t\|0.0%\|e5ipnc-nxqm}} | {{t\|0.0%\|e5ipnc-ahkc}} | {{t\|0.0%\|e5ipnc-g5cy}} | {{t\|99.1%\|e5ipnc-tq9e}} | {{t\|99.1%\|e5ipnc-xm0t}} | {{t\|97.6%\|e5ipnc-ya0c}} | {{t\|92.2%\|e5ipnc-4jm2}} | {{t\|89.1%\|e5ipnc-67b2}} | {{t\|83.6%\|e5ipnc-up2f}} | | Short-term Business — Technical Margin | {{t\|195\|e5ipnc-nn3e}} | {{t\|415\|e5ipnc-bbt6}} | {{t\|248\|e5ipnc-vtqn}} | {{t\|155\|e5ipnc-8z50}} | {{t\|258\|e5ipnc-7hfy}} | {{t\|124\|e5ipnc-y4sr}} | {{t\|21\|e5ipnc-peml}} | {{t\|113\|e5ipnc-lajb}} | {{t\|73\|e5ipnc-9y1a}} | {{t\|0\|e5ipnc-cwkk}} | {{t\|0\|e5ipnc-r1y4}} | {{t\|0\|e5ipnc-go5q}} | {{t\|13\|e5ipnc-m0i7}} | {{t\|26\|e5ipnc-rhwz}} | {{t\|36\|e5ipnc-z4sz}} | {{t\|7\|e5ipnc-py23}} | {{t\|19\|e5ipnc-yzam}} | {{t\|14\|e5ipnc-2n2t}} | | Long-term Business — CSM Release | {{t\|1,395\|e5ipnc-os0j}} | {{t\|2,775\|e5ipnc-av29}} | {{t\|1,428\|e5ipnc-zvfu}} | {{t\|407\|e5ipnc-le4p}} | {{t\|823\|e5ipnc-6orh}} | {{t\|419\|e5ipnc-pb3z}} | {{t\|468\|e5ipnc-uzux}} | {{t\|920\|e5ipnc-qzy2}} | {{t\|471\|e5ipnc-fpak}} | {{t\|4\|e5ipnc-oz1i}} | {{t\|3\|e5ipnc-9mdg}} | {{t\|0\|e5ipnc-x9c6}} | {{t\|516\|e5ipnc-naz2}} | {{t\|1,029\|e5ipnc-e4xz}} | {{t\|538\|e5ipnc-zdxl}} | {{t\|0\|e5ipnc-624c}} | {{t\|0\|e5ipnc-hh8a}} | {{t\|0\|e5ipnc-4wrb}} | | Long-term Business — Technical Experience | {{t\|-64\|e5ipnc-ll19}} | {{t\|-95\|e5ipnc-k6p1}} | {{t\|-30\|e5ipnc-njhc}} | {{t\|-40\|e5ipnc-urt5}} | {{t\|-96\|e5ipnc-vgaa}} | {{t\|-37\|e5ipnc-ttoy}} | {{t\|-11\|e5ipnc-bdq9}} | {{t\|-8\|e5ipnc-1k68}} | {{t\|8\|e5ipnc-0uuh}} | {{t\|3\|e5ipnc-u4vj}} | {{t\|2\|e5ipnc-pirw}} | {{t\|0\|e5ipnc-lhet}} | {{t\|-17\|e5ipnc-5wdy}} | {{t\|7\|e5ipnc-ujj7}} | {{t\|-1\|e5ipnc-0hcq}} | {{t\|0\|e5ipnc-ayo2}} | {{t\|0\|e5ipnc-vwef}} | {{t\|0\|e5ipnc-9m7l}} | | Long-term Business — Actual vs. Expected Cash Flows | {{t\|9\|e5ipnc-27wx}} | {{t\|-15\|e5ipnc-w59o}} | {{t\|12\|e5ipnc-3ea7}} | {{t\|8\|e5ipnc-uo70}} | {{t\|-8\|e5ipnc-9pzy}} | {{t\|2\|e5ipnc-wmyo}} | {{t\|5\|e5ipnc-1llz}} | {{t\|-11\|e5ipnc-0jo5}} | {{t\|-11\|e5ipnc-i84h}} | {{t\|-2\|e5ipnc-h3n9}} | {{t\|-3\|e5ipnc-tx37}} | {{t\|-1\|e5ipnc-yvc8}} | {{t\|0\|e5ipnc-djwd}} | {{t\|8\|e5ipnc-alna}} | {{t\|22\|e5ipnc-98tc}} | {{t\|0\|e5ipnc-65ca}} | {{t\|0\|e5ipnc-8g7v}} | {{t\|0\|e5ipnc-o1kb}} | | Long-term Business — Risk Adjustment Release | {{t\|30\|e5ipnc-gx2t}} | {{t\|59\|e5ipnc-p1q0}} | {{t\|44\|e5ipnc-ub9r}} | {{t\|5\|e5ipnc-iqej}} | {{t\|15\|e5ipnc-q016}} | {{t\|9\|e5ipnc-2331}} | {{t\|11\|e5ipnc-35uc}} | {{t\|21\|e5ipnc-nzoa}} | {{t\|21\|e5ipnc-yynn}} | {{t\|0\|e5ipnc-3fs2}} | {{t\|1\|e5ipnc-j1jk}} | {{t\|0\|e5ipnc-buju}} | {{t\|13\|e5ipnc-c9nq}} | {{t\|23\|e5ipnc-q9vy}} | {{t\|13\|e5ipnc-4cr0}} | {{t\|0\|e5ipnc-ck2e}} | {{t\|0\|e5ipnc-qnut}} | {{t\|0\|e5ipnc-hn70}} | | Long-term Business — Changes in Onerous Contracts | {{t\|-32\|e5ipnc-qdb0}} | {{t\|6\|e5ipnc-7u8a}} | {{t\|-12\|e5ipnc-bamh}} | {{t\|0\|e5ipnc-d93s}} | {{t\|0\|e5ipnc-7171}} | {{t\|0\|e5ipnc-1bug}} | {{t\|-33\|e5ipnc-vwpd}} | {{t\|-25\|e5ipnc-klxc}} | {{t\|-13\|e5ipnc-c0fv}} | {{t\|5\|e5ipnc-u3d9}} | {{t\|5\|e5ipnc-bodc}} | {{t\|0\|e5ipnc-zrwu}} | {{t\|-3\|e5ipnc-okwy}} | {{t\|26\|e5ipnc-w52i}} | {{t\|1\|e5ipnc-03xd}} | {{t\|0\|e5ipnc-9pxf}} | {{t\|0\|e5ipnc-6o1a}} | {{t\|0\|e5ipnc-fcya}} | | Long-term Business — Other Long-term | {{t\|-72\|e5ipnc-x2u9}} | {{t\|-145\|e5ipnc-6ale}} | {{t\|-74\|e5ipnc-t367}} | {{t\|-52\|e5ipnc-twdw}} | {{t\|-103\|e5ipnc-w7mc}} | {{t\|-49\|e5ipnc-cup3}} | {{t\|7\|e5ipnc-av6d}} | {{t\|7\|e5ipnc-gimo}} | {{t\|12\|e5ipnc-5eno}} | {{t\|0\|e5ipnc-ayq2}} | {{t\|0\|e5ipnc-q266}} | {{t\|0\|e5ipnc-jox4}} | {{t\|-26\|e5ipnc-yz9x}} | {{t\|-50\|e5ipnc-suvn}} | {{t\|-37\|e5ipnc-0ynn}} | {{t\|0\|e5ipnc-nwuq}} | {{t\|0\|e5ipnc-5pa6}} | {{t\|0\|e5ipnc-8ryj}} | | Financial Result & Other — Financial Result | {{t\|536\|e5ipnc-ys53}} | {{t\|975\|e5ipnc-tclp}} | {{t\|563\|e5ipnc-hc8b}} | {{t\|100\|e5ipnc-kknl}} | {{t\|192\|e5ipnc-dvu0}} | {{t\|118\|e5ipnc-pntq}} | {{t\|284\|e5ipnc-wsof}} | {{t\|504\|e5ipnc-zr5q}} | {{t\|269\|e5ipnc-m2hm}} | {{t\|10\|e5ipnc-6qtu}} | {{t\|19\|e5ipnc-9w57}} | {{t\|10\|e5ipnc-pwjg}} | {{t\|142\|e5ipnc-eyv0}} | {{t\|260\|e5ipnc-4txy}} | {{t\|165\|e5ipnc-woyh}} | {{t\|0\|e5ipnc-q67f}} | {{t\|0\|e5ipnc-7atl}} | {{t\|0\|e5ipnc-reub}} | | Financial Result & Other — Investment Income | {{t\|1,319\|e5ipnc-vw6g}} | {{t\|2,525\|e5ipnc-kwdk}} | {{t\|1,329\|e5ipnc-korr}} | {{t\|370\|e5ipnc-x4ef}} | {{t\|701\|e5ipnc-jbk9}} | {{t\|370\|e5ipnc-6pkg}} | {{t\|490\|e5ipnc-4jv6}} | {{t\|916\|e5ipnc-y6nm}} | {{t\|478\|e5ipnc-418q}} | {{t\|13\|e5ipnc-93nu}} | {{t\|27\|e5ipnc-2bfl}} | {{t\|14\|e5ipnc-3cs1}} | {{t\|446\|e5ipnc-cjvk}} | {{t\|882\|e5ipnc-j8rl}} | {{t\|467\|e5ipnc-610t}} | {{t\|0\|e5ipnc-u609}} | {{t\|0\|e5ipnc-45ls}} | {{t\|0\|e5ipnc-94bu}} | | Financial Result & Other — Insurance Finance Expenses | {{t\|-783\|e5ipnc-v3hu}} | {{t\|-1,551\|e5ipnc-hrsa}} | {{t\|-767\|e5ipnc-rif6}} | {{t\|-270\|e5ipnc-frst}} | {{t\|-509\|e5ipnc-n6wq}} | {{t\|-252\|e5ipnc-61yu}} | {{t\|-206\|e5ipnc-7dxa}} | {{t\|-412\|e5ipnc-u7nx}} | {{t\|-209\|e5ipnc-c3l0}} | {{t\|-3\|e5ipnc-nrhs}} | {{t\|-7\|e5ipnc-ys7d}} | {{t\|-4\|e5ipnc-4hlg}} | {{t\|-303\|e5ipnc-1kb0}} | {{t\|-622\|e5ipnc-85jq}} | {{t\|-301\|e5ipnc-0dmh}} | {{t\|0\|e5ipnc-mqza}} | {{t\|0\|e5ipnc-r1pe}} | {{t\|0\|e5ipnc-0k2r}} | | Debt Financing Charges — {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|2,061\|e5ipnc-m9ir}} | {{t\|4,070\|e5ipnc-ihq9}} | {{t\|2,209\|e5ipnc-j65n}} | {{t\|622\|e5ipnc-eioi}} | {{t\|1,176\|e5ipnc-i736}} | {{t\|624\|e5ipnc-acaa}} | {{t\|762\|e5ipnc-rtp2}} | {{t\|1,529\|e5ipnc-g8zw}} | {{t\|821\|e5ipnc-g2vz}} | {{t\|17\|e5ipnc-k9bh}} | {{t\|25\|e5ipnc-ia0y}} | {{t\|10\|e5ipnc-qe25}} | {{t\|654\|e5ipnc-qnbd}} | {{t\|1,322\|e5ipnc-hpjj}} | {{t\|739\|e5ipnc-anat}} | {{t\|7\|e5ipnc-a6cb}} | {{t\|19\|e5ipnc-gy61}} | {{t\|14\|e5ipnc-u1in}} | | Debt Financing Charges — Tax | {{t\|-412\|e5ipnc-ugye}} | {{t\|-874\|e5ipnc-2bda}} | {{t\|-462\|e5ipnc-7en7}} | {{t\|-106\|e5ipnc-33mw}} | {{t\|-220\|e5ipnc-uplq}} | {{t\|-100\|e5ipnc-k6mv}} | {{t\|-180\|e5ipnc-0ntu}} | {{t\|-376\|e5ipnc-uuxy}} | {{t\|-176\|e5ipnc-4d79}} | {{t\|-3\|e5ipnc-iin9}} | {{t\|0\|e5ipnc-tm1n}} | {{t\|-2\|e5ipnc-99qw}} | {{t\|-123\|e5ipnc-79bb}} | {{t\|-277\|e5ipnc-a630}} | {{t\|-182\|e5ipnc-a5kd}} | {{t\|0\|e5ipnc-jzfb}} | {{t\|0\|e5ipnc-stpx}} | {{t\|-1\|e5ipnc-0pcm}} | | Debt Financing Charges — Income from Affiliates & Other | {{t\|103\|e5ipnc-15v0}} | {{t\|186\|e5ipnc-m9ai}} | {{t\|101\|e5ipnc-guzq}} | {{t\|4\|e5ipnc-749c}} | {{t\|9\|e5ipnc-tkbk}} | {{t\|0\|e5ipnc-crsk}} | {{t\|0\|e5ipnc-ezc9}} | {{t\|0\|e5ipnc-2yvn}} | {{t\|0\|e5ipnc-yd8q}} | {{t\|0\|e5ipnc-500b}} | {{t\|0\|e5ipnc-2mzv}} | {{t\|0\|e5ipnc-0igf}} | {{t\|100\|e5ipnc-561s}} | {{t\|177\|e5ipnc-jtje}} | {{t\|101\|e5ipnc-ib5f}} | {{t\|0\|e5ipnc-6ldw}} | {{t\|0\|e5ipnc-8hh7}} | {{t\|0\|e5ipnc-9xek}} | | Debt Financing Charges — Minority Interests | {{t\|-27\|e5ipnc-ohvm}} | {{t\|-60\|e5ipnc-v6co}} | {{t\|-34\|e5ipnc-1bg7}} | {{t\|0\|e5ipnc-fzcl}} | {{t\|0\|e5ipnc-77xn}} | {{t\|0\|e5ipnc-0c04}} | {{t\|-23\|e5ipnc-bs4u}} | {{t\|-49\|e5ipnc-qq2s}} | {{t\|-28\|e5ipnc-lx58}} | {{t\|0\|e5ipnc-msep}} | {{t\|0\|e5ipnc-poto}} | {{t\|0\|e5ipnc-4hhu}} | {{t\|-4\|e5ipnc-a7ml}} | {{t\|-12\|e5ipnc-4i77}} | {{t\|-5\|e5ipnc-036s}} | {{t\|0\|e5ipnc-f0jk}} | {{t\|0\|e5ipnc-mae1}} | {{t\|0\|e5ipnc-f6wq}} | | Debt Financing Charges — {{t\|Underlying Earnings Group share\|\|Underlying earnings}} | {{t\|1,725\|e5ipnc-d8i6}} | {{t\|3,323\|e5ipnc-zkzh}} | {{t\|1,814\|e5ipnc-tmcq}} | {{t\|519\|e5ipnc-huc4}} | {{t\|964\|e5ipnc-x48u}} | {{t\|524\|e5ipnc-s4r7}} | {{t\|559\|e5ipnc-226y}} | {{t\|1,104\|e5ipnc-na1k}} | {{t\|616\|e5ipnc-k4iq}} | {{t\|14\|e5ipnc-ss5a}} | {{t\|25\|e5ipnc-2dk3}} | {{t\|8\|e5ipnc-25mk}} | {{t\|627\|e5ipnc-w643}} | {{t\|1,211\|e5ipnc-xuoz}} | {{t\|653\|e5ipnc-qbbz}} | {{t\|7\|e5ipnc-6s0o}} | {{t\|19\|e5ipnc-ui4o}} | {{t\|14\|e5ipnc-wwms}} | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | {{t\|2,446\|e5ipnc-0ypg}} | {{t\|2,096\|e5ipnc-t395}} | {{t\|2,856\|e5ipnc-ushi}} | {{t\|50\|e5ipnc-i2ga}} | {{t\|-2\|e5ipnc-vb9x}} | {{t\|28\|e5ipnc-e84x}} | {{t\|1,228\|e5ipnc-fz7r}} | {{t\|967\|e5ipnc-oml6}} | {{t\|1,619\|e5ipnc-hac6}} | {{t\|0\|e5ipnc-wyoz}} | {{t\|0\|e5ipnc-qz56}} | {{t\|0\|e5ipnc-3k2u}} | {{t\|1,159\|e5ipnc-c0ye}} | {{t\|1,124\|e5ipnc-expy}} | {{t\|1,204\|e5ipnc-pr7e}} | {{t\|9\|e5ipnc-pbbu}} | {{t\|6\|e5ipnc-ltc1}} | {{t\|5\|e5ipnc-w1wp}} | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | {{t\|13,876\|e5ipnc-5mi2}} | {{t\|14,162\|e5ipnc-urti}} | {{t\|13,960\|e5ipnc-hmvk}} | {{t\|12,589\|e5ipnc-vw7i}} | {{t\|12,831\|e5ipnc-hsly}} | {{t\|12,443\|e5ipnc-3skq}} | {{t\|773\|e5ipnc-3evt}} | {{t\|871\|e5ipnc-ut4c}} | {{t\|1,015\|e5ipnc-lrnj}} | {{t\|0\|e5ipnc-v8dr}} | {{t\|0\|e5ipnc-il68}} | {{t\|0\|e5ipnc-6gm3}} | {{t\|501\|e5ipnc-n905}} | {{t\|447\|e5ipnc-bdln}} | {{t\|487\|e5ipnc-ge8l}} | {{t\|13\|e5ipnc-c7so}} | {{t\|14\|e5ipnc-7ije}} | {{t\|15\|e5ipnc-v716}} | | **For long-term business — Best Estimate Liabilities net of reinsurance** | {{t\|295,342\|e5ipnc-5ayz}} | {{t\|306,249\|e5ipnc-mq0t}} | {{t\|301,040\|e5ipnc-ct6g}} | {{t\|112,949\|e5ipnc-ihhy}} | {{t\|115,280\|e5ipnc-dksj}} | {{t\|114,525\|e5ipnc-cbu0}} | {{t\|135,034\|e5ipnc-y0hl}} | {{t\|139,257\|e5ipnc-zdlz}} | {{t\|137,584\|e5ipnc-ozf6}} | {{t\|324\|e5ipnc-vv15}} | {{t\|345\|e5ipnc-f58o}} | {{t\|310\|e5ipnc-0q94}} | {{t\|47,035\|e5ipnc-u05n}} | {{t\|51,368\|e5ipnc-vm1l}} | {{t\|48,620\|e5ipnc-x6lg}} | {{t\|0\|e5ipnc-a5el}} | {{t\|0\|e5ipnc-qasb}} | {{t\|0\|e5ipnc-ct1r}} | | For long-term business — o/w VFA Gross of reinsurance | {{t\|264,013\|e5ipnc-zesz}} | {{t\|273,094\|e5ipnc-bnsv}} | {{t\|266,960\|e5ipnc-iiz6}} | {{t\|116,132\|e5ipnc-t5tj}} | {{t\|117,942\|e5ipnc-r35v}} | {{t\|116,770\|e5ipnc-y2a1}} | {{t\|121,623\|e5ipnc-h0h1}} | {{t\|125,513\|e5ipnc-2bfy}} | {{t\|121,135\|e5ipnc-ttnp}} | {{t\|0\|e5ipnc-35n5}} | {{t\|0\|e5ipnc-vlsk}} | {{t\|0\|e5ipnc-b2dd}} | {{t\|26,258\|e5ipnc-0rcq}} | {{t\|29,639\|e5ipnc-3a4r}} | {{t\|29,055\|e5ipnc-rdh3}} | {{t\|0\|e5ipnc-9j8b}} | {{t\|0\|e5ipnc-q2tg}} | {{t\|0\|e5ipnc-f1wc}} | | For long-term business — o/w BBA Gross of reinsurance | {{t\|50,097\|e5ipnc-cow2}} | {{t\|51,845\|e5ipnc-fg0z}} | {{t\|51,524\|e5ipnc-xga1}} | {{t\|9,606\|e5ipnc-wpmo}} | {{t\|10,019\|e5ipnc-xz31}} | {{t\|9,848\|e5ipnc-8rn3}} | {{t\|13,520\|e5ipnc-gzft}} | {{t\|13,810\|e5ipnc-wwe9}} | {{t\|16,410\|e5ipnc-j724}} | {{t\|1,670\|e5ipnc-yix3}} | {{t\|1,659\|e5ipnc-7elm}} | {{t\|1,522\|e5ipnc-nwrb}} | {{t\|25,301\|e5ipnc-lzfi}} | {{t\|26,356\|e5ipnc-lzu6}} | {{t\|23,743\|e5ipnc-wuig}} | {{t\|0\|e5ipnc-jovr}} | {{t\|0\|e5ipnc-o01g}} | {{t\|0\|e5ipnc-rl46}} | | For long-term business — o/w Reinsurance | {{t\|-18,768\|e5ipnc-jzb8}} | {{t\|-18,690\|e5ipnc-sva4}} | {{t\|-17,443\|e5ipnc-yc3m}} | {{t\|-12,790\|e5ipnc-1mqn}} | {{t\|-12,682\|e5ipnc-k9nq}} | {{t\|-12,093\|e5ipnc-rpv4}} | {{t\|-108\|e5ipnc-287v}} | {{t\|-66\|e5ipnc-ab4a}} | {{t\|39\|e5ipnc-ohv5}} | {{t\|-1,346\|e5ipnc-s0kw}} | {{t\|-1,315\|e5ipnc-fxmk}} | {{t\|-1,212\|e5ipnc-bwqd}} | {{t\|-4,524\|e5ipnc-x086}} | {{t\|-4,627\|e5ipnc-708g}} | {{t\|-4,178\|e5ipnc-0omn}} | {{t\|0\|e5ipnc-1i2p}} | {{t\|0\|e5ipnc-86l8}} | {{t\|0\|e5ipnc-xu5r}} |" id "e5ipnc-c9" chunk 9 pages 9 heading "Life UE by Geography" tags Empty array links "AXA France" "AXA Europe" "AXA XL" "AXA Asia, Africa & EME-LATAM" "AXA Transversal & Other" "Full year 2024" "Other revenue" "Underlying earnings" data_items Empty array effective_tags "AXA" "AXA Asia, Africa & EME-LATAM" "AXA Europe" "AXA France" "AXA Transversal & Other" "AXA XL" "Full year 2024" "Other revenue" "Underlying earnings" content "**Life underlying earnings build-up by geography.** | In EUR million | Total 1H24 | Total {{t\|FY24\|\|Full year 2024}} | Total 1H25 | {{t\|France\|\|AXA France}} 1H24 | {{t\|France\|\|AXA France}} {{t\|FY24\|\|Full year 2024}} | {{t\|France\|\|AXA France}} 1H25 | {{t\|Europe\|\|AXA Europe}} 1H24 | {{t\|Europe\|\|AXA Europe}} {{t\|FY24\|\|Full year 2024}} | {{t\|Europe\|\|AXA Europe}} 1H25 | {{t\|AXA XL\|\|AXA XL}} 1H24 | {{t\|AXA XL\|\|AXA XL}} {{t\|FY24\|\|Full year 2024}} | {{t\|AXA XL\|\|AXA XL}} 1H25 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H24 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} {{t\|FY24\|\|Full year 2024}} | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H25 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H24 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} {{t\|FY24\|\|Full year 2024}} | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | {{t\|2,112\|e5ipnc-vhu0}} | {{t\|4,247\|e5ipnc-2dcs}} | {{t\|2,211\|e5ipnc-laz5}} | {{t\|1,902\|e5ipnc-ad00}} | {{t\|3,843\|e5ipnc-z6ee}} | {{t\|2,005\|e5ipnc-9ycq}} | {{t\|53\|e5ipnc-a6ey}} | {{t\|109\|e5ipnc-4ly8}} | {{t\|54\|e5ipnc-2nlp}} | {{t\|0\|e5ipnc-v5wp}} | {{t\|0\|e5ipnc-km1y}} | {{t\|0\|e5ipnc-0uyv}} | {{t\|157\|e5ipnc-cwk1}} | {{t\|296\|e5ipnc-zlje}} | {{t\|152\|e5ipnc-iuir}} | {{t\|0\|e5ipnc-5cxe}} | {{t\|0\|e5ipnc-9x5t}} | {{t\|0\|e5ipnc-xq4i}} | | Short-term Business — Combined Ratio | {{t\|94.5%\|e5ipnc-5rr8}} | {{t\|95.5%\|e5ipnc-ui5q}} | {{t\|95.2%\|e5ipnc-f690}} | {{t\|95.1%\|e5ipnc-bro2}} | {{t\|96.3%\|e5ipnc-obrb}} | {{t\|95.9%\|e5ipnc-t4cn}} | {{t\|79.8%\|e5ipnc-09l8}} | {{t\|77.0%\|e5ipnc-biv6}} | {{t\|79.0%\|e5ipnc-zrep}} | {{t\|0.0%\|e5ipnc-bn2y}} | {{t\|0.0%\|e5ipnc-5tv1}} | {{t\|0.0%\|e5ipnc-esdr}} | {{t\|92.3%\|e5ipnc-z3p8}} | {{t\|91.5%\|e5ipnc-ox4i}} | {{t\|91.5%\|e5ipnc-oari}} | {{t\|0.0%\|e5ipnc-ax0c}} | {{t\|0.0%\|e5ipnc-wd2a}} | {{t\|0.0%\|e5ipnc-9vxu}} | | Short-term Business — Technical Margin | {{t\|116\|e5ipnc-f8xd}} | {{t\|191\|e5ipnc-5st9}} | {{t\|107\|e5ipnc-jvy6}} | {{t\|93\|e5ipnc-k7ew}} | {{t\|141\|e5ipnc-ijgx}} | {{t\|83\|e5ipnc-a91z}} | {{t\|11\|e5ipnc-k8tz}} | {{t\|25\|e5ipnc-c88e}} | {{t\|11\|e5ipnc-4koj}} | {{t\|0\|e5ipnc-vim4}} | {{t\|0\|e5ipnc-cqi5}} | {{t\|0\|e5ipnc-akuq}} | {{t\|12\|e5ipnc-zlnm}} | {{t\|25\|e5ipnc-qswa}} | {{t\|13\|e5ipnc-foj2}} | {{t\|0\|e5ipnc-65qz}} | {{t\|0\|e5ipnc-22nn}} | {{t\|0\|e5ipnc-64af}} | | Long-term Business — CSM Release | {{t\|1,136\|e5ipnc-iyty}} | {{t\|2,253\|e5ipnc-akhp}} | {{t\|1,158\|e5ipnc-7ov9}} | {{t\|407\|e5ipnc-nwct}} | {{t\|823\|e5ipnc-x8gj}} | {{t\|419\|e5ipnc-1g0c}} | {{t\|390\|e5ipnc-u0d6}} | {{t\|759\|e5ipnc-5vk8}} | {{t\|386\|e5ipnc-suwq}} | {{t\|4\|e5ipnc-x47x}} | {{t\|3\|e5ipnc-31sx}} | {{t\|0\|e5ipnc-tq3k}} | {{t\|336\|e5ipnc-3dss}} | {{t\|669\|e5ipnc-zu3n}} | {{t\|353\|e5ipnc-pf0m}} | {{t\|0\|e5ipnc-tln2}} | {{t\|0\|e5ipnc-ft7q}} | {{t\|0\|e5ipnc-5skj}} | | Long-term Business — Technical Experience | {{t\|-71\|e5ipnc-mhj7}} | {{t\|-98\|e5ipnc-doc5}} | {{t\|-28\|e5ipnc-hw91}} | {{t\|-40\|e5ipnc-v3x7}} | {{t\|-96\|e5ipnc-137t}} | {{t\|-37\|e5ipnc-6i6e}} | {{t\|-4\|e5ipnc-pi6s}} | {{t\|12\|e5ipnc-d2ju}} | {{t\|13\|e5ipnc-he21}} | {{t\|3\|e5ipnc-akti}} | {{t\|2\|e5ipnc-uol2}} | {{t\|0\|e5ipnc-dnqh}} | {{t\|-30\|e5ipnc-eqf3}} | {{t\|-16\|e5ipnc-edmc}} | {{t\|-4\|e5ipnc-qd75}} | {{t\|0\|e5ipnc-blhh}} | {{t\|0\|e5ipnc-2dsg}} | {{t\|0\|e5ipnc-8guc}} | | Long-term Business — Actual vs. Expected Cash Flows | {{t\|-4\|e5ipnc-isjd}} | {{t\|-33\|e5ipnc-r9le}} | {{t\|10\|e5ipnc-eim7}} | {{t\|8\|e5ipnc-8qek}} | {{t\|-8\|e5ipnc-p3tj}} | {{t\|2\|e5ipnc-rj33}} | {{t\|3\|e5ipnc-zcv5}} | {{t\|-11\|e5ipnc-9ylk}} | {{t\|-11\|e5ipnc-agau}} | {{t\|-2\|e5ipnc-esla}} | {{t\|-3\|e5ipnc-vwxe}} | {{t\|-1\|e5ipnc-kgt3}} | {{t\|-12\|e5ipnc-hk0x}} | {{t\|-10\|e5ipnc-52k2}} | {{t\|20\|e5ipnc-nbg8}} | {{t\|0\|e5ipnc-vlcc}} | {{t\|0\|e5ipnc-hbyk}} | {{t\|0\|e5ipnc-mkw2}} | | Long-term Business — Risk Adjustment Release | {{t\|25\|e5ipnc-seyj}} | {{t\|51\|e5ipnc-3g1l}} | {{t\|37\|e5ipnc-o9vk}} | {{t\|5\|e5ipnc-r6gh}} | {{t\|15\|e5ipnc-rquc}} | {{t\|9\|e5ipnc-n46v}} | {{t\|12\|e5ipnc-v8dl}} | {{t\|23\|e5ipnc-sj45}} | {{t\|20\|e5ipnc-9z77}} | {{t\|0\|e5ipnc-6jbb}} | {{t\|1\|e5ipnc-lu1b}} | {{t\|0\|e5ipnc-5axb}} | {{t\|8\|e5ipnc-qnfk}} | {{t\|13\|e5ipnc-du0m}} | {{t\|8\|e5ipnc-9j7p}} | {{t\|0\|e5ipnc-qxw1}} | {{t\|0\|e5ipnc-x71m}} | {{t\|0\|e5ipnc-u6wc}} | | Long-term Business — Changes in Onerous Contracts | {{t\|-30\|e5ipnc-dl9w}} | {{t\|9\|e5ipnc-iehx}} | {{t\|-10\|e5ipnc-cuxl}} | {{t\|0\|e5ipnc-jhtw}} | {{t\|0\|e5ipnc-w6bb}} | {{t\|0\|e5ipnc-p0aj}} | {{t\|-32\|e5ipnc-d4kw}} | {{t\|-23\|e5ipnc-m1y7}} | {{t\|-13\|e5ipnc-kby1}} | {{t\|5\|e5ipnc-j610}} | {{t\|5\|e5ipnc-faam}} | {{t\|0\|e5ipnc-6l6l}} | {{t\|-3\|e5ipnc-fgya}} | {{t\|26\|e5ipnc-ozjd}} | {{t\|3\|e5ipnc-6zhc}} | {{t\|0\|e5ipnc-jvhq}} | {{t\|0\|e5ipnc-5veo}} | {{t\|0\|e5ipnc-f9sr}} | | Long-term Business — Other Long-term | {{t\|-63\|e5ipnc-a7e1}} | {{t\|-124\|e5ipnc-y7y1}} | {{t\|-65\|e5ipnc-rrw3}} | {{t\|-52\|e5ipnc-h11d}} | {{t\|-103\|e5ipnc-a1z9}} | {{t\|-49\|e5ipnc-xbo8}} | {{t\|13\|e5ipnc-lxsf}} | {{t\|23\|e5ipnc-mxvl}} | {{t\|17\|e5ipnc-osw6}} | {{t\|0\|e5ipnc-gsub}} | {{t\|0\|e5ipnc-7us5}} | {{t\|0\|e5ipnc-2emt}} | {{t\|-23\|e5ipnc-inui}} | {{t\|-45\|e5ipnc-olk6}} | {{t\|-34\|e5ipnc-d7dd}} | {{t\|0\|e5ipnc-m2bd}} | {{t\|0\|e5ipnc-2181}} | {{t\|0\|e5ipnc-vf7m}} | | Financial Result & Other — Financial Result | {{t\|454\|e5ipnc-iq2i}} | {{t\|799\|e5ipnc-5pcw}} | {{t\|462\|e5ipnc-1h6g}} | {{t\|103\|e5ipnc-x58d}} | {{t\|193\|e5ipnc-sp9s}} | {{t\|114\|e5ipnc-aqcy}} | {{t\|249\|e5ipnc-1wa4}} | {{t\|432\|e5ipnc-2f2v}} | {{t\|232\|e5ipnc-tw3w}} | {{t\|10\|e5ipnc-nkow}} | {{t\|19\|e5ipnc-zc19}} | {{t\|10\|e5ipnc-rtoo}} | {{t\|92\|e5ipnc-nnbf}} | {{t\|155\|e5ipnc-4k4u}} | {{t\|105\|e5ipnc-62wj}} | {{t\|0\|e5ipnc-vr1z}} | {{t\|0\|e5ipnc-cb0d}} | {{t\|0\|e5ipnc-x9o3}} | | Financial Result & Other — Investment Income | {{t\|1,159\|e5ipnc-lycz}} | {{t\|2,209\|e5ipnc-94a3}} | {{t\|1,159\|e5ipnc-l98d}} | {{t\|344\|e5ipnc-flk1}} | {{t\|660\|e5ipnc-jmpg}} | {{t\|346\|e5ipnc-blko}} | {{t\|451\|e5ipnc-asdd}} | {{t\|838\|e5ipnc-p0rq}} | {{t\|438\|e5ipnc-yo9q}} | {{t\|13\|e5ipnc-tshl}} | {{t\|27\|e5ipnc-tsxb}} | {{t\|14\|e5ipnc-9u7x}} | {{t\|350\|e5ipnc-dbgc}} | {{t\|684\|e5ipnc-5k4i}} | {{t\|361\|e5ipnc-51az}} | {{t\|0\|e5ipnc-voi8}} | {{t\|0\|e5ipnc-gb5r}} | {{t\|0\|e5ipnc-aj4o}} | | Financial Result & Other — Insurance Finance Expenses | {{t\|-705\|e5ipnc-b2sa}} | {{t\|-1,410\|e5ipnc-4ndz}} | {{t\|-697\|e5ipnc-7yfs}} | {{t\|-241\|e5ipnc-otoo}} | {{t\|-467\|e5ipnc-wpp6}} | {{t\|-232\|e5ipnc-6ibt}} | {{t\|-202\|e5ipnc-3fuf}} | {{t\|-407\|e5ipnc-5yn3}} | {{t\|-206\|e5ipnc-ukcq}} | {{t\|-3\|e5ipnc-ha5x}} | {{t\|-7\|e5ipnc-x8uv}} | {{t\|-4\|e5ipnc-sbca}} | {{t\|-259\|e5ipnc-s9jl}} | {{t\|-530\|e5ipnc-1sr4}} | {{t\|-256\|e5ipnc-fbqk}} | {{t\|0\|e5ipnc-qvpk}} | {{t\|0\|e5ipnc-phkx}} | {{t\|0\|e5ipnc-3uwf}} | | Debt Financing Charges — {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|1,634\|e5ipnc-67cp}} | {{t\|3,145\|e5ipnc-mtod}} | {{t\|1,699\|e5ipnc-wg4i}} | {{t\|563\|e5ipnc-lof4}} | {{t\|1,060\|e5ipnc-vp3c}} | {{t\|579\|e5ipnc-w7ux}} | {{t\|645\|e5ipnc-r10h}} | {{t\|1,227\|e5ipnc-r8ly}} | {{t\|643\|e5ipnc-cees}} | {{t\|17\|e5ipnc-bk2d}} | {{t\|25\|e5ipnc-mnir}} | {{t\|10\|e5ipnc-ytsn}} | {{t\|409\|e5ipnc-che4}} | {{t\|833\|e5ipnc-fyfa}} | {{t\|468\|e5ipnc-0wfj}} | {{t\|0\|e5ipnc-pdqg}} | {{t\|0\|e5ipnc-96kq}} | {{t\|0\|e5ipnc-ub06}} | | Debt Financing Charges — Tax | {{t\|-316\|e5ipnc-1kz8}} | {{t\|-635\|e5ipnc-fp22}} | {{t\|-329\|e5ipnc-zk2u}} | {{t\|-96\|e5ipnc-6dy7}} | {{t\|-194\|e5ipnc-mrhv}} | {{t\|-93\|e5ipnc-bw73}} | {{t\|-148\|e5ipnc-8rx5}} | {{t\|-289\|e5ipnc-k046}} | {{t\|-131\|e5ipnc-psoc}} | {{t\|-3\|e5ipnc-2bvr}} | {{t\|0\|e5ipnc-jr08}} | {{t\|-2\|e5ipnc-mt1y}} | {{t\|-68\|e5ipnc-g94x}} | {{t\|-152\|e5ipnc-u7wi}} | {{t\|-103\|e5ipnc-7kpt}} | {{t\|0\|e5ipnc-lr5q}} | {{t\|0\|e5ipnc-prjf}} | {{t\|0\|e5ipnc-rrfm}} | | Debt Financing Charges — Income from Affiliates & Other | {{t\|101\|e5ipnc-jqmn}} | {{t\|182\|e5ipnc-o22v}} | {{t\|93\|e5ipnc-0ci6}} | {{t\|4\|e5ipnc-xa3k}} | {{t\|9\|e5ipnc-d1er}} | {{t\|0\|e5ipnc-hi2r}} | {{t\|0\|e5ipnc-7rnc}} | {{t\|0\|e5ipnc-wjce}} | {{t\|0\|e5ipnc-60br}} | {{t\|0\|e5ipnc-dgo7}} | {{t\|0\|e5ipnc-qkq4}} | {{t\|0\|e5ipnc-3urv}} | {{t\|97\|e5ipnc-541f}} | {{t\|173\|e5ipnc-9xf2}} | {{t\|93\|e5ipnc-q8jy}} | {{t\|0\|e5ipnc-wpe2}} | {{t\|0\|e5ipnc-2fyc}} | {{t\|0\|e5ipnc-g8hu}} | | Debt Financing Charges — Minority Interests | {{t\|-27\|e5ipnc-o3oy}} | {{t\|-56\|e5ipnc-4mh3}} | {{t\|-30\|e5ipnc-7cxr}} | {{t\|0\|e5ipnc-qdt8}} | {{t\|0\|e5ipnc-10ry}} | {{t\|0\|e5ipnc-wd1i}} | {{t\|-23\|e5ipnc-b2fg}} | {{t\|-47\|e5ipnc-s3dq}} | {{t\|-28\|e5ipnc-ns2h}} | {{t\|0\|e5ipnc-bj6n}} | {{t\|0\|e5ipnc-lzfp}} | {{t\|0\|e5ipnc-ls43}} | {{t\|-4\|e5ipnc-tkw4}} | {{t\|-9\|e5ipnc-ga9f}} | {{t\|-3\|e5ipnc-qb0v}} | {{t\|0\|e5ipnc-4au1}} | {{t\|0\|e5ipnc-r546}} | {{t\|0\|e5ipnc-sp6g}} | | Debt Financing Charges — {{t\|Underlying Earnings Group share\|\|Underlying earnings}} | {{t\|1,392\|e5ipnc-1d3e}} | {{t\|2,636\|e5ipnc-c3am}} | {{t\|1,433\|e5ipnc-714w}} | {{t\|470\|e5ipnc-db5q}} | {{t\|875\|e5ipnc-gsgx}} | {{t\|486\|e5ipnc-qp7q}} | {{t\|474\|e5ipnc-6lay}} | {{t\|891\|e5ipnc-9ky3}} | {{t\|484\|e5ipnc-ejvg}} | {{t\|14\|e5ipnc-c2vj}} | {{t\|25\|e5ipnc-ptpz}} | {{t\|8\|e5ipnc-efgj}} | {{t\|434\|e5ipnc-9zk7}} | {{t\|845\|e5ipnc-tvnx}} | {{t\|456\|e5ipnc-nsq1}} | {{t\|0\|e5ipnc-x92x}} | {{t\|0\|e5ipnc-9xy3}} | {{t\|0\|e5ipnc-r0ia}} | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | {{t\|157\|e5ipnc-r3ld}} | {{t\|96\|e5ipnc-pj7m}} | {{t\|105\|e5ipnc-eunj}} | {{t\|23\|e5ipnc-t2vm}} | {{t\|-19\|e5ipnc-pbef}} | {{t\|4\|e5ipnc-oem6}} | {{t\|-3\|e5ipnc-fyaq}} | {{t\|-14\|e5ipnc-wkb5}} | {{t\|-35\|e5ipnc-8p7i}} | {{t\|0\|e5ipnc-ie0b}} | {{t\|0\|e5ipnc-ofat}} | {{t\|0\|e5ipnc-ik0f}} | {{t\|137\|e5ipnc-var6}} | {{t\|129\|e5ipnc-g91p}} | {{t\|137\|e5ipnc-132s}} | {{t\|0\|e5ipnc-xiqw}} | {{t\|0\|e5ipnc-ik2t}} | {{t\|0\|e5ipnc-ht6s}} | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | {{t\|11,589\|e5ipnc-plfj}} | {{t\|11,778\|e5ipnc-m9gi}} | {{t\|11,623\|e5ipnc-ik3j}} | {{t\|11,349\|e5ipnc-2z01}} | {{t\|11,502\|e5ipnc-dhgz}} | {{t\|11,352\|e5ipnc-f27f}} | {{t\|75\|e5ipnc-5b6r}} | {{t\|120\|e5ipnc-se79}} | {{t\|118\|e5ipnc-3lo5}} | {{t\|0\|e5ipnc-efmh}} | {{t\|0\|e5ipnc-md4i}} | {{t\|0\|e5ipnc-9thd}} | {{t\|165\|e5ipnc-ffwy}} | {{t\|157\|e5ipnc-fuh4}} | {{t\|154\|e5ipnc-fo7p}} | {{t\|0\|e5ipnc-s7qw}} | {{t\|0\|e5ipnc-hl3e}} | {{t\|0\|e5ipnc-y0ch}} | | **For long-term business — Best Estimate Liabilities net of reinsurance** | {{t\|275,276\|e5ipnc-xvry}} | {{t\|285,391\|e5ipnc-ymxe}} | {{t\|280,314\|e5ipnc-jb3u}} | {{t\|112,949\|e5ipnc-jfrk}} | {{t\|115,280\|e5ipnc-aydt}} | {{t\|114,525\|e5ipnc-vyt5}} | {{t\|114,389\|e5ipnc-ptda}} | {{t\|117,841\|e5ipnc-bgjc}} | {{t\|116,058\|e5ipnc-4ay9}} | {{t\|324\|e5ipnc-wubq}} | {{t\|345\|e5ipnc-rjmr}} | {{t\|310\|e5ipnc-15wp}} | {{t\|47,614\|e5ipnc-1ao2}} | {{t\|51,926\|e5ipnc-p3i1}} | {{t\|49,420\|e5ipnc-ddou}} | {{t\|0\|e5ipnc-r71o}} | {{t\|0\|e5ipnc-c0jy}} | {{t\|0\|e5ipnc-xgnx}} | | For long-term business — o/w VFA Gross of reinsurance | {{t\|243,037\|e5ipnc-oh1i}} | {{t\|251,273\|e5ipnc-4imy}} | {{t\|244,964\|e5ipnc-mrfu}} | {{t\|116,132\|e5ipnc-jhb5}} | {{t\|117,942\|e5ipnc-70vr}} | {{t\|116,770\|e5ipnc-94yo}} | {{t\|100,727\|e5ipnc-66iu}} | {{t\|103,800\|e5ipnc-bo7u}} | {{t\|99,267\|e5ipnc-ream}} | {{t\|0\|e5ipnc-hj6y}} | {{t\|0\|e5ipnc-8opq}} | {{t\|0\|e5ipnc-uofa}} | {{t\|26,178\|e5ipnc-6r6g}} | {{t\|29,530\|e5ipnc-paab}} | {{t\|28,928\|e5ipnc-t3jm}} | {{t\|0\|e5ipnc-efaq}} | {{t\|0\|e5ipnc-uvae}} | {{t\|0\|e5ipnc-7uxj}} | | For long-term business — o/w BBA Gross of reinsurance | {{t\|50,917\|e5ipnc-ihmq}} | {{t\|52,713\|e5ipnc-ahpw}} | {{t\|52,731\|e5ipnc-t513}} | {{t\|9,606\|e5ipnc-gua1}} | {{t\|10,019\|e5ipnc-8f2t}} | {{t\|9,848\|e5ipnc-58zv}} | {{t\|13,770\|e5ipnc-ceyb}} | {{t\|14,107\|e5ipnc-6qu5}} | {{t\|16,752\|e5ipnc-5iqh}} | {{t\|1,670\|e5ipnc-jfrl}} | {{t\|1,659\|e5ipnc-ijfd}} | {{t\|1,522\|e5ipnc-k09g}} | {{t\|25,871\|e5ipnc-q8b9}} | {{t\|26,927\|e5ipnc-frmj}} | {{t\|24,608\|e5ipnc-uxjt}} | {{t\|0\|e5ipnc-j5bh}} | {{t\|0\|e5ipnc-9um6}} | {{t\|0\|e5ipnc-mdw7}} | | For long-term business — o/w Reinsurance | {{t\|-18,679\|e5ipnc-wr8t}} | {{t\|-18,595\|e5ipnc-u3aj}} | {{t\|-17,381\|e5ipnc-phbx}} | {{t\|-12,790\|e5ipnc-dp1n}} | {{t\|-12,682\|e5ipnc-c4ia}} | {{t\|-12,093\|e5ipnc-ddpj}} | {{t\|-108\|e5ipnc-b81t}} | {{t\|-66\|e5ipnc-ydt1}} | {{t\|39\|e5ipnc-2ccu}} | {{t\|-1,346\|e5ipnc-zc2z}} | {{t\|-1,315\|e5ipnc-2q5s}} | {{t\|-1,212\|e5ipnc-jxj2}} | {{t\|-4,435\|e5ipnc-74ul}} | {{t\|-4,532\|e5ipnc-5iuq}} | {{t\|-4,116\|e5ipnc-ezjx}} | {{t\|0\|e5ipnc-2nkb}} | {{t\|0\|e5ipnc-gkvl}} | {{t\|0\|e5ipnc-l8n9}} |" id "e5ipnc-c10" chunk 10 pages 10 heading "Health UE by Geography" tags Empty array links "AXA France" "AXA Europe" "AXA XL" "AXA Asia, Africa & EME-LATAM" "AXA Transversal & Other" "Full year 2024" "Other revenue" "Underlying earnings" data_items Empty array effective_tags "AXA" "AXA Asia, Africa & EME-LATAM" "AXA Europe" "AXA France" "AXA Transversal & Other" "AXA XL" "Full year 2024" "Other revenue" "Underlying earnings" content "**Health underlying earnings build-up by geography.** | In EUR million | Total 1H24 | Total {{t\|FY24\|\|Full year 2024}} | Total 1H25 | {{t\|France\|\|AXA France}} 1H24 | {{t\|France\|\|AXA France}} {{t\|FY24\|\|Full year 2024}} | {{t\|France\|\|AXA France}} 1H25 | {{t\|Europe\|\|AXA Europe}} 1H24 | {{t\|Europe\|\|AXA Europe}} {{t\|FY24\|\|Full year 2024}} | {{t\|Europe\|\|AXA Europe}} 1H25 | {{t\|AXA XL\|\|AXA XL}} 1H24 | {{t\|AXA XL\|\|AXA XL}} {{t\|FY24\|\|Full year 2024}} | {{t\|AXA XL\|\|AXA XL}} 1H25 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H24 | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} {{t\|FY24\|\|Full year 2024}} | {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} 1H25 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H24 | {{t\|Transversal & Other\|\|AXA Transversal & Other}} {{t\|FY24\|\|Full year 2024}} | {{t\|Transversal & Other\|\|AXA Transversal & Other}} 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Short-term Business — Revenues | {{t\|5,867\|e5ipnc-6eqt}} | {{t\|11,960\|e5ipnc-4ywj}} | {{t\|6,301\|e5ipnc-a5zg}} | {{t\|2,752\|e5ipnc-bwtx}} | {{t\|5,661\|e5ipnc-tqbc}} | {{t\|2,865\|e5ipnc-h42w}} | {{t\|1,725\|e5ipnc-iel6}} | {{t\|3,495\|e5ipnc-gm0w}} | {{t\|1,997\|e5ipnc-wgeq}} | {{t\|0\|e5ipnc-9jrf}} | {{t\|0\|e5ipnc-g0zm}} | {{t\|0\|e5ipnc-4hrr}} | {{t\|1,300\|e5ipnc-perr}} | {{t\|2,629\|e5ipnc-y9bl}} | {{t\|1,350\|e5ipnc-cl8g}} | {{t\|90\|e5ipnc-o9pa}} | {{t\|174\|e5ipnc-fw71}} | {{t\|88\|e5ipnc-ettv}} | | Short-term Business — Combined Ratio | {{t\|98.6%\|e5ipnc-q1eb}} | {{t\|98.1%\|e5ipnc-f3pw}} | {{t\|97.8%\|e5ipnc-uc2k}} | {{t\|97.8%\|e5ipnc-zw0j}} | {{t\|97.9%\|e5ipnc-gzd4}} | {{t\|98.5%\|e5ipnc-bdpy}} | {{t\|99.4%\|e5ipnc-qum7}} | {{t\|97.5%\|e5ipnc-4gop}} | {{t\|96.9%\|e5ipnc-dkg2}} | {{t\|0.0%\|e5ipnc-d62x}} | {{t\|0.0%\|e5ipnc-yw0i}} | {{t\|0.0%\|e5ipnc-ovo7}} | {{t\|100.0%\|e5ipnc-qm9h}} | {{t\|100.0%\|e5ipnc-lb5z}} | {{t\|98.3%\|e5ipnc-eo1x}} | {{t\|92.2%\|e5ipnc-3bt3}} | {{t\|89.1%\|e5ipnc-6t2v}} | {{t\|83.6%\|e5ipnc-osg0}} | | Short-term Business — Technical Margin | {{t\|79\|e5ipnc-i2ca}} | {{t\|224\|e5ipnc-ithh}} | {{t\|141\|e5ipnc-qpqd}} | {{t\|62\|e5ipnc-c9z8}} | {{t\|117\|e5ipnc-bvls}} | {{t\|42\|e5ipnc-hfve}} | {{t\|10\|e5ipnc-haoo}} | {{t\|88\|e5ipnc-x839}} | {{t\|62\|e5ipnc-u6kn}} | {{t\|0\|e5ipnc-9mk7}} | {{t\|0\|e5ipnc-epdp}} | {{t\|0\|e5ipnc-7bpt}} | {{t\|1\|e5ipnc-a1sh}} | {{t\|1\|e5ipnc-anrn}} | {{t\|23\|e5ipnc-wzqz}} | {{t\|7\|e5ipnc-lhql}} | {{t\|19\|e5ipnc-5nhk}} | {{t\|14\|e5ipnc-satc}} | | Long-term Business — CSM Release | {{t\|259\|e5ipnc-2fy3}} | {{t\|522\|e5ipnc-hwp5}} | {{t\|270\|e5ipnc-w3wa}} | {{t\|0\|e5ipnc-475k}} | {{t\|0\|e5ipnc-o7n0}} | {{t\|0\|e5ipnc-dfj5}} | {{t\|78\|e5ipnc-vbth}} | {{t\|161\|e5ipnc-0h84}} | {{t\|84\|e5ipnc-4tjg}} | {{t\|0\|e5ipnc-i9az}} | {{t\|0\|e5ipnc-wlic}} | {{t\|0\|e5ipnc-60sc}} | {{t\|180\|e5ipnc-rcnu}} | {{t\|360\|e5ipnc-gia4}} | {{t\|186\|e5ipnc-sxhr}} | {{t\|0\|e5ipnc-rjeb}} | {{t\|0\|e5ipnc-eqxm}} | {{t\|0\|e5ipnc-mitx}} | | Long-term Business — Technical Experience | {{t\|7\|e5ipnc-1e9b}} | {{t\|3\|e5ipnc-ginw}} | {{t\|-2\|e5ipnc-11av}} | {{t\|0\|e5ipnc-t0zn}} | {{t\|0\|e5ipnc-0l1a}} | {{t\|0\|e5ipnc-2ulv}} | {{t\|-6\|e5ipnc-5wxx}} | {{t\|-20\|e5ipnc-jcv4}} | {{t\|-5\|e5ipnc-lj3c}} | {{t\|0\|e5ipnc-hnkf}} | {{t\|0\|e5ipnc-4ckc}} | {{t\|0\|e5ipnc-cmuf}} | {{t\|14\|e5ipnc-rrcq}} | {{t\|23\|e5ipnc-tldh}} | {{t\|3\|e5ipnc-nv9b}} | {{t\|0\|e5ipnc-k2hz}} | {{t\|0\|e5ipnc-0jbt}} | {{t\|0\|e5ipnc-qwug}} | | Long-term Business — Actual vs. Expected Cash Flows | {{t\|13\|e5ipnc-3r8r}} | {{t\|18\|e5ipnc-jpra}} | {{t\|2\|e5ipnc-y7ax}} | {{t\|0\|e5ipnc-n7r8}} | {{t\|0\|e5ipnc-b2qx}} | {{t\|0\|e5ipnc-truc}} | {{t\|1\|e5ipnc-xwud}} | {{t\|0\|e5ipnc-h7rr}} | {{t\|0\|e5ipnc-0yzb}} | {{t\|0\|e5ipnc-e4io}} | {{t\|0\|e5ipnc-6mk0}} | {{t\|0\|e5ipnc-a8jo}} | {{t\|12\|e5ipnc-6g9s}} | {{t\|18\|e5ipnc-cqyy}} | {{t\|2\|e5ipnc-a74r}} | {{t\|0\|e5ipnc-yqmv}} | {{t\|0\|e5ipnc-me1l}} | {{t\|0\|e5ipnc-z8lp}} | | Long-term Business — Risk Adjustment Release | {{t\|4\|e5ipnc-fmqn}} | {{t\|8\|e5ipnc-pu47}} | {{t\|7\|e5ipnc-flf4}} | {{t\|0\|e5ipnc-i2qp}} | {{t\|0\|e5ipnc-8zyf}} | {{t\|0\|e5ipnc-r66l}} | {{t\|0\|e5ipnc-6xhn}} | {{t\|-2\|e5ipnc-wvg8}} | {{t\|1\|e5ipnc-4uy5}} | {{t\|0\|e5ipnc-ptil}} | {{t\|0\|e5ipnc-ocgo}} | {{t\|0\|e5ipnc-pm9d}} | {{t\|5\|e5ipnc-m4te}} | {{t\|10\|e5ipnc-gw62}} | {{t\|5\|e5ipnc-5t7r}} | {{t\|0\|e5ipnc-wtps}} | {{t\|0\|e5ipnc-ki83}} | {{t\|0\|e5ipnc-moa8}} | | Long-term Business — Changes in Onerous Contracts | {{t\|-1\|e5ipnc-8gur}} | {{t\|-2\|e5ipnc-xhoo}} | {{t\|-2\|e5ipnc-p59z}} | {{t\|0\|e5ipnc-02nj}} | {{t\|0\|e5ipnc-pb9k}} | {{t\|0\|e5ipnc-r7da}} | {{t\|-1\|e5ipnc-hmv5}} | {{t\|-2\|e5ipnc-0sn2}} | {{t\|0\|e5ipnc-70xg}} | {{t\|0\|e5ipnc-1q61}} | {{t\|0\|e5ipnc-3wrw}} | {{t\|0\|e5ipnc-iii2}} | {{t\|-1\|e5ipnc-092r}} | {{t\|0\|e5ipnc-ddfg}} | {{t\|-1\|e5ipnc-fdiq}} | {{t\|0\|e5ipnc-zzts}} | {{t\|0\|e5ipnc-bp67}} | {{t\|0\|e5ipnc-g4mi}} | | Long-term Business — Other Long-term | {{t\|-8\|e5ipnc-5rqh}} | {{t\|-21\|e5ipnc-yify}} | {{t\|-9\|e5ipnc-ig5w}} | {{t\|0\|e5ipnc-jmxt}} | {{t\|0\|e5ipnc-gln8}} | {{t\|0\|e5ipnc-zke4}} | {{t\|-6\|e5ipnc-q3zj}} | {{t\|-16\|e5ipnc-eyks}} | {{t\|-6\|e5ipnc-2726}} | {{t\|0\|e5ipnc-r72d}} | {{t\|0\|e5ipnc-u3eh}} | {{t\|0\|e5ipnc-mrvv}} | {{t\|-2\|e5ipnc-cwws}} | {{t\|-5\|e5ipnc-uv5z}} | {{t\|-3\|e5ipnc-lxlr}} | {{t\|0\|e5ipnc-w5kd}} | {{t\|0\|e5ipnc-npnz}} | {{t\|0\|e5ipnc-1c69}} | | Financial Result & Other — Financial Result | {{t\|82\|e5ipnc-io8g}} | {{t\|176\|e5ipnc-vujq}} | {{t\|101\|e5ipnc-58ge}} | {{t\|-3\|e5ipnc-dxgk}} | {{t\|-1\|e5ipnc-z3mm}} | {{t\|4\|e5ipnc-1prq}} | {{t\|35\|e5ipnc-citg}} | {{t\|72\|e5ipnc-sunw}} | {{t\|37\|e5ipnc-38xe}} | {{t\|0\|e5ipnc-0uxc}} | {{t\|0\|e5ipnc-v53i}} | {{t\|0\|e5ipnc-2us9}} | {{t\|51\|e5ipnc-m68f}} | {{t\|105\|e5ipnc-b8bx}} | {{t\|60\|e5ipnc-vnb8}} | {{t\|0\|e5ipnc-5zph}} | {{t\|0\|e5ipnc-eeqe}} | {{t\|0\|e5ipnc-pre1}} | | Financial Result & Other — Investment Income | {{t\|160\|e5ipnc-gpoe}} | {{t\|317\|e5ipnc-yniv}} | {{t\|170\|e5ipnc-egqi}} | {{t\|26\|e5ipnc-kc7k}} | {{t\|41\|e5ipnc-7lch}} | {{t\|24\|e5ipnc-h1wm}} | {{t\|39\|e5ipnc-euzc}} | {{t\|77\|e5ipnc-22u1}} | {{t\|40\|e5ipnc-jcqy}} | {{t\|0\|e5ipnc-6k4h}} | {{t\|0\|e5ipnc-u8ug}} | {{t\|0\|e5ipnc-2wpr}} | {{t\|95\|e5ipnc-3qsm}} | {{t\|198\|e5ipnc-2wgf}} | {{t\|106\|e5ipnc-hwrs}} | {{t\|0\|e5ipnc-0bo8}} | {{t\|0\|e5ipnc-4wpd}} | {{t\|0\|e5ipnc-7s2m}} | | Financial Result & Other — Insurance Finance Expenses | {{t\|-78\|e5ipnc-yt0x}} | {{t\|-140\|e5ipnc-0299}} | {{t\|-69\|e5ipnc-gpcz}} | {{t\|-29\|e5ipnc-czku}} | {{t\|-43\|e5ipnc-54ip}} | {{t\|-20\|e5ipnc-43ey}} | {{t\|-4\|e5ipnc-1act}} | {{t\|-5\|e5ipnc-qj6v}} | {{t\|-4\|e5ipnc-xkjx}} | {{t\|0\|e5ipnc-pspe}} | {{t\|0\|e5ipnc-dejd}} | {{t\|0\|e5ipnc-kdq7}} | {{t\|-45\|e5ipnc-cix9}} | {{t\|-93\|e5ipnc-vzxv}} | {{t\|-45\|e5ipnc-trz8}} | {{t\|0\|e5ipnc-ti8w}} | {{t\|0\|e5ipnc-f2xn}} | {{t\|0\|e5ipnc-samw}} | | Debt Financing Charges — {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|427\|e5ipnc-ih7i}} | {{t\|925\|e5ipnc-epad}} | {{t\|510\|e5ipnc-8tzv}} | {{t\|59\|e5ipnc-6o02}} | {{t\|116\|e5ipnc-djcl}} | {{t\|46\|e5ipnc-77wr}} | {{t\|117\|e5ipnc-wy8p}} | {{t\|302\|e5ipnc-ymqv}} | {{t\|178\|e5ipnc-7qxh}} | {{t\|0\|e5ipnc-yeir}} | {{t\|0\|e5ipnc-9q2a}} | {{t\|0\|e5ipnc-1u2v}} | {{t\|245\|e5ipnc-9rhn}} | {{t\|489\|e5ipnc-ad50}} | {{t\|272\|e5ipnc-lt23}} | {{t\|7\|e5ipnc-9uyv}} | {{t\|19\|e5ipnc-g3wb}} | {{t\|14\|e5ipnc-lpo7}} | | Debt Financing Charges — Tax | {{t\|-96\|e5ipnc-x2rj}} | {{t\|-239\|e5ipnc-5zav}} | {{t\|-133\|e5ipnc-6liv}} | {{t\|-10\|e5ipnc-ur98}} | {{t\|-27\|e5ipnc-lut9}} | {{t\|-7\|e5ipnc-p2cs}} | {{t\|-31\|e5ipnc-ytov}} | {{t\|-87\|e5ipnc-wbtn}} | {{t\|-46\|e5ipnc-op4c}} | {{t\|0\|e5ipnc-qvrf}} | {{t\|0\|e5ipnc-lz2i}} | {{t\|0\|e5ipnc-45qb}} | {{t\|-55\|e5ipnc-g6i2}} | {{t\|-125\|e5ipnc-3gz1}} | {{t\|-80\|e5ipnc-91eg}} | {{t\|0\|e5ipnc-ajb9}} | {{t\|0\|e5ipnc-d1kd}} | {{t\|-1\|e5ipnc-e0ug}} | | Debt Financing Charges — Income from Affiliates & Other | {{t\|2\|e5ipnc-077m}} | {{t\|4\|e5ipnc-749o}} | {{t\|8\|e5ipnc-luhr}} | {{t\|0\|e5ipnc-s2yy}} | {{t\|0\|e5ipnc-5n36}} | {{t\|0\|e5ipnc-2dg8}} | {{t\|0\|e5ipnc-i6ox}} | {{t\|0\|e5ipnc-6s3k}} | {{t\|0\|e5ipnc-noz5}} | {{t\|0\|e5ipnc-qyln}} | {{t\|0\|e5ipnc-z2s9}} | {{t\|0\|e5ipnc-wuva}} | {{t\|2\|e5ipnc-6z0v}} | {{t\|4\|e5ipnc-a1fv}} | {{t\|8\|e5ipnc-skui}} | {{t\|0\|e5ipnc-a5sc}} | {{t\|0\|e5ipnc-b1fq}} | {{t\|0\|e5ipnc-ncjr}} | | Debt Financing Charges — Minority Interests | {{t\|0\|e5ipnc-0j37}} | {{t\|-4\|e5ipnc-0ktr}} | {{t\|-3\|e5ipnc-lmcz}} | {{t\|0\|e5ipnc-k82x}} | {{t\|0\|e5ipnc-klll}} | {{t\|0\|e5ipnc-esif}} | {{t\|0\|e5ipnc-arjv}} | {{t\|-1\|e5ipnc-mdqj}} | {{t\|0\|e5ipnc-6t49}} | {{t\|0\|e5ipnc-bc6n}} | {{t\|0\|e5ipnc-ifhm}} | {{t\|0\|e5ipnc-g120}} | {{t\|0\|e5ipnc-f2r2}} | {{t\|-3\|e5ipnc-pxdl}} | {{t\|-3\|e5ipnc-zvtc}} | {{t\|0\|e5ipnc-senz}} | {{t\|0\|e5ipnc-jt8y}} | {{t\|0\|e5ipnc-j48z}} | | Debt Financing Charges — {{t\|Underlying Earnings Group share\|\|Underlying earnings}} | {{t\|333\|e5ipnc-5l92}} | {{t\|687\|e5ipnc-rroy}} | {{t\|381\|e5ipnc-u9fy}} | {{t\|49\|e5ipnc-k5ic}} | {{t\|89\|e5ipnc-iew1}} | {{t\|39\|e5ipnc-hsze}} | {{t\|85\|e5ipnc-92oh}} | {{t\|213\|e5ipnc-623s}} | {{t\|132\|e5ipnc-u3pn}} | {{t\|0\|e5ipnc-m765}} | {{t\|0\|e5ipnc-y35i}} | {{t\|0\|e5ipnc-5sse}} | {{t\|192\|e5ipnc-on1a}} | {{t\|366\|e5ipnc-atb9}} | {{t\|197\|e5ipnc-d34y}} | {{t\|7\|e5ipnc-v180}} | {{t\|19\|e5ipnc-hk74}} | {{t\|14\|e5ipnc-wspd}} | | **For short-term business — Liabilities for remaining coverage net of reinsurance** | {{t\|2,289\|e5ipnc-vtbv}} | {{t\|2,000\|e5ipnc-qo8i}} | {{t\|2,750\|e5ipnc-m8zx}} | {{t\|27\|e5ipnc-qduy}} | {{t\|18\|e5ipnc-ctm9}} | {{t\|24\|e5ipnc-sctn}} | {{t\|1,231\|e5ipnc-726e}} | {{t\|981\|e5ipnc-cr4z}} | {{t\|1,654\|e5ipnc-0nka}} | {{t\|0\|e5ipnc-z34o}} | {{t\|0\|e5ipnc-2wid}} | {{t\|0\|e5ipnc-88bl}} | {{t\|1,022\|e5ipnc-b12g}} | {{t\|995\|e5ipnc-6q6s}} | {{t\|1,067\|e5ipnc-1z7w}} | {{t\|9\|e5ipnc-nqdq}} | {{t\|6\|e5ipnc-pmnb}} | {{t\|5\|e5ipnc-qfef}} | | **For short-term business — Best Estimate for incurred Claims net of reinsurance** | {{t\|2,286\|e5ipnc-bxca}} | {{t\|2,384\|e5ipnc-u255}} | {{t\|2,337\|e5ipnc-uebi}} | {{t\|1,240\|e5ipnc-9m0g}} | {{t\|1,329\|e5ipnc-0l2i}} | {{t\|1,091\|e5ipnc-ks6y}} | {{t\|698\|e5ipnc-qbi7}} | {{t\|751\|e5ipnc-ehcy}} | {{t\|898\|e5ipnc-unap}} | {{t\|0\|e5ipnc-x5s2}} | {{t\|0\|e5ipnc-poe2}} | {{t\|0\|e5ipnc-7pse}} | {{t\|336\|e5ipnc-813w}} | {{t\|290\|e5ipnc-phiz}} | {{t\|334\|e5ipnc-u41y}} | {{t\|13\|e5ipnc-1vjp}} | {{t\|14\|e5ipnc-fd9h}} | {{t\|15\|e5ipnc-2glj}} | | **For long-term business — Best Estimate Liabilities net of reinsurance** | {{t\|20,066\|e5ipnc-p9he}} | {{t\|20,858\|e5ipnc-zoa9}} | {{t\|20,726\|e5ipnc-l3jp}} | {{t\|0\|e5ipnc-n69e}} | {{t\|0\|e5ipnc-5rku}} | {{t\|0\|e5ipnc-hh7l}} | {{t\|20,645\|e5ipnc-uis6}} | {{t\|21,416\|e5ipnc-zhrp}} | {{t\|21,527\|e5ipnc-1wgy}} | {{t\|0\|e5ipnc-2d1k}} | {{t\|0\|e5ipnc-dgfm}} | {{t\|0\|e5ipnc-5jw8}} | {{t\|-579\|e5ipnc-bvkj}} | {{t\|-557\|e5ipnc-gsun}} | {{t\|-800\|e5ipnc-1jxm}} | {{t\|0\|e5ipnc-86gp}} | {{t\|0\|e5ipnc-mvz5}} | {{t\|0\|e5ipnc-ut9a}} | | For long-term business — o/w VFA Gross of reinsurance | {{t\|20,977\|e5ipnc-1uc9}} | {{t\|21,821\|e5ipnc-33sm}} | {{t\|21,996\|e5ipnc-qcof}} | {{t\|0\|e5ipnc-llu3}} | {{t\|0\|e5ipnc-jqq6}} | {{t\|0\|e5ipnc-h52z}} | {{t\|20,896\|e5ipnc-jf8j}} | {{t\|21,713\|e5ipnc-pf38}} | {{t\|21,868\|e5ipnc-fz34}} | {{t\|0\|e5ipnc-8dql}} | {{t\|0\|e5ipnc-4e92}} | {{t\|0\|e5ipnc-jrfp}} | {{t\|81\|e5ipnc-iuz2}} | {{t\|109\|e5ipnc-1jdm}} | {{t\|128\|e5ipnc-5wyv}} | {{t\|0\|e5ipnc-pcwp}} | {{t\|0\|e5ipnc-h7di}} | {{t\|0\|e5ipnc-xa5q}} | | For long-term business — o/w BBA Gross of reinsurance | {{t\|-821\|e5ipnc-cpzr}} | {{t\|-868\|e5ipnc-cyo4}} | {{t\|-1,207\|e5ipnc-qf0o}} | {{t\|0\|e5ipnc-6gzo}} | {{t\|0\|e5ipnc-6pc3}} | {{t\|0\|e5ipnc-9rur}} | {{t\|-250\|e5ipnc-54er}} | {{t\|-297\|e5ipnc-4z5i}} | {{t\|-342\|e5ipnc-jwoh}} | {{t\|0\|e5ipnc-smja}} | {{t\|0\|e5ipnc-62kg}} | {{t\|0\|e5ipnc-an9j}} | {{t\|-571\|e5ipnc-u711}} | {{t\|-571\|e5ipnc-5ly7}} | {{t\|-866\|e5ipnc-arua}} | {{t\|0\|e5ipnc-mp7n}} | {{t\|0\|e5ipnc-czs8}} | {{t\|0\|e5ipnc-esof}} | | For long-term business — o/w Reinsurance | {{t\|-90\|e5ipnc-a3c3}} | {{t\|-95\|e5ipnc-5vtb}} | {{t\|-62\|e5ipnc-od7b}} | {{t\|0\|e5ipnc-0ab0}} | {{t\|0\|e5ipnc-dnn3}} | {{t\|0\|e5ipnc-7iev}} | {{t\|0\|e5ipnc-4zgl}} | {{t\|0\|e5ipnc-e3vp}} | {{t\|0\|e5ipnc-bl6o}} | {{t\|0\|e5ipnc-tiwa}} | {{t\|0\|e5ipnc-u1p7}} | {{t\|0\|e5ipnc-hgn3}} | {{t\|-90\|e5ipnc-vbc1}} | {{t\|-95\|e5ipnc-wl0u}} | {{t\|-62\|e5ipnc-iejf}} | {{t\|0\|e5ipnc-ov1b}} | {{t\|0\|e5ipnc-zp3e}} | {{t\|0\|e5ipnc-1j3j}} |" id "e5ipnc-c11" chunk 11 pages 11 heading "Asset Management" tags Empty array links "Full year 2024" "Assets under management" "Underlying earnings" "AXA Investment Managers" data_items Empty array effective_tags "AXA Investment Managers" "Assets under management" "Full year 2024" "Underlying earnings" content "**Asset management rollforward of assets under management.** | In EUR million | 1H24 Total | 1H24 o/w Third Party | {{t\|FY24\|\|Full year 2024}} Total | {{t\|FY24\|\|Full year 2024}} o/w Third Party | 1H25 Total | 1H25 o/w Third Party | | --- | --- | --- | --- | --- | --- | --- | | Opening {{t\|AUM\|\|Assets under management}} (in Euro billion) | {{t\|843\|e5ipnc-s9b9}} | {{t\|332\|e5ipnc-9v79}} | {{t\|843\|e5ipnc-xuzo}} | {{t\|332\|e5ipnc-yfcm}} | {{t\|879\|e5ipnc-g81b}} | {{t\|356\|e5ipnc-sfoj}} | | Net Inflows | {{t\|7\|e5ipnc-7487}} | {{t\|-1\|e5ipnc-4mua}} | {{t\|3\|e5ipnc-s5uz}} | {{t\|4\|e5ipnc-ie4l}} | {{t\|-3\|e5ipnc-p50t}} | {{t\|-10\|e5ipnc-boh3}} | | Scope & Other | {{t\|0\|e5ipnc-ueqb}} | {{t\|10\|e5ipnc-jwqe}} | {{t\|2\|e5ipnc-pgj6}} | {{t\|21\|e5ipnc-tfyn}} | {{t\|0\|e5ipnc-pca3}} | {{t\|-6\|e5ipnc-vzeu}} | | Market Effect | {{t\|12\|e5ipnc-ut99}} | {{t\|10\|e5ipnc-jwqe}} | {{t\|26\|e5ipnc-hsbt}} | {{t\|21\|e5ipnc-tfyn}} | {{t\|-3\|e5ipnc-ra2v}} | {{t\|-6\|e5ipnc-vzeu}} | | Currency Impact | {{t\|-4\|e5ipnc-hyck}} | {{t\|10\|e5ipnc-jwqe}} | {{t\|5\|e5ipnc-q231}} | {{t\|21\|e5ipnc-tfyn}} | {{t\|-21\|e5ipnc-xq0u}} | {{t\|-6\|e5ipnc-vzeu}} | | Closing {{t\|AUM\|\|Assets under management}} (in Euro billion) | {{t\|859\|e5ipnc-cbsq}} | {{t\|340\|e5ipnc-vb33}} | {{t\|879\|e5ipnc-2rig}} | {{t\|356\|e5ipnc-s2pt}} | {{t\|853\|e5ipnc-5znw}} | {{t\|341\|e5ipnc-woob}} | | Alternatives | {{t\|227\|e5ipnc-2ggg}} | {{t\|86\|e5ipnc-dyrv}} | {{t\|229\|e5ipnc-9mf8}} | {{t\|90\|e5ipnc-qov8}} | {{t\|233\|e5ipnc-s2xt}} | {{t\|95\|e5ipnc-8bbm}} | | Core & Other | {{t\|532\|e5ipnc-rhzy}} | {{t\|254\|e5ipnc-2747}} | {{t\|551\|e5ipnc-v5yx}} | {{t\|266\|e5ipnc-dzkw}} | {{t\|528\|e5ipnc-42kw}} | {{t\|246\|e5ipnc-8aiq}} | | Asian Joint Ventures | {{t\|101\|e5ipnc-xy98}} | — | {{t\|99\|e5ipnc-n0fe}} | — | {{t\|92\|e5ipnc-n1sa}} | — | | **Gross Revenues - After Intercompany Elimination** | {{t\|787\|e5ipnc-2knv}} | — | {{t\|1,701\|e5ipnc-2xpp}} | — | {{t\|875\|e5ipnc-upou}} | — | | **Gross Revenues - Before Intercompany Elimination** | {{t\|937\|e5ipnc-xiyg}} | — | {{t\|2,004\|e5ipnc-jlvm}} | — | {{t\|1,018\|e5ipnc-ca6g}} | — | | Management Fees | {{t\|679\|e5ipnc-qrtw}} | {{t\|385\|e5ipnc-h4cz}} | {{t\|1,425\|e5ipnc-ubij}} | {{t\|773\|e5ipnc-c3m2}} | {{t\|724\|e5ipnc-d8rn}} | {{t\|439\|e5ipnc-1k63}} | | Performance Fees | {{t\|18\|e5ipnc-dc0t}} | {{t\|8\|e5ipnc-s7zg}} | {{t\|57\|e5ipnc-m0j4}} | {{t\|21\|e5ipnc-ddr3}} | {{t\|16\|e5ipnc-5mk5}} | {{t\|9\|e5ipnc-icfw}} | | Distribution Fees | {{t\|205\|e5ipnc-gyb9}} | — | {{t\|409\|e5ipnc-5zp2}} | — | {{t\|231\|e5ipnc-pn39}} | — | | Other | {{t\|35\|e5ipnc-cap1}} | — | {{t\|112\|e5ipnc-ppj8}} | — | {{t\|46\|e5ipnc-w4lh}} | — | | **General Expenses** | {{t\|-698\|e5ipnc-4un5}} | — | {{t\|-1,493\|e5ipnc-ntnq}} | — | {{t\|-793\|e5ipnc-fr8l}} | — | | Distribution Fees Retroceded | {{t\|-205\|e5ipnc-p31l}} | — | {{t\|-409\|e5ipnc-vg3o}} | — | {{t\|-231\|e5ipnc-ik4q}} | — | | Financial Result | {{t\|24\|e5ipnc-ozna}} | — | {{t\|35\|e5ipnc-9zra}} | — | {{t\|14\|e5ipnc-niv5}} | — | | {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|263\|e5ipnc-okw1}} | — | {{t\|546\|e5ipnc-4in6}} | — | {{t\|239\|e5ipnc-bu54}} | — | | Tax | {{t\|-69\|e5ipnc-kadz}} | — | {{t\|-160\|e5ipnc-j51s}} | — | {{t\|-68\|e5ipnc-hs3n}} | — | | Income from Affiliates & Other | {{t\|16\|e5ipnc-aeqe}} | — | {{t\|29\|e5ipnc-ydmy}} | — | {{t\|8\|e5ipnc-iliw}} | — | | Minority Interests | {{t\|-6\|e5ipnc-3u1k}} | — | {{t\|-13\|e5ipnc-eheg}} | — | {{t\|-4\|e5ipnc-jcwa}} | — | | {{t\|Underlying Earnings Group Share\|\|Underlying earnings}} | {{t\|204\|e5ipnc-qnum}} | — | {{t\|402\|e5ipnc-e6b6}} | — | {{t\|175\|e5ipnc-fcgp}} | — | | Average {{t\|Assets under Management\|\|Assets under management}} (€bn) | {{t\|749\|e5ipnc-bfdt}} | — | {{t\|759\|e5ipnc-aboo}} | — | {{t\|769\|e5ipnc-zfyb}} | — | | {{t\|Asset Management\|\|AXA Investment Managers}} Fee bps | {{t\|18.1 bps\|e5ipnc-7ahi}} | — | {{t\|18.8 bps\|e5ipnc-qbjl}} | — | {{t\|18.8 bps\|e5ipnc-25cu}} | — | | **Underlying Cost Income Ratio** | {{t\|67.3%\|e5ipnc-pr6o}} | — | {{t\|68.0%\|e5ipnc-l809}} | — | {{t\|71.4%\|e5ipnc-r0cq}} | — |" id "e5ipnc-c12" chunk 12 pages 12 heading "Holdings" tags Empty array links "Full year 2024" "Other revenue" "Underlying earnings" "AXA" "Property & casualty" "Life & health" "AXA Investment Managers" "Dividend" data_items Empty array effective_tags "AXA" "AXA Investment Managers" "Capital management" "Dividend" "Full year 2024" "Life & health" "Other revenue" "Property & casualty" "Underlying earnings" content "**Holdings underlying earnings build-up (5)(footnote: Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.).** | In EUR million | 1H24 | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | --- | | Financial Result | {{t\|181\|e5ipnc-hbdc}} | {{t\|402\|e5ipnc-s3yz}} | {{t\|228\|e5ipnc-dwbg}} | | {{t\|Other Revenues\|\|Other revenue}} | {{t\|522\|e5ipnc-2ixq}} | {{t\|1,050\|e5ipnc-bpnn}} | {{t\|607\|e5ipnc-wshr}} | | Other Expenses | {{t\|-925\|e5ipnc-wudm}} | {{t\|-1,986\|e5ipnc-exvd}} | {{t\|-1,075\|e5ipnc-rpef}} | | Debt Financing Charges | {{t\|-471\|e5ipnc-p1p0}} | {{t\|-948\|e5ipnc-6cbr}} | {{t\|-452\|e5ipnc-x6dt}} | | {{t\|Underlying Earnings\|\|Underlying earnings}} Before Tax | {{t\|-693\|e5ipnc-3cni}} | {{t\|-1,482\|e5ipnc-f3fx}} | {{t\|-692\|e5ipnc-7tna}} | | Tax | {{t\|100\|e5ipnc-3fhe}} | {{t\|324\|e5ipnc-awz3}} | {{t\|101\|e5ipnc-rhze}} | | Income from Affiliates & Other | {{t\|0\|e5ipnc-rqp9}} | {{t\|0\|e5ipnc-pudr}} | {{t\|0\|e5ipnc-sn8l}} | | Minority Interests | {{t\|0\|e5ipnc-w9t3}} | {{t\|0\|e5ipnc-8edf}} | {{t\|0\|e5ipnc-f4kl}} | | {{t\|Underlying Earnings Group share\|\|Underlying earnings}} | {{t\|-592\|e5ipnc-5en5}} | {{t\|-1,157\|e5ipnc-u182}} | {{t\|-591\|e5ipnc-8uw4}} | **Holdings cash balance rollforward.** | In EUR billion | 1H24 | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | --- | | Opening Cash Balance at {{t\|AXA\|\|AXA}} SA (6) | — | {{t\|4.0\|e5ipnc-n7uk}} | — | | Net cash remittance from subsidiaries | — | {{t\|7.7\|e5ipnc-l5sz}} | — | | {{t\|Property & Casualty\|\|Property & casualty}} | — | {{t\|4.0\|e5ipnc-5boj}} | — | | {{t\|Life & Health\|\|Life & health}} | — | {{t\|3.6\|e5ipnc-ql4z}} | — | | {{t\|Asset Management\|\|AXA Investment Managers}} & Other | — | {{t\|0.1\|e5ipnc-chie}} | — | | {{t\|Dividends\|\|Dividend}} | — | {{t\|-4.4\|e5ipnc-vaxj}} | — | | Share buy-backs | — | {{t\|-1.8\|e5ipnc-o0cf}} | — | | Holding costs and interests | — | {{t\|-1.3\|e5ipnc-sqtk}} | — | | Debt issuance | — | {{t\|0.1\|e5ipnc-3e7l}} | — | | M&A and disposals | — | {{t\|0.0\|e5ipnc-8d0a}} | — | | Other | — | {{t\|-0.3\|e5ipnc-2ki5}} | — | | Closing Cash Balance at {{t\|AXA\|\|AXA}} SA (6) | — | {{t\|4.0\|e5ipnc-jq4l}} | — | (5) Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25. (6) Includes liquid invested assets" id "e5ipnc-c13" chunk 13 pages 13 heading "Activity Indicators" tags Empty array links "Full year 2024" "Property & casualty" "Life & health" "AXA Investment Managers" "Gross written premiums & other revenues" "AXA France" "AXA Europe" "AXA XL" "AXA Asia, Africa & EME-LATAM" "AXA Transversal & Other" data_items Empty array effective_tags "AXA" "AXA Asia, Africa & EME-LATAM" "AXA Europe" "AXA France" "AXA Investment Managers" "AXA Transversal & Other" "AXA XL" "Full year 2024" "Gross written premiums & other revenues" "Life & health" "Property & casualty" content "**Activity indicators by line of business.** | In EUR million | 1H24 Total | 1H24 {{t\|P&C\|\|Property & casualty}} | 1H24 {{t\|Life & Health\|\|Life & health}} | 1H24 o/w Employee Benefits (7) | 1H24 Life | 1H24 Health | 1H24 {{t\|Asset Management\|\|AXA Investment Managers}} | 1H24 Bank | {{t\|FY24\|\|Full year 2024}} Total | {{t\|FY24\|\|Full year 2024}} {{t\|P&C\|\|Property & casualty}} | {{t\|FY24\|\|Full year 2024}} {{t\|Life & Health\|\|Life & health}} | {{t\|FY24\|\|Full year 2024}} o/w Employee Benefits (7) | {{t\|FY24\|\|Full year 2024}} Life | {{t\|FY24\|\|Full year 2024}} Health | {{t\|FY24\|\|Full year 2024}} {{t\|Asset Management\|\|AXA Investment Managers}} | {{t\|FY24\|\|Full year 2024}} Bank | 1H25 Total | 1H25 {{t\|P&C\|\|Property & casualty}} | 1H25 {{t\|Life & Health\|\|Life & health}} | 1H25 o/w Employee Benefits (7) | 1H25 Life | 1H25 Health | 1H25 {{t\|Asset Management\|\|AXA Investment Managers}} | 1H25 Bank | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | {{t\|Gross Written Premiums & Other Revenues\|\|Gross written premiums & other revenues}} | {{t\|59,872\|e5ipnc-b43y}} | {{t\|32,522\|e5ipnc-mr0v}} | {{t\|26,505\|e5ipnc-rr7r}} | {{t\|6,673\|e5ipnc-joge}} | {{t\|17,419\|e5ipnc-3ncj}} | {{t\|9,086\|e5ipnc-dsrc}} | {{t\|787\|e5ipnc-7vdo}} | {{t\|57\|e5ipnc-f0vq}} | {{t\|110,316\|e5ipnc-swfn}} | {{t\|56,514\|e5ipnc-69rx}} | {{t\|51,983\|e5ipnc-0ziw}} | {{t\|12,167\|e5ipnc-xv9o}} | {{t\|34,497\|e5ipnc-qhgx}} | {{t\|17,486\|e5ipnc-y8qh}} | {{t\|1,701\|e5ipnc-z112}} | {{t\|118\|e5ipnc-xmk5}} | {{t\|64,251\|e5ipnc-s2yt}} | {{t\|34,097\|e5ipnc-o13p}} | {{t\|29,230\|e5ipnc-qau2}} | {{t\|7,223\|e5ipnc-uhq1}} | {{t\|19,081\|e5ipnc-1sl5}} | {{t\|10,149\|e5ipnc-uun1}} | {{t\|875\|e5ipnc-7ds2}} | {{t\|49\|e5ipnc-zzc5}} | | IFRS17/9 New Business Value (NBV) (a) | {{t\|1,206\|e5ipnc-m8zk}} | — | {{t\|1,206\|e5ipnc-t8z2}} | — | {{t\|953\|e5ipnc-744c}} | {{t\|253\|e5ipnc-ua7m}} | — | — | {{t\|2,264\|e5ipnc-2ube}} | — | {{t\|2,264\|e5ipnc-9ol0}} | — | {{t\|1,792\|e5ipnc-he3t}} | {{t\|473\|e5ipnc-nslp}} | — | — | {{t\|1,189\|e5ipnc-x4jm}} | — | {{t\|1,189\|e5ipnc-mphj}} | — | {{t\|928\|e5ipnc-d446}} | {{t\|260\|e5ipnc-ur17}} | — | — | | New Business Contractual Service Margin (NB CSM) | {{t\|1,131\|e5ipnc-xd9n}} | — | {{t\|1,131\|e5ipnc-6e03}} | — | {{t\|919\|e5ipnc-46s7}} | {{t\|213\|e5ipnc-cey6}} | — | — | {{t\|2,169\|e5ipnc-6yhu}} | — | {{t\|2,169\|e5ipnc-n20t}} | — | {{t\|1,770\|e5ipnc-51cm}} | {{t\|399\|e5ipnc-xxa4}} | — | — | {{t\|1,184\|e5ipnc-eqvi}} | — | {{t\|1,184\|e5ipnc-migh}} | — | {{t\|950\|e5ipnc-6e95}} | {{t\|234\|e5ipnc-z217}} | — | — | | Other NBV (8) | {{t\|456\|e5ipnc-3upv}} | — | {{t\|456\|e5ipnc-t6dj}} | — | {{t\|333\|e5ipnc-lxr5}} | {{t\|123\|e5ipnc-ksev}} | — | — | {{t\|824\|e5ipnc-69et}} | — | {{t\|824\|e5ipnc-m2kt}} | — | {{t\|594\|e5ipnc-bhxn}} | {{t\|231\|e5ipnc-8uzg}} | — | — | {{t\|382\|e5ipnc-4m4b}} | — | {{t\|382\|e5ipnc-5z61}} | — | {{t\|270\|e5ipnc-545l}} | {{t\|113\|e5ipnc-v1kd}} | — | — | | Tax | {{t\|-381\|e5ipnc-funs}} | — | {{t\|-381\|e5ipnc-skz2}} | — | {{t\|-299\|e5ipnc-5x4q}} | {{t\|-83\|e5ipnc-jkdv}} | — | — | {{t\|-729\|e5ipnc-7trr}} | — | {{t\|-729\|e5ipnc-lubf}} | — | {{t\|-572\|e5ipnc-uezk}} | {{t\|-158\|e5ipnc-xzws}} | — | — | {{t\|-378\|e5ipnc-ond2}} | — | {{t\|-378\|e5ipnc-z1dm}} | — | {{t\|-292\|e5ipnc-tjph}} | {{t\|-86\|e5ipnc-3jpf}} | — | — | | Present Value of Expected Premiums (PVEP) (b) | {{t\|25,588\|e5ipnc-mu7y}} | — | {{t\|25,588\|e5ipnc-v5s5}} | — | {{t\|18,234\|e5ipnc-jzqm}} | {{t\|7,354\|e5ipnc-z4gb}} | — | — | {{t\|50,896\|e5ipnc-x3j6}} | — | {{t\|50,896\|e5ipnc-p8ml}} | — | {{t\|36,860\|e5ipnc-qqmd}} | {{t\|14,036\|e5ipnc-ha9c}} | — | — | {{t\|25,918\|e5ipnc-mix6}} | — | {{t\|25,918\|e5ipnc-lstx}} | — | {{t\|19,487\|e5ipnc-cpcz}} | {{t\|6,430\|e5ipnc-ekx7}} | — | — | | IFRS17/9 NBV Margin (a)/(b) | {{t\|4.7%\|e5ipnc-vpzn}} | — | {{t\|4.7%\|e5ipnc-6om0}} | — | {{t\|5.2%\|e5ipnc-jlgv}} | {{t\|3.4%\|e5ipnc-xc58}} | — | — | {{t\|4.4%\|e5ipnc-hf00}} | — | {{t\|4.4%\|e5ipnc-fxxh}} | — | {{t\|4.9%\|e5ipnc-ylg8}} | {{t\|3.4%\|e5ipnc-3qf5}} | — | — | {{t\|4.6%\|e5ipnc-fbug}} | — | {{t\|4.6%\|e5ipnc-4o0t}} | — | {{t\|4.8%\|e5ipnc-qs8g}} | {{t\|4.0%\|e5ipnc-hlxq}} | — | — | **Activity indicators by geography.** | In EUR million | 1H24 Total | 1H24 {{t\|France\|\|AXA France}} | 1H24 {{t\|Europe\|\|AXA Europe}} | 1H24 {{t\|AXA XL\|\|AXA XL}} | 1H24 {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} | 1H24 {{t\|AXA IM\|\|AXA Investment Managers}} | 1H24 {{t\|Transversal & Other\|\|AXA Transversal & Other}} | {{t\|FY24\|\|Full year 2024}} Total | {{t\|FY24\|\|Full year 2024}} {{t\|France\|\|AXA France}} | {{t\|FY24\|\|Full year 2024}} {{t\|Europe\|\|AXA Europe}} | {{t\|FY24\|\|Full year 2024}} {{t\|AXA XL\|\|AXA XL}} | {{t\|FY24\|\|Full year 2024}} {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} | {{t\|FY24\|\|Full year 2024}} {{t\|AXA IM\|\|AXA Investment Managers}} | {{t\|FY24\|\|Full year 2024}} {{t\|Transversal & Other\|\|AXA Transversal & Other}} | 1H25 Total | 1H25 {{t\|France\|\|AXA France}} | 1H25 {{t\|Europe\|\|AXA Europe}} | 1H25 {{t\|AXA XL\|\|AXA XL}} | 1H25 {{t\|Asia, Africa & EME-LATAM\|\|AXA Asia, Africa & EME-LATAM}} | 1H25 {{t\|AXA IM\|\|AXA Investment Managers}} | 1H25 {{t\|Transversal & Other\|\|AXA Transversal & Other}} | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | {{t\|Gross Written Premiums & Other Revenues\|\|Gross written premiums & other revenues}} | {{t\|59,872\|e5ipnc-rnsw}} | {{t\|14,719\|e5ipnc-f2s5}} | {{t\|22,579\|e5ipnc-q2bb}} | {{t\|11,220\|e5ipnc-tw05}} | {{t\|9,571\|e5ipnc-nyhe}} | {{t\|787\|e5ipnc-57l3}} | {{t\|995\|e5ipnc-jvq1}} | {{t\|110,316\|e5ipnc-7hiw}} | {{t\|28,996\|e5ipnc-1unz}} | {{t\|39,298\|e5ipnc-3u2a}} | {{t\|19,383\|e5ipnc-1co8}} | {{t\|19,083\|e5ipnc-b3dy}} | {{t\|1,701\|e5ipnc-zsyr}} | {{t\|1,856\|e5ipnc-tuuo}} | {{t\|64,251\|e5ipnc-d4nz}} | {{t\|15,670\|e5ipnc-a2zs}} | {{t\|24,649\|e5ipnc-u3l9}} | {{t\|11,749\|e5ipnc-bnsh}} | {{t\|10,302\|e5ipnc-pvbw}} | {{t\|875\|e5ipnc-xr4j}} | {{t\|1,006\|e5ipnc-nijk}} | | IFRS17/9 New Business Value (NBV) (a) | {{t\|1,206\|e5ipnc-cc7s}} | {{t\|354\|e5ipnc-07jb}} | {{t\|348\|e5ipnc-lkq8}} | — | {{t\|504\|e5ipnc-07ko}} | — | — | {{t\|2,264\|e5ipnc-wyfa}} | {{t\|682\|e5ipnc-rqo8}} | {{t\|597\|e5ipnc-q2dl}} | — | {{t\|986\|e5ipnc-no8r}} | — | — | {{t\|1,189\|e5ipnc-viua}} | {{t\|315\|e5ipnc-j3w8}} | {{t\|364\|e5ipnc-esr2}} | — | {{t\|510\|e5ipnc-av7v}} | — | — | | New Business Contractual Service Margin (NB CSM) | {{t\|1,131\|e5ipnc-0uri}} | {{t\|203\|e5ipnc-3v29}} | {{t\|398\|e5ipnc-9hm4}} | — | {{t\|531\|e5ipnc-c30n}} | — | — | {{t\|2,169\|e5ipnc-zthj}} | {{t\|391\|e5ipnc-9ozy}} | {{t\|731\|e5ipnc-xntv}} | — | {{t\|1,047\|e5ipnc-3i9b}} | — | — | {{t\|1,184\|e5ipnc-xxqf}} | {{t\|199\|e5ipnc-pbkc}} | {{t\|443\|e5ipnc-lnd3}} | — | {{t\|541\|e5ipnc-wfa9}} | — | — | | Other NBV (8) | {{t\|456\|e5ipnc-dp4t}} | {{t\|275\|e5ipnc-azic}} | {{t\|50\|e5ipnc-cjx9}} | — | {{t\|131\|e5ipnc-ayex}} | — | — | {{t\|824\|e5ipnc-3bb4}} | {{t\|528\|e5ipnc-nnnz}} | {{t\|49\|e5ipnc-zzpl}} | — | {{t\|247\|e5ipnc-c31c}} | — | — | {{t\|382\|e5ipnc-iyu9}} | {{t\|225\|e5ipnc-jzwk}} | {{t\|28\|e5ipnc-zct8}} | — | {{t\|129\|e5ipnc-q4wo}} | — | — | | Tax | {{t\|-381\|e5ipnc-j826}} | {{t\|-123\|e5ipnc-dh0l}} | {{t\|-100\|e5ipnc-c5w0}} | — | {{t\|-158\|e5ipnc-vpay}} | — | — | {{t\|-729\|e5ipnc-t21y}} | {{t\|-237\|e5ipnc-5k82}} | {{t\|-184\|e5ipnc-ifle}} | — | {{t\|-309\|e5ipnc-639v}} | — | — | {{t\|-378\|e5ipnc-tyem}} | {{t\|-109\|e5ipnc-wjf4}} | {{t\|-107\|e5ipnc-hp02}} | — | {{t\|-161\|e5ipnc-qiey}} | — | — | | Present Value of Expected Premiums (PVEP) (b) | {{t\|25,588\|e5ipnc-htv2}} | {{t\|12,301\|e5ipnc-sj87}} | {{t\|6,317\|e5ipnc-xlfe}} | — | {{t\|6,971\|e5ipnc-zp72}} | — | — | {{t\|50,896\|e5ipnc-uidu}} | {{t\|25,370\|e5ipnc-q3w2}} | {{t\|11,831\|e5ipnc-xxxt}} | — | {{t\|13,695\|e5ipnc-xhyi}} | — | — | {{t\|25,918\|e5ipnc-umdu}} | {{t\|11,662\|e5ipnc-uy7w}} | {{t\|6,843\|e5ipnc-l86n}} | — | {{t\|7,413\|e5ipnc-0hez}} | — | — | | IFRS17/9 NBV Margin (a)/(b) | {{t\|4.7%\|e5ipnc-pay3}} | {{t\|2.9%\|e5ipnc-k871}} | {{t\|5.5%\|e5ipnc-95dm}} | — | {{t\|7.2%\|e5ipnc-gbas}} | — | — | {{t\|4.4%\|e5ipnc-ihr5}} | {{t\|2.7%\|e5ipnc-vqao}} | {{t\|5.0%\|e5ipnc-hndg}} | — | {{t\|7.2%\|e5ipnc-7fpp}} | — | — | {{t\|4.6%\|e5ipnc-h7bn}} | {{t\|2.7%\|e5ipnc-x949}} | {{t\|5.3%\|e5ipnc-cnld}} | — | {{t\|6.9%\|e5ipnc-pscp}} | — | — | (7) Employee Benefits include Group Protection and Group Health contracts. (8) 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." id "e5ipnc-c14" chunk 14 pages 14 heading "Balance Sheet" tags Empty array links "Full year 2024" data_items Empty array effective_tags "Full year 2024" content "**Assets build-up.** | In EUR billion | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | | Goodwill | {{t\|18.1\|e5ipnc-rry6}} | {{t\|17.1\|e5ipnc-y8xt}} | | Other intangible assets | {{t\|4.4\|e5ipnc-ehy5}} | {{t\|4.3\|e5ipnc-foav}} | | **Total Intangible assets** | {{t\|22.6\|e5ipnc-9h9u}} | {{t\|21.4\|e5ipnc-svft}} | | Investments in real estate properties | {{t\|29.2\|e5ipnc-9d2e}} | {{t\|29.6\|e5ipnc-k158}} | | Financial investments | {{t\|418.2\|e5ipnc-y1pa}} | {{t\|408.8\|e5ipnc-ae2n}} | | Unit-linked Assets | {{t\|90.1\|e5ipnc-t5qz}} | {{t\|90.9\|e5ipnc-npyb}} | | **Total Investments from Insurance activities** | {{t\|537.5\|e5ipnc-k65h}} | {{t\|529.3\|e5ipnc-m5pt}} | | Investments from Non-Insurance Activities | {{t\|18.5\|e5ipnc-2sw7}} | {{t\|19.2\|e5ipnc-9zxl}} | | Equity Method investments | {{t\|1.5\|e5ipnc-desm}} | {{t\|1.4\|e5ipnc-k8y2}} | | Assets Arising from Insurance and Reinsurance Contracts Held | {{t\|26.1\|e5ipnc-r281}} | {{t\|23.7\|e5ipnc-8b3a}} | | Present Value of Future Cash Flows | {{t\|24.1\|e5ipnc-p4t6}} | {{t\|21.9\|e5ipnc-ylas}} | | Contractual Service Margin | {{t\|1.4\|e5ipnc-z1c1}} | {{t\|1.3\|e5ipnc-9w9s}} | | Risk Adjustment | {{t\|0.5\|e5ipnc-pjrl}} | {{t\|0.5\|e5ipnc-gbnu}} | | Receivables and Other Assets | {{t\|24.1\|e5ipnc-1ums}} | {{t\|23.8\|e5ipnc-v232}} | | Assets held for sale | {{t\|4.5\|e5ipnc-u8xt}} | {{t\|4.3\|e5ipnc-68kf}} | | Cash and cash equivalents | {{t\|19.0\|e5ipnc-vhg8}} | {{t\|22.5\|e5ipnc-6xjl}} | | **Total Assets** | {{t\|653.8\|e5ipnc-p2uz}} | {{t\|645.6\|e5ipnc-0pkt}} | **Liabilities, non-controlling interests & shareholders' equity build-up.** | In EUR billion | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | | Shareholders' Equity group share | {{t\|49.9\|e5ipnc-h1d3}} | {{t\|45.5\|e5ipnc-e81x}} | | Non-controlling Interests | {{t\|2.5\|e5ipnc-58ez}} | {{t\|2.4\|e5ipnc-a0ha}} | | **Shareholders’ equity** | {{t\|52.5\|e5ipnc-934h}} | {{t\|47.9\|e5ipnc-dnv3}} | | Financing debt | {{t\|14.4\|e5ipnc-cj94}} | {{t\|15.0\|e5ipnc-vu8i}} | | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | {{t\|477.0\|e5ipnc-o0r8}} | {{t\|468.0\|e5ipnc-brpu}} | | Present Value of Future Cash Flows | {{t\|438.4\|e5ipnc-o4xi}} | {{t\|430.4\|e5ipnc-4gvf}} | | Contractual Service Margin | {{t\|35.3\|e5ipnc-6xrr}} | {{t\|34.5\|e5ipnc-xpvp}} | | Risk Adjustment | {{t\|3.3\|e5ipnc-balt}} | {{t\|3.2\|e5ipnc-00kh}} | | Other Investment Contract Liabilities | {{t\|12.6\|e5ipnc-vaw8}} | {{t\|12.3\|e5ipnc-ay5w}} | | **Liabilities arising from insurance, reinsurance and investment contracts** | {{t\|489.6\|e5ipnc-7l77}} | {{t\|480.3\|e5ipnc-xbse}} | | Liabilities Arising from Non-Insurance Activities | {{t\|10.1\|e5ipnc-vtue}} | {{t\|10.3\|e5ipnc-9jnv}} | | Provisions for risks and charges | {{t\|4.9\|e5ipnc-4x4d}} | {{t\|4.8\|e5ipnc-d3hz}} | | Payables and Other liabilities | {{t\|80.9\|e5ipnc-mx6k}} | {{t\|86.1\|e5ipnc-2i63}} | | Liabilities held for sale | {{t\|1.4\|e5ipnc-tnvs}} | {{t\|1.2\|e5ipnc-6rq9}} | | **Total Liabilities, Non-controlling Interests and Shareholders' Equity** | {{t\|653.8\|e5ipnc-it99}} | {{t\|645.6\|e5ipnc-ma48}} |" id "e5ipnc-c15" chunk 15 pages 15 heading "CSM rollforward" tags Empty array links "Full year 2024" "Property & casualty" data_items Empty array effective_tags "Full year 2024" "Property & casualty" content "**Contractual Service Margin (CSM) rollforward by business unit.** | In EUR million | FY23 Restated** | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (9) | {{t\|FY24\|\|Full year 2024}} | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Total Group (pre-tax)** | {{t\|34,187\|e5ipnc-22ce}} | {{t\|2,169\|e5ipnc-8l3b}} | {{t\|1,383\|e5ipnc-qvuv}} | {{t\|-2,775\|e5ipnc-dgbz}} | {{t\|-998\|e5ipnc-ciy3}} | {{t\|432\|e5ipnc-95ar}} | {{t\|-545\|e5ipnc-am8c}} | {{t\|33,853\|e5ipnc-mfqo}} | | {{t\|P&C\|\|Property & casualty}} | {{t\|206\|e5ipnc-uesj}} | {{t\|0\|e5ipnc-3dkh}} | {{t\|0\|e5ipnc-9mh7}} | {{t\|0\|e5ipnc-wrhc}} | {{t\|0\|e5ipnc-ywit}} | {{t\|0\|e5ipnc-x1qa}} | {{t\|76\|e5ipnc-92i8}} | {{t\|282\|e5ipnc-vekc}} | | Life | {{t\|26,200\|e5ipnc-xp3k}} | {{t\|1,770\|e5ipnc-tn5r}} | {{t\|1,172\|e5ipnc-86qv}} | {{t\|-2,253\|e5ipnc-qtje}} | {{t\|-890\|e5ipnc-qwsb}} | {{t\|363\|e5ipnc-yshs}} | {{t\|-534\|e5ipnc-m1mw}} | {{t\|25,826\|e5ipnc-usb6}} | | Health | {{t\|7,782\|e5ipnc-3ov0}} | {{t\|400\|e5ipnc-2caj}} | {{t\|211\|e5ipnc-wmdp}} | {{t\|-522\|e5ipnc-ubnd}} | {{t\|-108\|e5ipnc-hsgi}} | {{t\|69\|e5ipnc-u8ok}} | {{t\|-87\|e5ipnc-gife}} | {{t\|7,744\|e5ipnc-oc65}} | | **Total Group (post-tax)** | {{t\|26,777\|e5ipnc-cicw}} | — | — | — | — | — | — | {{t\|26,320\|e5ipnc-48kn}} | **Contractual Service Margin (CSM) rollforward by business unit.** | In EUR million | {{t\|FY24\|\|Full year 2024}} | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance (10) | Operating Variance | Other (9) | 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Total Group (pre-tax)** | {{t\|33,853\|e5ipnc-o3fd}} | {{t\|1,184\|e5ipnc-xvho}} | {{t\|683\|e5ipnc-o649}} | {{t\|-1,428\|e5ipnc-rf4v}} | {{t\|-64\|e5ipnc-dkuu}} | {{t\|-95\|e5ipnc-beor}} | {{t\|-969\|e5ipnc-cqta}} | {{t\|33,164\|e5ipnc-kd3j}} | | {{t\|P&C\|\|Property & casualty}} | {{t\|282\|e5ipnc-vnfs}} | {{t\|0\|e5ipnc-sdmb}} | {{t\|0\|e5ipnc-k580}} | {{t\|0\|e5ipnc-1abl}} | {{t\|0\|e5ipnc-pztl}} | {{t\|0\|e5ipnc-ugva}} | {{t\|-49\|e5ipnc-lv7f}} | {{t\|233\|e5ipnc-l4ri}} | | Life | {{t\|25,826\|e5ipnc-upix}} | {{t\|950\|e5ipnc-t3bd}} | {{t\|594\|e5ipnc-e1vp}} | {{t\|-1,158\|e5ipnc-emfb}} | {{t\|-94\|e5ipnc-m7g5}} | {{t\|-254\|e5ipnc-texg}} | {{t\|-647\|e5ipnc-3hrh}} | {{t\|25,217\|e5ipnc-bugw}} | | Health | {{t\|7,744\|e5ipnc-llh8}} | {{t\|234\|e5ipnc-747g}} | {{t\|90\|e5ipnc-qsew}} | {{t\|-270\|e5ipnc-lsor}} | {{t\|30\|e5ipnc-7qr9}} | {{t\|159\|e5ipnc-eiw0}} | {{t\|-273\|e5ipnc-bggr}} | {{t\|7,714\|e5ipnc-n4he}} | | **Total Group (post-tax)** | {{t\|26,320\|e5ipnc-fpag}} | — | — | — | — | — | — | {{t\|25,513\|e5ipnc-vl9t}} | (9) 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. (10) Including scope changes and FX" id "e5ipnc-c16" chunk 16 pages 16 heading "Invested Assets" tags Empty array links Empty array data_items Empty array effective_tags Empty array content "**General account invested assets breakdown by asset class and rating.** | In EUR billion | Fair value | Asset Allocation % | o/w Participating | Duration gap | Fair Value by Rating Average rating1 (16) | Fair Value by Rating AAA | Fair Value by Rating AA | Fair Value by Rating A | Fair Value by Rating BBB | Fair Value by Rating Below Investment Grade | Fair Value by Rating Non Rated | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | General Account Invested Assets (11) | {{t\|453\|e5ipnc-ko6a}} | — | {{t\|60%\|e5ipnc-3dsg}} | {{t\|-0.3 yr\|e5ipnc-sok0}} | — | — | — | — | — | — | — | | Fixed Income | {{t\|348\|e5ipnc-fe2u}} | {{t\|77%\|e5ipnc-l41u}} | {{t\|60%\|e5ipnc-t3pe}} | — | — | — | — | — | — | — | — | | Government Bonds | {{t\|173\|e5ipnc-k3t9}} | {{t\|38%\|e5ipnc-ombh}} | {{t\|65%\|e5ipnc-byl1}} | — | AA | {{t\|26%\|e5ipnc-kgif}} | {{t\|42%\|e5ipnc-ecdr}} | {{t\|18%\|e5ipnc-64qx}} | {{t\|10%\|e5ipnc-wiol}} | {{t\|2%\|e5ipnc-zl43}} | {{t\|2%\|e5ipnc-nqk0}} | | Corporate Bonds and Loans | {{t\|122\|e5ipnc-23b6}} | {{t\|27%\|e5ipnc-vbpl}} | {{t\|55%\|e5ipnc-xtjr}} | — | A | {{t\|16%\|e5ipnc-cau7}} | {{t\|6%\|e5ipnc-528p}} | {{t\|37%\|e5ipnc-16mr}} | {{t\|30%\|e5ipnc-gkew}} | {{t\|11%\|e5ipnc-micf}} | — | | Other Fixed Income | {{t\|52\|e5ipnc-h4v4}} | {{t\|12%\|e5ipnc-znyi}} | {{t\|52%\|e5ipnc-gjz5}} | — | — | — | — | — | — | — | — | | Asset Backed Securities (12) | {{t\|23\|e5ipnc-f2jt}} | {{t\|5%\|e5ipnc-4qk3}} | {{t\|47%\|e5ipnc-a0w6}} | — | — | {{t\|56%\|e5ipnc-6ckd}} | {{t\|26%\|e5ipnc-lekz}} | {{t\|11%\|e5ipnc-0wv7}} | {{t\|2%\|e5ipnc-pm2u}} | {{t\|2%\|e5ipnc-usd3}} | {{t\|4%\|e5ipnc-acgj}} | | Mortgage Loans (13) | {{t\|30\|e5ipnc-wr3r}} | {{t\|7%\|e5ipnc-6t7z}} | {{t\|57%\|e5ipnc-r1n4}} | — | — | — | — | — | — | — | — | | Real Estate | {{t\|41\|e5ipnc-u011}} | {{t\|9%\|e5ipnc-hmm6}} | {{t\|64%\|e5ipnc-2as5}} | — | — | — | — | — | — | — | — | | Infrastructure Equity | {{t\|11\|e5ipnc-ixt4}} | {{t\|2%\|e5ipnc-fesd}} | {{t\|64%\|e5ipnc-yrqn}} | — | — | — | — | — | — | — | — | | Listed Equities (14) | {{t\|8\|e5ipnc-ftlu}} | {{t\|2%\|e5ipnc-3k7l}} | {{t\|79%\|e5ipnc-x1bj}} | — | — | — | — | — | — | — | — | | Private Equity & Hedge Funds (15) | {{t\|22\|e5ipnc-3kp9}} | {{t\|5%\|e5ipnc-i2fk}} | {{t\|57%\|e5ipnc-en56}} | — | — | — | — | — | — | — | — | | Cash | {{t\|22\|e5ipnc-gx97}} | {{t\|5%\|e5ipnc-8hp0}} | {{t\|50%\|e5ipnc-ds0w}} | — | — | — | — | — | — | — | — | | Policy Loans | {{t\|2\|e5ipnc-jbrg}} | {{t\|0%\|e5ipnc-jq9b}} | {{t\|51%\|e5ipnc-pv59}} | — | — | — | — | — | — | — | — | (16) Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.02billion, AA: Euro 0.4 billion, A: Euro 1 billion, BBB: Euro 3.7 billion, Below investment grade: Euro 5 billion. (11) 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. (12) Includes 93% of CLOs. (13) Residential loans (Euro 16 billion), commercial & agricultural loans (Euro 7 billion) and Agency Pools (Euro 7 billion). (14) Includes hedges. Listed equities excluding hedges at €13bn (basis for % of participating) (15) Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion)." id "e5ipnc-c17" chunk 17 pages 17 heading "Supplementary Info on Asset" tags Empty array links "AXA France" "AXA Europe" data_items Empty array effective_tags "AXA" "AXA Europe" "AXA France" content "**Government bonds breakdown by geographical exposure.** | In EUR billion | Fair Value (19) | Belgium | {{t\|France\|\|AXA France}} | Germany | Italy | Japan | Netherlands | Spain | Switzerland | United States | Other EU countries | Supranational | Rest of the World | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Geographical Exposure | {{t\|173\|e5ipnc-zk5k}} | {{t\|6%\|e5ipnc-3aeb}} | {{t\|13%\|e5ipnc-de89}} | {{t\|6%\|e5ipnc-3sa3}} | {{t\|5%\|e5ipnc-wygw}} | {{t\|9%\|e5ipnc-tvo6}} | {{t\|3%\|e5ipnc-hfey}} | {{t\|6%\|e5ipnc-dv9z}} | {{t\|9%\|e5ipnc-8361}} | {{t\|9%\|e5ipnc-fnsk}} | {{t\|8%\|e5ipnc-ddeb}} | {{t\|13%\|e5ipnc-3ik6}} | {{t\|14%\|e5ipnc-czn6}} | **Corporate bonds and loans breakdown by industry.** | In EUR billion | Fair Value (20) | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Covered and Senior Secured Bonds (18) | Energy | Financials | Industrial | Technology | Utilities | Other | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Industry | {{t\|122\|e5ipnc-3r6q}} | {{t\|2%\|e5ipnc-y9x6}} | {{t\|6%\|e5ipnc-18cy}} | {{t\|4%\|e5ipnc-4m0u}} | {{t\|11%\|e5ipnc-ypux}} | {{t\|27%\|e5ipnc-10nz}} | {{t\|2%\|e5ipnc-bb1b}} | {{t\|28%\|e5ipnc-8ilb}} | {{t\|6%\|e5ipnc-dymi}} | {{t\|2%\|e5ipnc-y9v0}} | {{t\|8%\|e5ipnc-m563}} | {{t\|4%\|e5ipnc-9udq}} | **Corporate bonds and loans exposure to financials.** | In EUR billion | Total | Banks (21) | Non-Banks1 | | --- | --- | --- | --- | | **Total** | {{t\|34.0\|e5ipnc-fplp}} | {{t\|27.7\|e5ipnc-l8uz}} | {{t\|6.2\|e5ipnc-d0ft}} | | Senior Unsecured Bonds | {{t\|30.0\|e5ipnc-rrlp}} | {{t\|23.8\|e5ipnc-2wl4}} | {{t\|5.7\|e5ipnc-eec6}} | | Subordinated Bonds (17) | {{t\|3.0\|e5ipnc-1y1y}} | {{t\|3.1\|e5ipnc-mqrk}} | {{t\|0.4\|e5ipnc-k110}} | | Other | {{t\|1.0\|e5ipnc-rdry}} | {{t\|0.8\|e5ipnc-w8fe}} | {{t\|0.1\|e5ipnc-bdcl}} | **Listed equities breakdown by asset domiciliation.** | In EUR billion | Fair Value | Belgium | {{t\|France\|\|AXA France}} | Germany | Japan | Netherlands | Switzerland | United States | Other EU countries | Rest of the World | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Asset Domiciliation | {{t\|8\|e5ipnc-4sy4}} | {{t\|4%\|e5ipnc-fbcv}} | {{t\|10%\|e5ipnc-fxcl}} | {{t\|4%\|e5ipnc-mhns}} | {{t\|6%\|e5ipnc-b138}} | {{t\|3%\|e5ipnc-085e}} | {{t\|4%\|e5ipnc-4ccy}} | {{t\|34%\|e5ipnc-bhub}} | {{t\|9%\|e5ipnc-a9xx}} | {{t\|26%\|e5ipnc-ffts}} | **Listed equities breakdown by industry.** | In EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Diversified | Energy | Financials | Funds | Industrial | Technology | Utilities | Other | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Industry | {{t\|8\|e5ipnc-qp2c}} | {{t\|5%\|e5ipnc-v1pa}} | {{t\|10%\|e5ipnc-o64q}} | {{t\|11%\|e5ipnc-0n64}} | {{t\|15%\|e5ipnc-53ry}} | {{t\|3%\|e5ipnc-lel2}} | {{t\|0%\|e5ipnc-jf3j}} | {{t\|20%\|e5ipnc-ls2m}} | {{t\|6%\|e5ipnc-zd0m}} | {{t\|12%\|e5ipnc-9kyu}} | {{t\|16%\|e5ipnc-psc6}} | {{t\|1%\|e5ipnc-tz6i}} | {{t\|1%\|e5ipnc-xu75}} | **Real estate breakdown by geographical exposure.** | In EUR billion | Fair Value | Belgium | {{t\|France\|\|AXA France}} | Germany | Italy | Japan | Spain | Switzerland | United Kingdom | United States | Other EU countries | Rest of the World | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Geographical Exposure | {{t\|41\|e5ipnc-ul18}} | {{t\|4%\|e5ipnc-kji8}} | {{t\|27%\|e5ipnc-3m0l}} | {{t\|11%\|e5ipnc-txgi}} | {{t\|3%\|e5ipnc-82ka}} | {{t\|6%\|e5ipnc-rdxu}} | {{t\|4%\|e5ipnc-est7}} | {{t\|13%\|e5ipnc-21e2}} | {{t\|7%\|e5ipnc-dyqo}} | {{t\|12%\|e5ipnc-u1ae}} | {{t\|5%\|e5ipnc-vikm}} | {{t\|8%\|e5ipnc-xq25}} | **Real estate breakdown by type.** | In EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others | | --- | --- | --- | --- | --- | --- | --- | | Breakdown By Type | {{t\|41\|e5ipnc-bfm2}} | {{t\|33%\|e5ipnc-4l1w}} | {{t\|23%\|e5ipnc-4pgw}} | {{t\|16%\|e5ipnc-2cq5}} | {{t\|11%\|e5ipnc-8iz4}} | {{t\|17%\|e5ipnc-flhh}} | **Private equities breakdown by asset domiciliation.** | In EUR billion | Fair Value | {{t\|Europe\|\|AXA Europe}} | Japan | United States | Other | | --- | --- | --- | --- | --- | --- | | Breakdown By Asset Domiciliation | {{t\|17\|e5ipnc-w8hc}} | {{t\|45%\|e5ipnc-30cg}} | {{t\|4%\|e5ipnc-20mr}} | {{t\|45%\|e5ipnc-poud}} | {{t\|6%\|e5ipnc-8u42}} | **Mortgage loans breakdown by type.** | In EUR billion | Fair Value | Residential | Commercial (22) | | --- | --- | --- | --- | | Breakdown by Type | {{t\|23\|e5ipnc-m6xe}} | {{t\|70%\|e5ipnc-edll}} | {{t\|30%\|e5ipnc-xiy0}} | (19) Including hedges (20) Excluding Non-listed Equity (18) Includes REITS corporate bonds (Euro 3 billion). (21) Excludes banking operations and Euro 7 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). (17) Includes AT1 (Euro 0.3 billion). (22) Loan to Value: 46%." id "e5ipnc-c18" chunk 18 pages 18 heading "Shareholders Equity" tags Empty array links "Dividend" "Full year 2024" data_items Empty array effective_tags "Capital management" "Dividend" "Full year 2024" content "**Group share consolidated shareholders' equity rollforward.** | In EUR billion | 1H25 | | --- | --- | | **Shareholders' Equity at Beginning of the Period** | {{t\|49.9\|e5ipnc-j21g}} | | Paid-in Capital | {{t\|0.1\|e5ipnc-2emb}} | | Treasury Shares | {{t\|-1.8\|e5ipnc-tuwj}} | | Other Comprehensive Income Arising from Defined Benefit Plans | {{t\|-0.3\|e5ipnc-n89v}} | | Fair Value Recorded in Shareholders' Equity | {{t\|0.9\|e5ipnc-3lyl}} | | Other Comprehensive Income Related to Invested Assets | {{t\|-2.6\|e5ipnc-70x8}} | | Other Comprehensive Income Related to (re) Insurance Contracts | {{t\|3.5\|e5ipnc-lurp}} | | Impact of Currency Fluctuations | {{t\|-3.4\|e5ipnc-wqfw}} | | Undated Subordinated Debt (including interest charges) | {{t\|0.9\|e5ipnc-6kax}} | | Realized Gains on Equity through Retained Earnings | {{t\|-0.0\|e5ipnc-jk5x}} | | {{t\|Dividends\|\|Dividend}} | {{t\|-4.6\|e5ipnc-xvyy}} | | Net Income for the Period | {{t\|3.9\|e5ipnc-ok26}} | | Other | {{t\|-0.1\|e5ipnc-ibib}} | | **Shareholders' Equity at End of the Period** | {{t\|45.5\|e5ipnc-m4s9}} | **Group share consolidated shareholders' equity build-up.** | In EUR billion | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | | Paid-in Capital | {{t\|21.8\|e5ipnc-2kch}} | {{t\|21.8\|e5ipnc-ux9t}} | | Treasury Shares | {{t\|-1.5\|e5ipnc-uirr}} | {{t\|-3.3\|e5ipnc-0dnn}} | | Other Comprehensive Income | {{t\|-8.1\|e5ipnc-qqet}} | {{t\|-7.2\|e5ipnc-qxkj}} | | Other Comprehensive Income Related to Invested Assets | {{t\|-13.1\|e5ipnc-yhz4}} | {{t\|-15.7\|e5ipnc-l0j3}} | | Other Comprehensive Income Related to (re) Insurance Contracts | {{t\|5.0\|e5ipnc-6iws}} | {{t\|8.5\|e5ipnc-fv92}} | | Other Comprehensive Income Arising from Defined Benefit Plans | {{t\|-2.4\|e5ipnc-6wi8}} | {{t\|-2.7\|e5ipnc-tu79}} | | Translation Reserves | {{t\|-1.1\|e5ipnc-un0m}} | {{t\|-4.5\|e5ipnc-6zjo}} | | Undated Subordinated Debt | {{t\|4.8\|e5ipnc-9ieo}} | {{t\|5.8\|e5ipnc-zf7w}} | | Retained Earnings | {{t\|36.5\|e5ipnc-5q7a}} | {{t\|35.6\|e5ipnc-xhv9}} | | **Total Shareholders' Equity at the End of the Period** | {{t\|49.9\|e5ipnc-dygg}} | {{t\|45.5\|e5ipnc-qot9}} | **Book value per share and shareholders' equity plus CSM per share.** | EUR | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | | Book Value per Share (23) | {{t\|24.5\|e5ipnc-0wu2}} | {{t\|22.0\|e5ipnc-2p91}} | | Shareholders' Equity + CSM per Share (24) | {{t\|32.7\|e5ipnc-htuy}} | {{t\|30.5\|e5ipnc-jrw7}} | **Unrealized gains and losses on invested assets net of tax.** | In EUR billion | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | | Government Bonds (recyclable) | {{t\|-7.5\|e5ipnc-pyuh}} | {{t\|-10.6\|e5ipnc-ut3m}} | | Corporate Bonds (recyclable) | {{t\|-4.1\|e5ipnc-iufm}} | {{t\|-3.2\|e5ipnc-lbx9}} | | Cash Flow hedges (recyclable) | {{t\|-3.5\|e5ipnc-ikfh}} | {{t\|-3.4\|e5ipnc-vraj}} | | Equities (non-recyclable) | {{t\|2.3\|e5ipnc-p27m}} | {{t\|2.3\|e5ipnc-d7os}} | | Others (recyclable) | {{t\|-0.3\|e5ipnc-5squ}} | {{t\|-0.8\|e5ipnc-af1t}} | | **Total Other Comprehensive Income Related to Invested Assets** | {{t\|-13.1\|e5ipnc-52l1}} | {{t\|-15.7\|e5ipnc-fjv3}} | | Real Estate | {{t\|6.7\|e5ipnc-govt}} | {{t\|6.7\|e5ipnc-guvo}} | | Other Invested Assets Not Included in Shareholders' Equity | {{t\|-0.6\|e5ipnc-bhnn}} | {{t\|-0.4\|e5ipnc-j635}} | | **Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)** | {{t\|6.1\|e5ipnc-v8qa}} | {{t\|6.3\|e5ipnc-14g9}} | | **Total Unrealized Gains and Losses on Invested Assets (Net of Tax)** | {{t\|-7.0\|e5ipnc-ravf}} | {{t\|-9.4\|e5ipnc-nead}} | (23) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt. (24) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share." id "e5ipnc-c19" chunk 19 pages 19 heading "RoE & Gearing" tags Empty array links "Full year 2024" "Underlying earnings" data_items Empty array effective_tags "Full year 2024" "Underlying earnings" content "**Return on equity.** | In EUR billion | 1H24 | {{t\|FY24\|\|Full year 2024}} | 1H25 | Change in % points (1H25 vs 1H24) | | --- | --- | --- | --- | --- | | **Net Income ROE** | {{t\|15.7%\|e5ipnc-kacf}} | {{t\|14.8%\|e5ipnc-q58v}} | {{t\|15.3%\|e5ipnc-859s}} | {{t\|-0.4 pt\|e5ipnc-84s2}} | | Net Income (25) | {{t\|3.9\|e5ipnc-gffm}} | {{t\|7.7\|e5ipnc-n7rj}} | {{t\|3.8\|e5ipnc-13fe}} | — | | Average Adjusted Shareholders' Equity (26) | {{t\|49.7\|e5ipnc-jkix}} | {{t\|51.8\|e5ipnc-k7f7}} | {{t\|50.1\|e5ipnc-fv4q}} | — | | **Underlying ROE** | {{t\|16.6%\|e5ipnc-79l5}} | {{t\|15.2%\|e5ipnc-7kon}} | {{t\|17.5%\|e5ipnc-tvp2}} | {{t\|0.8 pt\|e5ipnc-v1ah}} | | {{t\|Underlying Earnings\|\|Underlying earnings}} (25) | {{t\|4.1\|e5ipnc-ln1r}} | {{t\|7.9\|e5ipnc-43ts}} | {{t\|4.4\|e5ipnc-yxhb}} | — | | Average Adjusted Shareholders' Equity (26) | {{t\|49.7\|e5ipnc-kjrt}} | {{t\|51.8\|e5ipnc-vxml}} | {{t\|50.1\|e5ipnc-w21y}} | — | **Debt gearing build-up.** | In EUR billion | 1H24 | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | --- | | Financing Debt | {{t\|3.2\|e5ipnc-std1}} | {{t\|3.2\|e5ipnc-c1tz}} | {{t\|3.2\|e5ipnc-ikzx}} | | Financing Debt Instrument Issued | {{t\|3.2\|e5ipnc-h353}} | {{t\|3.2\|e5ipnc-znyh}} | {{t\|3.2\|e5ipnc-m12a}} | | Financing Debt Owed to Credit Institutions | {{t\|0.0\|e5ipnc-5vnh}} | {{t\|0.0\|e5ipnc-rj6m}} | {{t\|0.0\|e5ipnc-ok0e}} | | Dated Subordinated Debt | {{t\|11.1\|e5ipnc-4jgp}} | {{t\|11.2\|e5ipnc-g0ca}} | {{t\|11.8\|e5ipnc-4zne}} | | Reversal of mark-to-market of interest rates derivatives | {{t\|-0.1\|e5ipnc-6sr8}} | {{t\|-0.1\|e5ipnc-9cfz}} | {{t\|-0.1\|e5ipnc-8p1q}} | | **Total Gross Debt (A)** | {{t\|14.2\|e5ipnc-l2um}} | {{t\|14.3\|e5ipnc-3gw6}} | {{t\|14.9\|e5ipnc-6tir}} | | Undated Deeply Subordinated Notes (TSS) | {{t\|3.9\|e5ipnc-8tak}} | {{t\|2.9\|e5ipnc-5xv5}} | {{t\|3.8\|e5ipnc-o6cv}} | | Deeply Subordinated Notes (TSDI) | {{t\|1.9\|e5ipnc-7nx7}} | {{t\|1.9\|e5ipnc-jssy}} | {{t\|1.9\|e5ipnc-tylx}} | | **Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)** | {{t\|20.0\|e5ipnc-cama}} | {{t\|19.2\|e5ipnc-1gvv}} | {{t\|20.7\|e5ipnc-iwnh}} | | Shareholders' Equity (Including Non-Controlling Interests) (a) (C) (27) | {{t\|50.1\|e5ipnc-ne6q}} | {{t\|52.5\|e5ipnc-i0vr}} | {{t\|47.9\|e5ipnc-rjnv}} | | **Contractual Service Margin net of tax (D)** | {{t\|26.2\|e5ipnc-34gc}} | {{t\|26.3\|e5ipnc-9yva}} | {{t\|25.5\|e5ipnc-tmrk}} | | **Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)** | {{t\|90.5\|e5ipnc-3xdx}} | {{t\|93.1\|e5ipnc-p5kr}} | {{t\|88.4\|e5ipnc-szgy}} | | **Debt Gearing (G) = (B) / (E)** | {{t\|22.1%\|e5ipnc-zzz2}} | {{t\|20.6%\|e5ipnc-4g4w}} | {{t\|23.4%\|e5ipnc-9fzv}} | (25) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity). (26) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity). (27) Shareholders' equity includes undated and deeply subordinated debts;" id "e5ipnc-c20" chunk 20 pages 20 heading "Information on Solvency" tags Empty array links "Full year 2024" "Foreign exchange" "Dividend" data_items Empty array effective_tags "Capital management" "Dividend" "Foreign exchange" "Full year 2024" content "**Solvency II rollforward.** | In EUR billion | {{t\|FY24\|\|Full year 2024}} | Regulatory & model changes | Normalized Capital Generation | Operating variance | Economic variance (incl. {{t\|FX\|\|Foreign exchange}}) | {{t\|Dividend\|\|Dividend}} & share buy-backs | Debt | M&A, In-force and Other | 1H25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Eligible Own Fund (EOF)** | {{t\|55.9\|e5ipnc-z6kn}} | {{t\|-0.3\|e5ipnc-5a5m}} | {{t\|4.8\|e5ipnc-6wvv}} | {{t\|-0.2\|e5ipnc-el3r}} | {{t\|-3.3\|e5ipnc-aylt}} | {{t\|-2.9\|e5ipnc-naew}} | {{t\|2.0\|e5ipnc-batq}} | {{t\|-0.6\|e5ipnc-78gj}} | {{t\|55.4\|e5ipnc-utyl}} | | **Solvency Capital Requirement (SCR)** | {{t\|25.9\|e5ipnc-rzo0}} | {{t\|0.0\|e5ipnc-1kny}} | {{t\|0.4\|e5ipnc-4rzj}} | {{t\|0.0\|e5ipnc-5b58}} | {{t\|-1.4\|e5ipnc-x9q2}} | {{t\|0.0\|e5ipnc-35zw}} | {{t\|0.0\|e5ipnc-ff77}} | {{t\|0.3\|e5ipnc-161i}} | {{t\|25.2\|e5ipnc-a0i7}} | | **Solvency II Ratio** | {{t\|216%\|e5ipnc-dkbr}} | {{t\|-1%\|e5ipnc-z9fq}} | {{t\|15%\|e5ipnc-zg76}} | {{t\|-1%\|e5ipnc-s079}} | {{t\|-0%\|e5ipnc-q7n4}} | {{t\|-12%\|e5ipnc-a47j}} | {{t\|8%\|e5ipnc-cyrz}} | {{t\|-5%\|e5ipnc-druk}} | {{t\|220%\|e5ipnc-yhl9}} | **Eligible own fund tiering by sector, Solvency II.** | In EUR billion | Total | Unrestricted Tier 1 | Restricted Tier 1 | Tier 2 | Tier 3 | | --- | --- | --- | --- | --- | --- | | **EOF as of 1H25** | {{t\|55.4\|e5ipnc-bmtc}} | {{t\|37.5\|e5ipnc-bey8}} | {{t\|5.9\|e5ipnc-ftzg}} | {{t\|11.2\|e5ipnc-nobb}} | {{t\|0.7\|e5ipnc-1f5l}} | | Insurance Sector | {{t\|52.9\|e5ipnc-twqb}} | {{t\|35.0\|e5ipnc-u4rg}} | {{t\|5.9\|e5ipnc-f54h}} | {{t\|11.2\|e5ipnc-3ojc}} | {{t\|0.7\|e5ipnc-mssr}} | | Ancillary — Subject to Transitional Measures (28) | {{t\|4.3\|e5ipnc-0r25}} | — | {{t\|3.3\|e5ipnc-6iwu}} | {{t\|1.0\|e5ipnc-rxv7}} | — | | Ancillary — Other Financial Sectors | {{t\|2.5\|e5ipnc-v8lp}} | {{t\|2.5\|e5ipnc-u8q8}} | — | — | — | | Ancillary — EOF as of {{t\|FY24\|\|Full year 2024}} | {{t\|55.9\|e5ipnc-5q85}} | {{t\|40.0\|e5ipnc-p4z2}} | {{t\|4.9\|e5ipnc-nud3}} | {{t\|10.2\|e5ipnc-vq5c}} | {{t\|0.8\|e5ipnc-exz5}} | | Ancillary — Insurance Sector | {{t\|53.5\|e5ipnc-b5e5}} | {{t\|37.5\|e5ipnc-icuu}} | {{t\|4.9\|e5ipnc-6dw4}} | {{t\|10.2\|e5ipnc-jtq4}} | {{t\|0.8\|e5ipnc-8lf8}} | | Ancillary — Subject to Transitional Measures (28) | {{t\|4.5\|e5ipnc-8sv1}} | — | {{t\|3.4\|e5ipnc-mnn6}} | {{t\|1.1\|e5ipnc-s9nw}} | — | | Ancillary — Other Financial Sectors | {{t\|2.5\|e5ipnc-a864}} | {{t\|2.5\|e5ipnc-v8hp}} | — | — | — | **Solvency II key sensitivities.** | In EUR billion | {{t\|FY24\|\|Full year 2024}} | 1H25 | | --- | --- | --- | | Interest Rate +50bps | {{t\|+2 pts\|e5ipnc-h1an}} | {{t\|+2 pts\|e5ipnc-mpct}} | | Interest Rate -50bps | {{t\|-4 pts\|e5ipnc-utun}} | {{t\|-4 pts\|e5ipnc-q7os}} | | Corporate Spread +50bps | {{t\|-1 pts\|e5ipnc-d630}} | {{t\|-1 pts\|e5ipnc-7318}} | | Euro Government Spreads +50bps | {{t\|-10 pts\|e5ipnc-ot3h}} | {{t\|-7 pts\|e5ipnc-k0d5}} | | Credit Migration +20% | {{t\|-4 pts\|e5ipnc-rlw4}} | {{t\|-4 pts\|e5ipnc-av07}} | | Listed Equities +25% | {{t\|+0 pt\|e5ipnc-vee5}} | {{t\|+0 pt\|e5ipnc-e8j4}} | | Listed Equities -25% | {{t\|-3 pts\|e5ipnc-kn1g}} | {{t\|-0 pt\|e5ipnc-a2o2}} | | Private and Infrastructure Equity +25% | {{t\|+13 pts\|e5ipnc-dii6}} | {{t\|+13 pts\|e5ipnc-1tns}} | | Private and Infrastructure Equity -25% | {{t\|-15 pts\|e5ipnc-1l56}} | {{t\|-15 pts\|e5ipnc-5n2o}} | (28) Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026." id "e5ipnc-c21" chunk 21 pages 21 heading "IFRS17 SHE to Group EOF" tags Empty array links "Dividend" data_items Empty array effective_tags "Capital management" "Dividend" content "**Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds.** | In EUR billion | 1H25 | | --- | --- | | **IFRS SHAREHOLDERS' EQUITY** | {{t\|47.9\|e5ipnc-9l0i}} | | Contractual Service Margin (net of tax) | {{t\|25.5\|e5ipnc-a13b}} | | **IFRS SHAREHOLDERS' EQUITY inc. CSM** | {{t\|73.4\|e5ipnc-ye8d}} | | Net URCG not included in Shareholders' Equity | {{t\|6.3\|e5ipnc-93q9}} | | Elimination Undated Subordinated Debts | {{t\|-5.8\|e5ipnc-t5pf}} | | Elimination Intangibles | {{t\|-21.6\|e5ipnc-6c9e}} | | Goodwill | {{t\|-17.9\|e5ipnc-kfy8}} | | others | {{t\|-3.7\|e5ipnc-586m}} | | **IFRS TANGIBLE NET ASSET VALUE** | {{t\|52.3\|e5ipnc-wjlh}} | | Foreseeable {{t\|dividends\|\|Dividend}} and distribution | {{t\|-2.9\|e5ipnc-7m1h}} | | Technical provision adjustments | {{t\|-10.6\|e5ipnc-wu16}} | | Risk Margin vs Risk Adjustment | {{t\|-6.8\|e5ipnc-rd3w}} | | BEL adjustment | {{t\|-3.8\|e5ipnc-c46i}} | | Other adjustments | {{t\|-1.2\|e5ipnc-02yu}} | | **UNRESTRICTED TIER 1** | {{t\|37.5\|e5ipnc-cn0n}} | | Restricted Tier 1 + Tier 2 | {{t\|17.1\|e5ipnc-robe}} | | Tier 3 | {{t\|0.7\|e5ipnc-m4co}} | | **GROUP ELIGIBLE OWN FUNDS** | {{t\|55.4\|e5ipnc-koc6}} |"
title	"AXA/2025/HY/Financial supplement (Excel)"
source_url	"https://www-axa-com.cdn.prismic.io/www-axa-com/aN0eZZ5xUNkB1XGj_AXA_Financial_Supplement_HY2025.xlsm"