Document:AXA/2025/HY/Financial supplement (Excel)
| Document info | |
|---|---|
| Document ID | e5ipnc |
| Organization | AXA |
| Year | 2025 |
| Period | 1H |
| Period label | 1H25 |
| Document category | Financial supplement |
| Document name | AXA HY 2025 Financial Supplement (Excel) |
| Publication date | 2025-08-01 |
| Language | English |
| Pages | 21 |
| Source | original URL |
| Stored file | .pdf file |
| Original md | .md file |
| Analytic page | wiki page |
Market Data
| 1H24 | FY24 | 1H25 | Average 1H24 | Average FY24 | Average 1H25 | |
|---|---|---|---|---|---|---|
| USD | 1.07 | 1.04 | 1.17 | 1.08 | 1.08 | 1.09 |
| JPY | 172 | 163 | 170 | 165 | 164 | 162 |
| GBP | 0.85 | 0.83 | 0.86 | 0.85 | 0.85 | 0.84 |
| CHF | 0.96 | 0.94 | 0.93 | 0.96 | 0.95 | 0.94 |
| HKD | 8.37 | 8.04 | 9.21 | 8.45 | 8.44 | 8.53 |
| % | Average 1H24 | Average FY24 | Average 1H25 |
|---|---|---|---|
| EUR | 2.79% | 2.84% | 2.57% |
| USD | 4.35% | 4.41% | 4.40% |
| JPY | 0.22% | 0.42% | 0.89% |
| GBP | 4.00% | 4.25% | 4.38% |
| CHF | 1.05% | 0.82% | 0.18% |
| HKD | 3.75% | 3.67% | 3.45% |
| % | Closing 1H24 | Closing FY24 | Closing 1H25 |
|---|---|---|---|
| EUR | 3.06% | 2.71% | 2.91% |
| USD | 4.54% | 4.66% | 4.43% |
| JPY | 1.04% | 1.07% | 1.44% |
| GBP | 4.27% | 4.48% | 4.56% |
| CHF | 0.98% | 0.38% | 0.53% |
| HKD | 3.79% | 3.91% | 3.02% |
UE by LOB and Net Income
| In EUR million | Group | Property & Casualty | Life & Health | Asset Management | Holdings 1(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.) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Short-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Revenues | 35,273 | 72,104 | 37,209 | 27,294 | 55,898 | 28,697 | 7,979 | 16,207 | 8,512 | — | — | — | — | — | — |
| Combined Ratio | — | — | — | 90.2% | 91.0% | 90.0% | 97.6% | 97.4% | 97.1% | — | — | — | — | — | — |
| Technical Margin | 2,877 | 5,421 | 3,107 | 2,682 | 5,006 | 2,859 | 195 | 415 | 248 | — | — | — | — | — | — |
| Long-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CSM Release | 1,395 | 2,775 | 1,428 | — | — | — | 1,395 | 2,775 | 1,428 | — | — | — | — | — | — |
| Technical Experience | -64 | -95 | -30 | — | — | — | -64 | -95 | -30 | — | — | — | — | — | — |
| Financial Result & Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result | 2,064 | 3,971 | 2,148 | 1,324 | 2,559 | 1,343 | 536 | 975 | 563 | 24 | 35 | 14 | 181 | 402 | 228 |
| Other Revenues | 1,459 | 3,054 | 1,625 | — | — | — | — | — | — | 937 | 2,004 | 1,018 | 522 | 1,050 | 607 |
| Other Expenses | -1,624 | -3,479 | -1,868 | — | — | — | — | — | — | -698 | -1,493 | -793 | -925 | -1,986 | -1,075 |
| Debt Financing Charges | -471 | -948 | -452 | — | — | — | — | — | — | — | — | — | -471 | -948 | -452 |
| Underlying Earnings Before Tax | 5,638 | 10,700 | 5,958 | 4,006 | 7,565 | 4,202 | 2,061 | 4,070 | 2,209 | 263 | 546 | 239 | -693 | -1,482 | -692 |
| Tax | -1,427 | -2,662 | -1,503 | -1,046 | -1,952 | -1,074 | -412 | -874 | -462 | -69 | -160 | -68 | 100 | 324 | 101 |
| Income from Affiliates & Other | 122 | 218 | 111 | 2 | 3 | 1 | 103 | 186 | 101 | 16 | 29 | 8 | 0 | 0 | 0 |
| Minority Interests | -89 | -179 | -101 | -56 | -106 | -63 | -27 | -60 | -34 | -6 | -13 | -4 | 0 | 0 | 0 |
| Underlying Earnings Group Share | 4,244 | 8,078 | 4,465 | 2,908 | 5,510 | 3,067 | 1,725 | 3,323 | 1,814 | 204 | 402 | 175 | -592 | -1,157 | -591 |
| Underlying Earnings Growth Rate (constant FX) | 4% | 7% | 6% | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying ROE | 16.6% | 15.2% | 17.5% | — | 16.2% | — | — | 13.6% | — | — | 26.0% | — | — | — | — |
| Net Realized Capital Gains & Losses | 93 | 195 | 66 | — | — | — | — | — | — | — | — | — | — | — | — |
| Change in Fair Value of Assets & Derivatives | -43 | 83 | -467 | — | — | — | — | — | — | — | — | — | — | — | — |
| Amortization of customer intangibles | -50 | -131 | -48 | — | — | — | — | — | — | — | — | — | — | — | — |
| Integration and Restructuring Costs | -78 | -240 | -63 | — | — | — | — | — | — | — | — | — | — | — | — |
| Exceptional Items | -147 | -99 | -30 | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Income Group Share | 4,020 | 7,886 | 3,922 | — | — | — | — | — | — | — | — | — | — | — | — |
| Deeply Subordinated and Undated Subordinated Debt Charges | -106 | -201 | -86 | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying Earnings for EPS calculation | 4,138 | 7,877 | 4,379 | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Income for EPS calculation | 3,914 | 7,685 | 3,836 | — | — | — | — | — | — | — | — | — | — | — | — |
(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.
UE by Geography
| In EUR million | Group | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Short-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Revenues | 35,273 | 72,104 | 37,209 | 9,046 | 18,698 | 9,567 | 11,839 | 24,005 | 12,661 | 9,022 | 18,530 | 9,428 | 4,312 | 8,750 | 4,478 | — | — | — | 1,053 | 2,122 | 1,075 |
| Combined Ratio | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Technical Margin | 2,877 | 5,421 | 3,107 | 692 | 1,470 | 658 | 998 | 1,957 | 1,176 | 1,111 | 1,820 | 1,074 | 70 | 81 | 150 | — | — | — | 6 | 93 | 49 |
| Long-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CSM Release | 1,395 | 2,775 | 1,428 | 407 | 823 | 419 | 468 | 920 | 471 | 4 | 3 | 0 | 516 | 1,029 | 538 | — | — | — | 0 | 0 | 0 |
| Technical Experience | -64 | -95 | -30 | -40 | -96 | -37 | -11 | -8 | 8 | 3 | 2 | 0 | -17 | 7 | -1 | — | — | — | 0 | 0 | 0 |
| Financial Result & Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result | 2,064 | 3,971 | 2,148 | 350 | 613 | 380 | 784 | 1,486 | 765 | 283 | 616 | 308 | 382 | 741 | 425 | 24 | 35 | 14 | 241 | 480 | 255 |
| Other Revenues | 1,459 | 3,054 | 1,625 | 53 | 108 | 44 | -18 | -32 | -8 | 0 | 0 | 0 | 0 | 0 | -2 | 937 | 2,004 | 1,018 | 488 | 974 | 573 |
| Other Expenses | -1,624 | -3,479 | -1,868 | -83 | -180 | -79 | -10 | -25 | -6 | 0 | 0 | 0 | -9 | -20 | -14 | -698 | -1,493 | -793 | -823 | -1,761 | -976 |
| Debt Financing Charges | -471 | -948 | -452 | 0 | 0 | 0 | -1 | -2 | -1 | -16 | -33 | -16 | -7 | -12 | -4 | — | — | — | -447 | -902 | -431 |
| Underlying Earnings Before Tax | 5,638 | 10,700 | 5,958 | 1,380 | 2,738 | 1,384 | 2,210 | 4,297 | 2,406 | 1,385 | 2,409 | 1,366 | 935 | 1,826 | 1,093 | 263 | 546 | 239 | -535 | -1,116 | -530 |
| Tax | -1,427 | -2,662 | -1,503 | -350 | -676 | -308 | -536 | -1,004 | -568 | -355 | -588 | -342 | -205 | -443 | -294 | -69 | -160 | -68 | 88 | 209 | 76 |
| Income from Affiliates & Other | 122 | 218 | 111 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 181 | 103 | 16 | 29 | 8 | 0 | 0 | 0 |
| Minority Interests | -89 | -179 | -101 | 0 | 0 | 0 | -48 | -105 | -56 | 0 | 0 | 0 | -34 | -60 | -39 | -6 | -13 | -4 | 0 | 0 | -1 |
| Underlying Earnings Group share | 4,244 | 8,078 | 4,465 | 1,034 | 2,071 | 1,076 | 1,626 | 3,187 | 1,782 | 1,030 | 1,820 | 1,024 | 798 | 1,504 | 862 | 204 | 402 | 175 | -447 | -907 | -455 |
| In EUR million | Group | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Underlying Earnings by Line of Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Property & Casualty | 2,908 | 5,510 | 3,067 | 539 | 1,161 | 574 | 1,073 | 2,029 | 1,152 | 1,032 | 1,828 | 1,032 | 194 | 334 | 233 | — | — | — | 70 | 158 | 75 |
| Life & Health | 1,725 | 3,323 | 1,814 | 519 | 964 | 524 | 559 | 1,104 | 616 | 14 | 25 | 8 | 627 | 1,211 | 653 | — | — | — | 7 | 19 | 14 |
| Asset Management | 204 | 402 | 175 | — | — | — | — | — | — | — | — | — | — | — | — | 204 | 402 | 175 | — | — | — |
| Holdings 2(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.) | -592 | -1,157 | -591 | -24 | -54 | -23 | -6 | 54 | 14 | -16 | -33 | -16 | -23 | -41 | -24 | — | — | — | -524 | -1,083 | -543 |
(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.
| Outstanding Shares Excluding Treasury Shares 3(footnote: 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.) | Weighted Average Number | |||||
|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Basic Number of Shares | — | — | — | — | — | — |
| As of Beginning of Period | 2,226.2 | 2,226.2 | 2,175.4 | 2,226.2 | 2,226.2 | 2,175.4 |
| Increase of Capital Dedicated to Employees | 0.0 | 12.9 | 0.0 | 0.0 | 0.9 | 0.0 |
| Exercice of Stock-options | 1.3 | 2.6 | 0.7 | 0.7 | 1.4 | 0.3 |
| Other Movement of Treasury Shares | -45.2 | 4.6 | -42.7 | -17.6 | 17.5 | -18.5 |
| Capital Increase / (Decrease) | 0.0 | -70.9 | 0.0 | 0.0 | -55.2 | 0.0 |
| As at End of Period | 2,182.3 | 2,175.4 | 2,133.4 | — | — | — |
| During the Period | — | — | — | 2,209.3 | 2,190.8 | 2,157.2 |
| Fully Diluted Number of Shares | — | — | — | — | — | — |
| Stock Options | — | — | — | 1.1 | 0.8 | 0.7 |
| Performance Shares | — | — | — | 4.2 | 5.6 | 4.0 |
| During the Period (A) | — | — | — | 2,214.7 | 2,197.1 | 2,161.9 |
| Earnings Group Share: | — | — | — | — | — | — |
| Net Income | — | — | — | 4,020 | 7,886 | 3,922 |
| Underlying Earnings | — | — | — | 4,244 | 8,078 | 4,465 |
| Impact of undated and deeply subordinated debts: | — | — | — | — | — | — |
| Undated and deeply subordinated debt charges | — | — | — | -106 | -201 | -86 |
| Earnings for EPS Calculation: | — | — | — | — | — | — |
| Net Income for EPS Calculation (B) | — | — | — | 3,914 | 7,685 | 3,836 |
| Underlying Earnings for EPS Calculation (C) | — | — | — | 4,138 | 7,877 | 4,379 |
| Fully Diluted Euro per Share (EPS) | — | — | — | — | — | — |
| EPS (B/A) | — | — | — | 1.77 | 3.50 | 1.77 |
| Underlying EPS (C/A) | — | — | — | 1.87 | 3.59 | 2.03 |
(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.
P&C UE by Sub LOB
| In EUR million | Total | Commercial lines | Personal lines | AXA XL Reinsurance | Intercompany eliminations | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Short-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Revenues | 27,294 | 55,898 | 28,697 | 18,657 | 38,019 | 19,575 | 9,144 | 18,705 | 9,513 | 1,155 | 2,394 | 1,299 | -1,662 | -3,220 | -1,689 |
| Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 68.1% | 68.8% | 68.0% | 69.8% | 70.0% | 68.8% | 69.7% | 70.6% | 70.8% | — | — | — |
| Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 69.2% | 69.4% | 69.3% | 68.8% | 68.5% | 67.5% | 68.0% | 67.9% | 69.4% | — | — | — |
| Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 2.7% | 2.9% | 2.7% | 4.0% | 4.1% | 3.8% | 10.6% | 10.4% | 9.2% | — | — | — |
| Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.7% | -3.5% | -3.9% | -3.0% | -2.6% | -2.6% | -8.8% | -7.7% | -7.8% | — | — | — |
| Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -1.2% | -1.3% | -2.3% | -1.8% | -0.6% | -1.1% | -0.8% | -0.3% | — | — | — |
| Expense Ratio | 24.7% | 25.0% | 24.5% | 23.1% | 23.6% | 23.2% | 25.5% | 25.7% | 25.1% | 10.0% | 9.9% | 9.1% | — | — | — |
| Combined Ratio | 90.2% | 91.0% | 90.0% | 90.1% | 91.1% | 89.9% | 92.9% | 93.9% | 93.3% | 78.7% | 79.7% | 79.6% | — | — | — |
| Technical Margin | 2,682 | 5,006 | 2,859 | 1,850 | 3,372 | 1,968 | 645 | 1,136 | 638 | 246 | 486 | 265 | -60 | 12 | -12 |
| Long-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CSM Release | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Technical Experience | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result | 1,324 | 2,559 | 1,343 | 993 | 1,831 | 1,004 | 240 | 538 | 275 | 119 | 210 | 85 | -28 | -20 | -20 |
| Investment Income | 1,967 | 3,731 | 2,088 | 1,427 | 2,625 | 1,512 | 366 | 761 | 422 | 202 | 365 | 174 | -28 | -20 | -20 |
| Insurance Finance Expenses | -643 | -1,172 | -745 | -434 | -794 | -508 | -126 | -223 | -148 | -83 | -155 | -90 | 0 | 0 | 0 |
| Other Revenues | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Expenses | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying Earnings Before Tax | 4,006 | 7,565 | 4,202 | 2,843 | 5,203 | 2,973 | 886 | 1,674 | 913 | 365 | 696 | 349 | -87 | -8 | -33 |
| Tax | -1,046 | -1,952 | -1,074 | — | — | — | — | — | — | — | — | — | — | — | — |
| Income from Affiliates & Other | 2 | 3 | 1 | — | — | — | — | — | — | — | — | — | — | — | — |
| Minority Interests | -56 | -106 | -63 | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying Earnings Group share | 2,908 | 5,510 | 3,067 | — | — | — | — | — | — | — | — | — | — | — | — |
| Closing Invested Assets | 113,515 | 118,104 | 116,895 | — | — | — | — | — | — | — | — | — | — | — | — |
| o/w VFA | 0 | 0 | 0 | — | — | — | — | — | — | — | — | — | — | — | — |
| o/w Non VFA | 113,515 | 118,104 | 116,895 | — | — | — | — | — | — | — | — | — | — | — | — |
| For short-term business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Liabilities for remaining coverage net of reinsurance | 19,284 | 16,006 | 19,766 | 12,070 | 9,480 | 12,240 | 6,369 | 5,478 | 6,831 | 1,572 | 1,075 | 1,436 | -728 | -27 | -740 |
| Best Estimate for incurred Claims net of reinsurance | 69,800 | 71,751 | 70,215 | 45,710 | 46,570 | 46,591 | 17,809 | 18,308 | 17,781 | 6,704 | 6,830 | 6,290 | -423 | 43 | -447 |
P&C UE by Geography
| In EUR million | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | Transversal & Other | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | o/w AXA XL Insurance | FY24 | o/w AXA XL Insurance | 1H25 | o/w AXA XL Insurance | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Short-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Revenues | 27,294 | 55,898 | 28,697 | 4,393 | 9,194 | 4,697 | 10,060 | 20,400 | 10,610 | 9,022 | 7,867 | 18,530 | 16,136 | 9,428 | 8,129 | 2,855 | 5,825 | 2,975 | 963 | 1,948 | 987 |
| Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 69.4% | 68.9% | 70.6% | 66.5% | 66.9% | 64.7% | 67.5% | 67.2% | 69.2% | 69.0% | 68.4% | 68.0% | 68.6% | 69.3% | 68.2% | 53.2% | 51.0% | 48.0% |
| Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 71.3% | 69.7% | 70.6% | 65.0% | 65.5% | 64.1% | 68.8% | 68.9% | 69.3% | 69.5% | 69.7% | 69.8% | 70.0% | 70.4% | 69.7% | 52.9% | 51.1% | 48.0% |
| Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 3.8% | 4.8% | 4.5% | 4.1% | 3.3% | 3.8% | 2.8% | 4.6% | 3.8% | 4.2% | 3.4% | 0.8% | 0.9% | 0.8% | 1.4% | 1.1% | 1.3% |
| Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -5.3% | -4.6% | -4.8% | -3.1% | -2.8% | -2.7% | -5.1% | -4.6% | -4.7% | -4.2% | -5.5% | -5.2% | -2.2% | -2.0% | -2.3% | -1.1% | -1.2% | -1.2% |
| Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -3.5% | -3.9% | -2.6% | -2.1% | -2.1% | -1.1% | -0.1% | 0.0% | -0.1% | 0.0% | -0.2% | -0.2% | -0.1% | 0.1% | -1.0% | -3.7% | -5.7% | -4.0% |
| Expense Ratio | 24.7% | 25.0% | 24.5% | 21.9% | 21.9% | 20.7% | 25.9% | 26.2% | 26.0% | 20.3% | 21.8% | 21.0% | 22.7% | 20.4% | 22.2% | 29.4% | 29.6% | 29.0% | 50.5% | 50.9% | 52.5% |
| Combined Ratio | 90.2% | 91.0% | 90.0% | 87.8% | 86.8% | 88.6% | 90.3% | 91.0% | 89.6% | 87.7% | 89.0% | 90.2% | 91.7% | 88.6% | 90.0% | 98.0% | 99.1% | 96.2% | 100.1% | 96.2% | 96.5% |
| Technical Margin | 2,682 | 5,006 | 2,859 | 538 | 1,212 | 533 | 977 | 1,844 | 1,104 | 1,111 | 865 | 1,820 | 1,335 | 1,074 | 809 | 57 | 55 | 114 | -1 | 74 | 35 |
| Long-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CSM Release | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Technical Experience | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result & Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result | 1,324 | 2,559 | 1,343 | 251 | 421 | 261 | 473 | 912 | 461 | 273 | 159 | 596 | 387 | 298 | 213 | 242 | 484 | 261 | 86 | 146 | 62 |
| Investment Income | 1,967 | 3,731 | 2,088 | 334 | 572 | 373 | 658 | 1,244 | 667 | 614 | 416 | 1,233 | 868 | 681 | 507 | 261 | 518 | 292 | 100 | 164 | 74 |
| Insurance Finance Expenses | -643 | -1,172 | -745 | -83 | -151 | -112 | -185 | -332 | -206 | -341 | -257 | -637 | -481 | -384 | -294 | -20 | -35 | -31 | -14 | -18 | -12 |
| Other Revenues | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Expenses | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying Earnings Before Tax | 4,006 | 7,565 | 4,202 | 788 | 1,633 | 794 | 1,450 | 2,757 | 1,564 | 1,384 | 1,024 | 2,417 | 1,721 | 1,372 | 1,022 | 299 | 539 | 375 | 85 | 220 | 97 |
| Tax | -1,046 | -1,952 | -1,074 | -249 | -472 | -220 | -352 | -671 | -384 | -352 | -257 | -588 | -457 | -339 | -252 | -77 | -159 | -110 | -15 | -62 | -21 |
| Income from Affiliates & Other | 2 | 3 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 1 | 0 | 0 | 0 |
| Minority Interests | -56 | -106 | -63 | 0 | 0 | 0 | -25 | -57 | -28 | 0 | 0 | 0 | 0 | 0 | 0 | -30 | -49 | -34 | 0 | 0 | -1 |
| Underlying Earnings Group share | 2,908 | 5,510 | 3,067 | 539 | 1,161 | 574 | 1,073 | 2,029 | 1,152 | 1,032 | 767 | 1,828 | 1,264 | 1,032 | 770 | 194 | 334 | 233 | 70 | 158 | 75 |
| For short-term business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Liabilities for remaining coverage net of reinsurance | 19,284 | 16,006 | 19,766 | 2,153 | 1,712 | 2,221 | 7,151 | 5,166 | 7,591 | 7,478 | 5,905 | 7,028 | 5,948 | 7,315 | 5,879 | 1,802 | 1,834 | 1,935 | 700 | 266 | 705 |
| Best Estimate for incurred Claims net of reinsurance | 69,800 | 71,751 | 70,215 | 13,485 | 13,889 | 13,900 | 24,834 | 25,955 | 26,003 | 24,865 | 18,223 | 25,915 | 19,146 | 24,533 | 18,295 | 3,385 | 3,640 | 3,510 | 3,231 | 2,351 | 2,269 |
L&H UE by LOB
| In EUR million | Total | Life | Health | Employee Benefits* (out of Total Life & Health) 4(footnote: Employee Benefits include Group Protection and Group Health contracts.) | Employee Benefits* (out of Total Life & Health) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Short-term Business | — | — | — | — | — | — | — | — | — | — | — | — |
| Revenues | 7,979 | 16,207 | 8,512 | 2,112 | 4,247 | 2,211 | 5,867 | 11,960 | 6,301 | 5,592 | 11,482 | 5,931 |
| Combined Ratio | 97.6% | 97.4% | 97.1% | 94.5% | 95.5% | 95.2% | 98.6% | 98.1% | 97.8% | 98.2% | 97.8% | 97.4% |
| Technical Margin | 195 | 415 | 248 | 116 | 191 | 107 | 79 | 224 | 141 | 101 | 248 | 156 |
| Long-term Business | — | — | — | — | — | — | — | — | — | — | — | — |
| CSM Release | 1,395 | 2,775 | 1,428 | 1,136 | 2,253 | 1,158 | 259 | 522 | 270 | 58 | 110 | 59 |
| Technical Experience | -64 | -95 | -30 | -71 | -98 | -28 | 7 | 3 | -2 | 17 | 37 | 22 |
| Actual vs. Expected Cash Flows | 9 | -15 | 12 | -4 | -33 | 10 | 13 | 18 | 2 | -3 | -2 | -5 |
| Risk Adjustment Release | 30 | 59 | 44 | 25 | 51 | 37 | 4 | 8 | 7 | 2 | 4 | 7 |
| Changes in Onerous Contracts | -32 | 6 | -12 | -30 | 9 | -10 | -1 | -2 | -2 | 0 | 0 | 0 |
| Other Long-term | -72 | -145 | -74 | -63 | -124 | -65 | -8 | -21 | -9 | 19 | 35 | 20 |
| Financial Result & Other | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result | 536 | 975 | 563 | 454 | 799 | 462 | 82 | 176 | 101 | 75 | 157 | 91 |
| Investment Income | 1,319 | 2,525 | 1,329 | 1,159 | 2,209 | 1,159 | 160 | 317 | 170 | 219 | 429 | 232 |
| Insurance Finance Expenses | -783 | -1,551 | -767 | -705 | -1,410 | -697 | -78 | -140 | -69 | -144 | -272 | -141 |
| Other Revenues | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Expenses | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying Earnings Before Tax | 2,061 | 4,070 | 2,209 | 1,634 | 3,145 | 1,699 | 427 | 925 | 510 | 252 | 552 | 328 |
| Tax | -412 | -874 | -462 | -316 | -635 | -329 | -96 | -239 | -133 | -46 | -111 | -64 |
| Income from Affiliates & Other | 103 | 186 | 101 | 101 | 182 | 93 | 2 | 4 | 8 | — | — | — |
| Minority Interests | -27 | -60 | -34 | -27 | -56 | -30 | 0 | -4 | -3 | — | — | — |
| Underlying Earnings Group share | 1,725 | 3,323 | 1,814 | 1,392 | 2,636 | 1,433 | 333 | 687 | 381 | 205 | 441 | 264 |
| Closing Invested Assets | 329,460 | 345,008 | 338,447 | — | — | — | — | — | — | — | — | — |
| o/w VFA | 234,783 | 230,205 | 229,844 | — | — | — | — | — | — | — | — | — |
| o/w Non VFA | 94,677 | 114,803 | 108,603 | — | — | — | — | — | — | — | — | — |
| For short-term business | — | — | — | — | — | — | — | — | — | — | — | — |
| Liabilities for remaining coverage net of reinsurance | 2,446 | 2,096 | 2,856 | 157 | 96 | 105 | 2,289 | 2,000 | 2,750 | — | — | — |
| Best Estimate for incurred Claims net of reinsurance | 13,876 | 14,162 | 13,960 | 11,589 | 11,778 | 11,623 | 2,286 | 2,384 | 2,337 | — | — | — |
| For long-term business | — | — | — | — | — | — | — | — | — | — | — | — |
| Best Estimate Liabilities net of reinsurance | 295,342 | 306,249 | 301,040 | 275,276 | 285,391 | 280,314 | 20,066 | 20,858 | 20,726 | — | — | — |
| o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 243,037 | 251,273 | 244,964 | 20,977 | 21,821 | 21,996 | — | — | — |
| o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 50,917 | 52,713 | 52,731 | -821 | -868 | -1,207 | — | — | — |
| o/w Reinsurance | -18,768 | -18,690 | -17,443 | -18,679 | -18,595 | -17,381 | -90 | -95 | -62 | — | — | — |
(4) Employee Benefits include Group Protection and Group Health contracts.
L&H UE by Geography
| In EUR million | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | Transversal & Other | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Short-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Revenues | 7,979 | 16,207 | 8,512 | 4,654 | 9,503 | 4,870 | 1,778 | 3,604 | 2,051 | 0 | 0 | 0 | 1,457 | 2,925 | 1,503 | 90 | 174 | 88 |
| Combined Ratio | 97.6% | 97.4% | 97.1% | 96.7% | 97.3% | 97.4% | 98.8% | 96.9% | 96.4% | 0.0% | 0.0% | 0.0% | 99.1% | 99.1% | 97.6% | 92.2% | 89.1% | 83.6% |
| Technical Margin | 195 | 415 | 248 | 155 | 258 | 124 | 21 | 113 | 73 | 0 | 0 | 0 | 13 | 26 | 36 | 7 | 19 | 14 |
| Long-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CSM Release | 1,395 | 2,775 | 1,428 | 407 | 823 | 419 | 468 | 920 | 471 | 4 | 3 | 0 | 516 | 1,029 | 538 | 0 | 0 | 0 |
| Technical Experience | -64 | -95 | -30 | -40 | -96 | -37 | -11 | -8 | 8 | 3 | 2 | 0 | -17 | 7 | -1 | 0 | 0 | 0 |
| Actual vs. Expected Cash Flows | 9 | -15 | 12 | 8 | -8 | 2 | 5 | -11 | -11 | -2 | -3 | -1 | 0 | 8 | 22 | 0 | 0 | 0 |
| Risk Adjustment Release | 30 | 59 | 44 | 5 | 15 | 9 | 11 | 21 | 21 | 0 | 1 | 0 | 13 | 23 | 13 | 0 | 0 | 0 |
| Changes in Onerous Contracts | -32 | 6 | -12 | 0 | 0 | 0 | -33 | -25 | -13 | 5 | 5 | 0 | -3 | 26 | 1 | 0 | 0 | 0 |
| Other Long-term | -72 | -145 | -74 | -52 | -103 | -49 | 7 | 7 | 12 | 0 | 0 | 0 | -26 | -50 | -37 | 0 | 0 | 0 |
| Financial Result & Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result | 536 | 975 | 563 | 100 | 192 | 118 | 284 | 504 | 269 | 10 | 19 | 10 | 142 | 260 | 165 | 0 | 0 | 0 |
| Investment Income | 1,319 | 2,525 | 1,329 | 370 | 701 | 370 | 490 | 916 | 478 | 13 | 27 | 14 | 446 | 882 | 467 | 0 | 0 | 0 |
| Insurance Finance Expenses | -783 | -1,551 | -767 | -270 | -509 | -252 | -206 | -412 | -209 | -3 | -7 | -4 | -303 | -622 | -301 | 0 | 0 | 0 |
| Other Revenues | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Expenses | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying Earnings Before Tax | 2,061 | 4,070 | 2,209 | 622 | 1,176 | 624 | 762 | 1,529 | 821 | 17 | 25 | 10 | 654 | 1,322 | 739 | 7 | 19 | 14 |
| Tax | -412 | -874 | -462 | -106 | -220 | -100 | -180 | -376 | -176 | -3 | 0 | -2 | -123 | -277 | -182 | 0 | 0 | -1 |
| Income from Affiliates & Other | 103 | 186 | 101 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 177 | 101 | 0 | 0 | 0 |
| Minority Interests | -27 | -60 | -34 | 0 | 0 | 0 | -23 | -49 | -28 | 0 | 0 | 0 | -4 | -12 | -5 | 0 | 0 | 0 |
| Underlying Earnings Group share | 1,725 | 3,323 | 1,814 | 519 | 964 | 524 | 559 | 1,104 | 616 | 14 | 25 | 8 | 627 | 1,211 | 653 | 7 | 19 | 14 |
| For short-term business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Liabilities for remaining coverage net of reinsurance | 2,446 | 2,096 | 2,856 | 50 | -2 | 28 | 1,228 | 967 | 1,619 | 0 | 0 | 0 | 1,159 | 1,124 | 1,204 | 9 | 6 | 5 |
| Best Estimate for incurred Claims net of reinsurance | 13,876 | 14,162 | 13,960 | 12,589 | 12,831 | 12,443 | 773 | 871 | 1,015 | 0 | 0 | 0 | 501 | 447 | 487 | 13 | 14 | 15 |
| For long-term business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Best Estimate Liabilities net of reinsurance | 295,342 | 306,249 | 301,040 | 112,949 | 115,280 | 114,525 | 135,034 | 139,257 | 137,584 | 324 | 345 | 310 | 47,035 | 51,368 | 48,620 | 0 | 0 | 0 |
| o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 116,132 | 117,942 | 116,770 | 121,623 | 125,513 | 121,135 | 0 | 0 | 0 | 26,258 | 29,639 | 29,055 | 0 | 0 | 0 |
| o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 9,606 | 10,019 | 9,848 | 13,520 | 13,810 | 16,410 | 1,670 | 1,659 | 1,522 | 25,301 | 26,356 | 23,743 | 0 | 0 | 0 |
| o/w Reinsurance | -18,768 | -18,690 | -17,443 | -12,790 | -12,682 | -12,093 | -108 | -66 | 39 | -1,346 | -1,315 | -1,212 | -4,524 | -4,627 | -4,178 | 0 | 0 | 0 |
Life UE by Geography
| In EUR million | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | Transversal & Other | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Short-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Revenues | 2,112 | 4,247 | 2,211 | 1,902 | 3,843 | 2,005 | 53 | 109 | 54 | 0 | 0 | 0 | 157 | 296 | 152 | 0 | 0 | 0 |
| Combined Ratio | 94.5% | 95.5% | 95.2% | 95.1% | 96.3% | 95.9% | 79.8% | 77.0% | 79.0% | 0.0% | 0.0% | 0.0% | 92.3% | 91.5% | 91.5% | 0.0% | 0.0% | 0.0% |
| Technical Margin | 116 | 191 | 107 | 93 | 141 | 83 | 11 | 25 | 11 | 0 | 0 | 0 | 12 | 25 | 13 | 0 | 0 | 0 |
| Long-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CSM Release | 1,136 | 2,253 | 1,158 | 407 | 823 | 419 | 390 | 759 | 386 | 4 | 3 | 0 | 336 | 669 | 353 | 0 | 0 | 0 |
| Technical Experience | -71 | -98 | -28 | -40 | -96 | -37 | -4 | 12 | 13 | 3 | 2 | 0 | -30 | -16 | -4 | 0 | 0 | 0 |
| Actual vs. Expected Cash Flows | -4 | -33 | 10 | 8 | -8 | 2 | 3 | -11 | -11 | -2 | -3 | -1 | -12 | -10 | 20 | 0 | 0 | 0 |
| Risk Adjustment Release | 25 | 51 | 37 | 5 | 15 | 9 | 12 | 23 | 20 | 0 | 1 | 0 | 8 | 13 | 8 | 0 | 0 | 0 |
| Changes in Onerous Contracts | -30 | 9 | -10 | 0 | 0 | 0 | -32 | -23 | -13 | 5 | 5 | 0 | -3 | 26 | 3 | 0 | 0 | 0 |
| Other Long-term | -63 | -124 | -65 | -52 | -103 | -49 | 13 | 23 | 17 | 0 | 0 | 0 | -23 | -45 | -34 | 0 | 0 | 0 |
| Financial Result & Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result | 454 | 799 | 462 | 103 | 193 | 114 | 249 | 432 | 232 | 10 | 19 | 10 | 92 | 155 | 105 | 0 | 0 | 0 |
| Investment Income | 1,159 | 2,209 | 1,159 | 344 | 660 | 346 | 451 | 838 | 438 | 13 | 27 | 14 | 350 | 684 | 361 | 0 | 0 | 0 |
| Insurance Finance Expenses | -705 | -1,410 | -697 | -241 | -467 | -232 | -202 | -407 | -206 | -3 | -7 | -4 | -259 | -530 | -256 | 0 | 0 | 0 |
| Other Revenues | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Expenses | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying Earnings Before Tax | 1,634 | 3,145 | 1,699 | 563 | 1,060 | 579 | 645 | 1,227 | 643 | 17 | 25 | 10 | 409 | 833 | 468 | 0 | 0 | 0 |
| Tax | -316 | -635 | -329 | -96 | -194 | -93 | -148 | -289 | -131 | -3 | 0 | -2 | -68 | -152 | -103 | 0 | 0 | 0 |
| Income from Affiliates & Other | 101 | 182 | 93 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97 | 173 | 93 | 0 | 0 | 0 |
| Minority Interests | -27 | -56 | -30 | 0 | 0 | 0 | -23 | -47 | -28 | 0 | 0 | 0 | -4 | -9 | -3 | 0 | 0 | 0 |
| Underlying Earnings Group share | 1,392 | 2,636 | 1,433 | 470 | 875 | 486 | 474 | 891 | 484 | 14 | 25 | 8 | 434 | 845 | 456 | 0 | 0 | 0 |
| For short-term business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Liabilities for remaining coverage net of reinsurance | 157 | 96 | 105 | 23 | -19 | 4 | -3 | -14 | -35 | 0 | 0 | 0 | 137 | 129 | 137 | 0 | 0 | 0 |
| Best Estimate for incurred Claims net of reinsurance | 11,589 | 11,778 | 11,623 | 11,349 | 11,502 | 11,352 | 75 | 120 | 118 | 0 | 0 | 0 | 165 | 157 | 154 | 0 | 0 | 0 |
| For long-term business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Best Estimate Liabilities net of reinsurance | 275,276 | 285,391 | 280,314 | 112,949 | 115,280 | 114,525 | 114,389 | 117,841 | 116,058 | 324 | 345 | 310 | 47,614 | 51,926 | 49,420 | 0 | 0 | 0 |
| o/w VFA Gross of reinsurance | 243,037 | 251,273 | 244,964 | 116,132 | 117,942 | 116,770 | 100,727 | 103,800 | 99,267 | 0 | 0 | 0 | 26,178 | 29,530 | 28,928 | 0 | 0 | 0 |
| o/w BBA Gross of reinsurance | 50,917 | 52,713 | 52,731 | 9,606 | 10,019 | 9,848 | 13,770 | 14,107 | 16,752 | 1,670 | 1,659 | 1,522 | 25,871 | 26,927 | 24,608 | 0 | 0 | 0 |
| o/w Reinsurance | -18,679 | -18,595 | -17,381 | -12,790 | -12,682 | -12,093 | -108 | -66 | 39 | -1,346 | -1,315 | -1,212 | -4,435 | -4,532 | -4,116 | 0 | 0 | 0 |
Health UE by Geography
| In EUR million | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | Transversal & Other | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | 1H24 | FY24 | 1H25 | |
| Short-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Revenues | 5,867 | 11,960 | 6,301 | 2,752 | 5,661 | 2,865 | 1,725 | 3,495 | 1,997 | 0 | 0 | 0 | 1,300 | 2,629 | 1,350 | 90 | 174 | 88 |
| Combined Ratio | 98.6% | 98.1% | 97.8% | 97.8% | 97.9% | 98.5% | 99.4% | 97.5% | 96.9% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 98.3% | 92.2% | 89.1% | 83.6% |
| Technical Margin | 79 | 224 | 141 | 62 | 117 | 42 | 10 | 88 | 62 | 0 | 0 | 0 | 1 | 1 | 23 | 7 | 19 | 14 |
| Long-term Business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CSM Release | 259 | 522 | 270 | 0 | 0 | 0 | 78 | 161 | 84 | 0 | 0 | 0 | 180 | 360 | 186 | 0 | 0 | 0 |
| Technical Experience | 7 | 3 | -2 | 0 | 0 | 0 | -6 | -20 | -5 | 0 | 0 | 0 | 14 | 23 | 3 | 0 | 0 | 0 |
| Actual vs. Expected Cash Flows | 13 | 18 | 2 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 12 | 18 | 2 | 0 | 0 | 0 |
| Risk Adjustment Release | 4 | 8 | 7 | 0 | 0 | 0 | 0 | -2 | 1 | 0 | 0 | 0 | 5 | 10 | 5 | 0 | 0 | 0 |
| Changes in Onerous Contracts | -1 | -2 | -2 | 0 | 0 | 0 | -1 | -2 | 0 | 0 | 0 | 0 | -1 | 0 | -1 | 0 | 0 | 0 |
| Other Long-term | -8 | -21 | -9 | 0 | 0 | 0 | -6 | -16 | -6 | 0 | 0 | 0 | -2 | -5 | -3 | 0 | 0 | 0 |
| Financial Result & Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financial Result | 82 | 176 | 101 | -3 | -1 | 4 | 35 | 72 | 37 | 0 | 0 | 0 | 51 | 105 | 60 | 0 | 0 | 0 |
| Investment Income | 160 | 317 | 170 | 26 | 41 | 24 | 39 | 77 | 40 | 0 | 0 | 0 | 95 | 198 | 106 | 0 | 0 | 0 |
| Insurance Finance Expenses | -78 | -140 | -69 | -29 | -43 | -20 | -4 | -5 | -4 | 0 | 0 | 0 | -45 | -93 | -45 | 0 | 0 | 0 |
| Other Revenues | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Expenses | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt Financing Charges | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Underlying Earnings Before Tax | 427 | 925 | 510 | 59 | 116 | 46 | 117 | 302 | 178 | 0 | 0 | 0 | 245 | 489 | 272 | 7 | 19 | 14 |
| Tax | -96 | -239 | -133 | -10 | -27 | -7 | -31 | -87 | -46 | 0 | 0 | 0 | -55 | -125 | -80 | 0 | 0 | -1 |
| Income from Affiliates & Other | 2 | 4 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 8 | 0 | 0 | 0 |
| Minority Interests | 0 | -4 | -3 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | -3 | -3 | 0 | 0 | 0 |
| Underlying Earnings Group share | 333 | 687 | 381 | 49 | 89 | 39 | 85 | 213 | 132 | 0 | 0 | 0 | 192 | 366 | 197 | 7 | 19 | 14 |
| For short-term business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Liabilities for remaining coverage net of reinsurance | 2,289 | 2,000 | 2,750 | 27 | 18 | 24 | 1,231 | 981 | 1,654 | 0 | 0 | 0 | 1,022 | 995 | 1,067 | 9 | 6 | 5 |
| Best Estimate for incurred Claims net of reinsurance | 2,286 | 2,384 | 2,337 | 1,240 | 1,329 | 1,091 | 698 | 751 | 898 | 0 | 0 | 0 | 336 | 290 | 334 | 13 | 14 | 15 |
| For long-term business | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Best Estimate Liabilities net of reinsurance | 20,066 | 20,858 | 20,726 | 0 | 0 | 0 | 20,645 | 21,416 | 21,527 | 0 | 0 | 0 | -579 | -557 | -800 | 0 | 0 | 0 |
| o/w VFA Gross of reinsurance | 20,977 | 21,821 | 21,996 | 0 | 0 | 0 | 20,896 | 21,713 | 21,868 | 0 | 0 | 0 | 81 | 109 | 128 | 0 | 0 | 0 |
| o/w BBA Gross of reinsurance | -821 | -868 | -1,207 | 0 | 0 | 0 | -250 | -297 | -342 | 0 | 0 | 0 | -571 | -571 | -866 | 0 | 0 | 0 |
| o/w Reinsurance | -90 | -95 | -62 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -90 | -95 | -62 | 0 | 0 | 0 |
Asset Management
| In EUR million | 1H24 | FY24 | 1H25 | |||
|---|---|---|---|---|---|---|
| Total | o/w Third Party | Total | o/w Third Party | Total | o/w Third Party | |
| Opening AUM (in Euro billion) | 843 | 332 | 843 | 332 | 879 | 356 |
| Net Inflows | 7 | -1 | 3 | 4 | -3 | -10 |
| Scope & Other | 0 | 10 | 2 | 21 | 0 | -6 |
| Market Effect | 12 | 26 | -3 | |||
| Currency Impact | -4 | 5 | -21 | |||
| Closing AUM (in Euro billion) | 859 | 340 | 879 | 356 | 853 | 341 |
| Alternatives | 227 | 86 | 229 | 90 | 233 | 95 |
| Core & Other | 532 | 254 | 551 | 266 | 528 | 246 |
| Asian Joint Ventures | 101 | — | 99 | — | 92 | — |
| Gross Revenues - After Intercompany Elimination | 787 | — | 1,701 | — | 875 | — |
| Gross Revenues - Before Intercompany Elimination | 937 | — | 2,004 | — | 1,018 | — |
| Management Fees | 679 | 385 | 1,425 | 773 | 724 | 439 |
| Performance Fees | 18 | 8 | 57 | 21 | 16 | 9 |
| Distribution Fees | 205 | — | 409 | — | 231 | — |
| Other | 35 | — | 112 | — | 46 | — |
| General Expenses | -698 | — | -1,493 | — | -793 | — |
| Distribution Fees Retroceded | -205 | — | -409 | — | -231 | — |
| Financial Result | 24 | — | 35 | — | 14 | — |
| Underlying Earnings Before Tax | 263 | — | 546 | — | 239 | — |
| Tax | -69 | — | -160 | — | -68 | — |
| Income from Affiliates & Other | 16 | — | 29 | — | 8 | — |
| Minority Interests | -6 | — | -13 | — | -4 | — |
| Underlying Earnings Group Share | 204 | — | 402 | — | 175 | — |
| Average Assets under Management (€bn) | 749 | — | 759 | — | 769 | — |
| Asset Management Fee bps | 18.1 bps | — | 18.8 bps | — | 18.8 bps | — |
| Underlying Cost Income Ratio | 67.3% | — | 68.0% | — | 71.4% | — |
Holdings
| In EUR million | 1H24 | FY24 | 1H25 |
|---|---|---|---|
| Financial Result | 181 | 402 | 228 |
| Other Revenues | 522 | 1,050 | 607 |
| Other Expenses | -925 | -1,986 | -1,075 |
| Debt Financing Charges | -471 | -948 | -452 |
| Underlying Earnings Before Tax | -693 | -1,482 | -692 |
| Tax | 100 | 324 | 101 |
| Income from Affiliates & Other | 0 | 0 | 0 |
| Minority Interests | 0 | 0 | 0 |
| Underlying Earnings Group share | -592 | -1,157 | -591 |
| In EUR billion | 1H24 | FY24 | 1H25 |
|---|---|---|---|
| Opening Cash Balance at AXA SA 6(footnote: Includes liquid invested assets) | — | 4.0 | — |
| Net cash remittance from subsidiaries | — | 7.7 | — |
| Property & Casualty | — | 4.0 | — |
| Life & Health | — | 3.6 | — |
| Asset Management & Other | — | 0.1 | — |
| Dividends | — | -4.4 | — |
| Share buy-backs | — | -1.8 | — |
| Holding costs and interests | — | -1.3 | — |
| Debt issuance | — | 0.1 | — |
| M&A and disposals | — | 0.0 | — |
| Other | — | -0.3 | — |
| Closing Cash Balance at AXA SA 6(footnote: Includes liquid invested assets) | — | 4.0 | — |
(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
Activity Indicators
| In EUR million | 1H24 | FY24 | 1H25 | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | P&C | Life & Health | o/w Employee Benefits 7(footnote: Employee Benefits include Group Protection and Group Health contracts.) | Life | Health | Asset Management | Bank | Total | P&C | Life & Health | o/w Employee Benefits 7(footnote: Employee Benefits include Group Protection and Group Health contracts.) | Life | Health | Asset Management | Bank | Total | P&C | Life & Health | o/w Employee Benefits 7(footnote: Employee Benefits include Group Protection and Group Health contracts.) | Life | Health | Asset Management | Bank | |
| Gross Written Premiums & Other Revenues | 59,872 | 32,522 | 26,505 | 6,673 | 17,419 | 9,086 | 787 | 57 | 110,316 | 56,514 | 51,983 | 12,167 | 34,497 | 17,486 | 1,701 | 118 | 64,251 | 34,097 | 29,230 | 7,223 | 19,081 | 10,149 | 875 | 49 |
| IFRS17/9 New Business Value (NBV) (a) | 1,206 | — | 1,206 | — | 953 | 253 | — | — | 2,264 | — | 2,264 | — | 1,792 | 473 | — | — | 1,189 | — | 1,189 | — | 928 | 260 | — | — |
| New Business Contractual Service Margin (NB CSM) | 1,131 | — | 1,131 | — | 919 | 213 | — | — | 2,169 | — | 2,169 | — | 1,770 | 399 | — | — | 1,184 | — | 1,184 | — | 950 | 234 | — | — |
| Other NBV 8(footnote: 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.) | 456 | — | 456 | — | 333 | 123 | — | — | 824 | — | 824 | — | 594 | 231 | — | — | 382 | — | 382 | — | 270 | 113 | — | — |
| Tax | -381 | — | -381 | — | -299 | -83 | — | — | -729 | — | -729 | — | -572 | -158 | — | — | -378 | — | -378 | — | -292 | -86 | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 25,588 | — | 25,588 | — | 18,234 | 7,354 | — | — | 50,896 | — | 50,896 | — | 36,860 | 14,036 | — | — | 25,918 | — | 25,918 | — | 19,487 | 6,430 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 4.7% | — | 4.7% | — | 5.2% | 3.4% | — | — | 4.4% | — | 4.4% | — | 4.9% | 3.4% | — | — | 4.6% | — | 4.6% | — | 4.8% | 4.0% | — | — |
| In EUR million | 1H24 | FY24 | 1H25 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | Total | France | Europe | AXA XL | Asia, Africa & EME-LATAM | AXA IM | Transversal & Other | |
| Gross Written Premiums & Other Revenues | 59,872 | 14,719 | 22,579 | 11,220 | 9,571 | 787 | 995 | 110,316 | 28,996 | 39,298 | 19,383 | 19,083 | 1,701 | 1,856 | 64,251 | 15,670 | 24,649 | 11,749 | 10,302 | 875 | 1,006 |
| IFRS17/9 New Business Value (NBV) (a) | 1,206 | 354 | 348 | — | 504 | — | — | 2,264 | 682 | 597 | — | 986 | — | — | 1,189 | 315 | 364 | — | 510 | — | — |
| New Business Contractual Service Margin (NB CSM) | 1,131 | 203 | 398 | — | 531 | — | — | 2,169 | 391 | 731 | — | 1,047 | — | — | 1,184 | 199 | 443 | — | 541 | — | — |
| Other NBV 8(footnote: 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.) | 456 | 275 | 50 | — | 131 | — | — | 824 | 528 | 49 | — | 247 | — | — | 382 | 225 | 28 | — | 129 | — | — |
| Tax | -381 | -123 | -100 | — | -158 | — | — | -729 | -237 | -184 | — | -309 | — | — | -378 | -109 | -107 | — | -161 | — | — |
| Present Value of Expected Premiums (PVEP) (b) | 25,588 | 12,301 | 6,317 | — | 6,971 | — | — | 50,896 | 25,370 | 11,831 | — | 13,695 | — | — | 25,918 | 11,662 | 6,843 | — | 7,413 | — | — |
| IFRS17/9 NBV Margin (a)/(b) | 4.7% | 2.9% | 5.5% | — | 7.2% | — | — | 4.4% | 2.7% | 5.0% | — | 7.2% | — | — | 4.6% | 2.7% | 5.3% | — | 6.9% | — | — |
(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.
Balance Sheet
| In EUR billion | FY24 | 1H25 |
|---|---|---|
| Goodwill | 18.1 | 17.1 |
| Other intangible assets | 4.4 | 4.3 |
| Total Intangible assets | 22.6 | 21.4 |
| Investments in real estate properties | 29.2 | 29.6 |
| Financial investments | 418.2 | 408.8 |
| Unit-linked Assets | 90.1 | 90.9 |
| Total Investments from Insurance activities | 537.5 | 529.3 |
| Investments from Non-Insurance Activities | 18.5 | 19.2 |
| Equity Method investments | 1.5 | 1.4 |
| Assets Arising from Insurance and Reinsurance Contracts Held | 26.1 | 23.7 |
| Present Value of Future Cash Flows | 24.1 | 21.9 |
| Contractual Service Margin | 1.4 | 1.3 |
| Risk Adjustment | 0.5 | 0.5 |
| Receivables and Other Assets | 24.1 | 23.8 |
| Assets held for sale | 4.5 | 4.3 |
| Cash and cash equivalents | 19.0 | 22.5 |
| Total Assets | 653.8 | 645.6 |
| In EUR billion | FY24 | 1H25 |
|---|---|---|
| Shareholders' Equity group share | 49.9 | 45.5 |
| Non-controlling Interests | 2.5 | 2.4 |
| Shareholders’ equity | 52.5 | 47.9 |
| Financing debt | 14.4 | 15.0 |
| Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | 477.0 | 468.0 |
| Present Value of Future Cash Flows | 438.4 | 430.4 |
| Contractual Service Margin | 35.3 | 34.5 |
| Risk Adjustment | 3.3 | 3.2 |
| Other Investment Contract Liabilities | 12.6 | 12.3 |
| Liabilities arising from insurance, reinsurance and investment contracts | 489.6 | 480.3 |
| Liabilities Arising from Non-Insurance Activities | 10.1 | 10.3 |
| Provisions for risks and charges | 4.9 | 4.8 |
| Payables and Other liabilities | 80.9 | 86.1 |
| Liabilities held for sale | 1.4 | 1.2 |
| Total Liabilities, Non-controlling Interests and Shareholders' Equity | 653.8 | 645.6 |
CSM rollforward
| In EUR million | FY23 Restated** | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other 9(footnote: 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.) | FY24 |
|---|---|---|---|---|---|---|---|---|
| Total Group (pre-tax) | 34,187 | 2,169 | 1,383 | -2,775 | -998 | 432 | -545 | 33,853 |
| P&C | 206 | 0 | 0 | 0 | 0 | 0 | 76 | 282 |
| Life | 26,200 | 1,770 | 1,172 | -2,253 | -890 | 363 | -534 | 25,826 |
| Health | 7,782 | 400 | 211 | -522 | -108 | 69 | -87 | 7,744 |
| Total Group (post-tax) | 26,777 | — | — | — | — | — | — | 26,320 |
| In EUR million | FY24 | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance 10(footnote: Including scope changes and FX) | Operating Variance | Other 9(footnote: 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.) | 1H25 |
|---|---|---|---|---|---|---|---|---|
| Total Group (pre-tax) | 33,853 | 1,184 | 683 | -1,428 | -64 | -95 | -969 | 33,164 |
| P&C | 282 | 0 | 0 | 0 | 0 | 0 | -49 | 233 |
| Life | 25,826 | 950 | 594 | -1,158 | -94 | -254 | -647 | 25,217 |
| Health | 7,744 | 234 | 90 | -270 | 30 | 159 | -273 | 7,714 |
| Total Group (post-tax) | 26,320 | — | — | — | — | — | — | 25,513 |
(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
Invested Assets
| In EUR billion | Fair value | Asset Allocation % | o/w Participating | Duration gap | Fair Value by Rating | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair value | Asset Allocation % | o/w Participating | Duration gap | Average rating1 16(footnote: 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.) | AAA | AA | A | BBB | Below Investment Grade | Non Rated | |
| General Account Invested Assets 11(footnote: 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.) | 453 | — | 60% | -0.3 yr | — | — | — | — | — | — | — |
| Fixed Income | 348 | 77% | 60% | — | — | — | — | — | — | — | — |
| Government Bonds | 173 | 38% | 65% | — | AA | 26% | 42% | 18% | 10% | 2% | 2% |
| Corporate Bonds and Loans | 122 | 27% | 55% | — | A | 16% | 6% | 37% | 30% | 11% | — |
| Other Fixed Income | 52 | 12% | 52% | — | — | — | — | — | — | — | — |
| Asset Backed Securities 12(footnote: Includes 93% of CLOs.) | 23 | 5% | 47% | — | — | 56% | 26% | 11% | 2% | 2% | 4% |
| Mortgage Loans 13(footnote: Residential loans (Euro 16 billion), commercial & agricultural loans (Euro 7 billion) and Agency Pools (Euro 7 billion).) | 30 | 7% | 57% | — | — | — | — | — | — | — | — |
| Real Estate | 41 | 9% | 64% | — | — | — | — | — | — | — | — |
| Infrastructure Equity | 11 | 2% | 64% | — | — | — | — | — | — | — | — |
| Listed Equities 14(footnote: Includes hedges. Listed equities excluding hedges at €13bn (basis for % of participating)) | 8 | 2% | 79% | — | — | — | — | — | — | — | — |
| Private Equity & Hedge Funds 15(footnote: Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion).) | 22 | 5% | 57% | — | — | — | — | — | — | — | — |
| Cash | 22 | 5% | 50% | — | — | — | — | — | — | — | — |
| Policy Loans | 2 | 0% | 51% | — | — | — | — | — | — | — | — |
(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).
Supplementary Info on Asset
| In EUR billion | Fair Value 19(footnote: Including hedges) | Belgium | France | Germany | Italy | Japan | Netherlands | Spain | Switzerland | United States | Other EU countries | Supranational | Rest of the World |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Breakdown By Geographical Exposure | 173 | 6% | 13% | 6% | 5% | 9% | 3% | 6% | 9% | 9% | 8% | 13% | 14% |
| In EUR billion | Fair Value 20(footnote: Excluding Non-listed Equity) | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Covered and Senior Secured Bonds 18(footnote: Includes REITS corporate bonds (Euro 3 billion).) | Energy | Financials | Industrial | Technology | Utilities | Other |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Breakdown By Industry | 122 | 2% | 6% | 4% | 11% | 27% | 2% | 28% | 6% | 2% | 8% | 4% |
| In EUR billion | Total | Banks 21(footnote: Excludes banking operations and Euro 7 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).) | Non-Banks1 |
|---|---|---|---|
| Total | 34.0 | 27.7 | 6.2 |
| Senior Unsecured Bonds | 30.0 | 23.8 | 5.7 |
| Subordinated Bonds 17(footnote: Includes AT1 (Euro 0.3 billion).) | 3.0 | 3.1 | 0.4 |
| Other | 1.0 | 0.8 | 0.1 |
| In EUR billion | Fair Value | Belgium | France | Germany | Japan | Netherlands | Switzerland | United States | Other EU countries | Rest of the World |
|---|---|---|---|---|---|---|---|---|---|---|
| Breakdown By Asset Domiciliation | 8 | 4% | 10% | 4% | 6% | 3% | 4% | 34% | 9% | 26% |
| In EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Diversified | Energy | Financials | Funds | Industrial | Technology | Utilities | Other |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Breakdown By Industry | 8 | 5% | 10% | 11% | 15% | 3% | 0% | 20% | 6% | 12% | 16% | 1% | 1% |
| In EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Spain | Switzerland | United Kingdom | United States | Other EU countries | Rest of the World |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Breakdown By Geographical Exposure | 41 | 4% | 27% | 11% | 3% | 6% | 4% | 13% | 7% | 12% | 5% | 8% |
| In EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others |
|---|---|---|---|---|---|---|
| Breakdown By Type | 41 | 33% | 23% | 16% | 11% | 17% |
| In EUR billion | Fair Value | Europe | Japan | United States | Other |
|---|---|---|---|---|---|
| Breakdown By Asset Domiciliation | 17 | 45% | 4% | 45% | 6% |
| In EUR billion | Fair Value | Residential | Commercial 22(footnote: Loan to Value: 46%.) |
|---|---|---|---|
| Breakdown by Type | 23 | 70% | 30% |
(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%.
| In EUR billion | 1H25 |
|---|---|
| Shareholders' Equity at Beginning of the Period | 49.9 |
| Paid-in Capital | 0.1 |
| Treasury Shares | -1.8 |
| Other Comprehensive Income Arising from Defined Benefit Plans | -0.3 |
| Fair Value Recorded in Shareholders' Equity | 0.9 |
| Other Comprehensive Income Related to Invested Assets | -2.6 |
| Other Comprehensive Income Related to (re) Insurance Contracts | 3.5 |
| Impact of Currency Fluctuations | -3.4 |
| Undated Subordinated Debt (including interest charges) | 0.9 |
| Realized Gains on Equity through Retained Earnings | -0.0 |
| Dividends | -4.6 |
| Net Income for the Period | 3.9 |
| Other | -0.1 |
| Shareholders' Equity at End of the Period | 45.5 |
| In EUR billion | FY24 | 1H25 |
|---|---|---|
| Paid-in Capital | 21.8 | 21.8 |
| Treasury Shares | -1.5 | -3.3 |
| Other Comprehensive Income | -8.1 | -7.2 |
| Other Comprehensive Income Related to Invested Assets | -13.1 | -15.7 |
| Other Comprehensive Income Related to (re) Insurance Contracts | 5.0 | 8.5 |
| Other Comprehensive Income Arising from Defined Benefit Plans | -2.4 | -2.7 |
| Translation Reserves | -1.1 | -4.5 |
| Undated Subordinated Debt | 4.8 | 5.8 |
| Retained Earnings | 36.5 | 35.6 |
| Total Shareholders' Equity at the End of the Period | 49.9 | 45.5 |
| EUR | FY24 | 1H25 |
|---|---|---|
| Book Value per Share 23(footnote: Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.) | 24.5 | 22.0 |
| Shareholders' Equity + CSM per Share 24(footnote: Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.) | 32.7 | 30.5 |
| In EUR billion | FY24 | 1H25 |
|---|---|---|
| Government Bonds (recyclable) | -7.5 | -10.6 |
| Corporate Bonds (recyclable) | -4.1 | -3.2 |
| Cash Flow hedges (recyclable) | -3.5 | -3.4 |
| Equities (non-recyclable) | 2.3 | 2.3 |
| Others (recyclable) | -0.3 | -0.8 |
| Total Other Comprehensive Income Related to Invested Assets | -13.1 | -15.7 |
| Real Estate | 6.7 | 6.7 |
| Other Invested Assets Not Included in Shareholders' Equity | -0.6 | -0.4 |
| Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax) | 6.1 | 6.3 |
| Total Unrealized Gains and Losses on Invested Assets (Net of Tax) | -7.0 | -9.4 |
(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.
RoE & Gearing
| In EUR billion | 1H24 | FY24 | 1H25 | Change in % points (1H25 vs 1H24) |
|---|---|---|---|---|
| Net Income ROE | 15.7% | 14.8% | 15.3% | -0.4 pt |
| Net Income 25(footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) | 3.9 | 7.7 | 3.8 | — |
| Average Adjusted Shareholders' Equity 26(footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) | 49.7 | 51.8 | 50.1 | — |
| Underlying ROE | 16.6% | 15.2% | 17.5% | 0.8 pt |
| Underlying Earnings 25(footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) | 4.1 | 7.9 | 4.4 | — |
| Average Adjusted Shareholders' Equity 26(footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) | 49.7 | 51.8 | 50.1 | — |
| In EUR billion | 1H24 | FY24 | 1H25 |
|---|---|---|---|
| Financing Debt | 3.2 | 3.2 | 3.2 |
| Financing Debt Instrument Issued | 3.2 | 3.2 | 3.2 |
| Financing Debt Owed to Credit Institutions | 0.0 | 0.0 | 0.0 |
| Dated Subordinated Debt | 11.1 | 11.2 | 11.8 |
| Reversal of mark-to-market of interest rates derivatives | -0.1 | -0.1 | -0.1 |
| Total Gross Debt (A) | 14.2 | 14.3 | 14.9 |
| Undated Deeply Subordinated Notes (TSS) | 3.9 | 2.9 | 3.8 |
| Deeply Subordinated Notes (TSDI) | 1.9 | 1.9 | 1.9 |
| Total Gross Debt incl. Undated and Deeply Subordinated Notes (B) | 20.0 | 19.2 | 20.7 |
| Shareholders' Equity (Including Non-Controlling Interests) (a) (C) 27(footnote: Shareholders' equity includes undated and deeply subordinated debts;) | 50.1 | 52.5 | 47.9 |
| Contractual Service Margin net of tax (D) | 26.2 | 26.3 | 25.5 |
| Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A) | 90.5 | 93.1 | 88.4 |
| Debt Gearing (G) = (B) / (E) | 22.1% | 20.6% | 23.4% |
(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;
Information on Solvency
| In EUR billion | FY24 | Regulatory & model changes | Normalized Capital Generation | Operating variance | Economic variance (incl. FX) | Dividend & share buy-backs | Debt | M&A, In-force and Other | 1H25 |
|---|---|---|---|---|---|---|---|---|---|
| Eligible Own Fund (EOF) | 55.9 | -0.3 | 4.8 | -0.2 | -3.3 | -2.9 | 2.0 | -0.6 | 55.4 |
| Solvency Capital Requirement (SCR) | 25.9 | 0.0 | 0.4 | 0.0 | -1.4 | 0.0 | 0.0 | 0.3 | 25.2 |
| Solvency II Ratio | 216% | -1% | 15% | -1% | -0% | -12% | 8% | -5% | 220% |
| In EUR billion | Total | Unrestricted Tier 1 | Restricted Tier 1 | Tier 2 | Tier 3 |
|---|---|---|---|---|---|
| EOF as of 1H25 | 55.4 | 37.5 | 5.9 | 11.2 | 0.7 |
| Insurance Sector | 52.9 | 35.0 | 5.9 | 11.2 | 0.7 |
| Ancillary | — | — | — | — | — |
| Subject to Transitional Measures 28(footnote: 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.) | 4.3 | — | 3.3 | 1.0 | — |
| Other Financial Sectors | 2.5 | 2.5 | — | — | — |
| EOF as of FY24 | 55.9 | 40.0 | 4.9 | 10.2 | 0.8 |
| Insurance Sector | 53.5 | 37.5 | 4.9 | 10.2 | 0.8 |
| Ancillary | — | — | — | — | — |
| Subject to Transitional Measures 28(footnote: 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.) | 4.5 | — | 3.4 | 1.1 | — |
| Other Financial Sectors | 2.5 | 2.5 | — | — | — |
| In EUR billion | FY24 | 1H25 |
|---|---|---|
| Interest Rate +50bps | +2 pts | +2 pts |
| Interest Rate -50bps | -4 pts | -4 pts |
| Corporate Spread +50bps | -1 pts | -1 pts |
| Euro Government Spreads +50bps | -10 pts | -7 pts |
| Credit Migration +20% | -4 pts | -4 pts |
| Listed Equities +25% | +0 pt | +0 pt |
| Listed Equities -25% | -3 pts | -0 pt |
| Private and Infrastructure Equity +25% | +13 pts | +13 pts |
| Private and Infrastructure Equity -25% | -15 pts | -15 pts |
(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.
IFRS17 SHE to Group EOF
| In EUR billion | 1H25 |
|---|---|
| IFRS SHAREHOLDERS' EQUITY | 47.9 |
| Contractual Service Margin (net of tax) | 25.5 |
| IFRS SHAREHOLDERS' EQUITY inc. CSM | 73.4 |
| Net URCG not included in Shareholders' Equity | 6.3 |
| Elimination Undated Subordinated Debts | -5.8 |
| Elimination Intangibles | -21.6 |
| Goodwill | -17.9 |
| others | -3.7 |
| IFRS TANGIBLE NET ASSET VALUE | 52.3 |
| Foreseeable dividends and distribution | -2.9 |
| Technical provision adjustments | -10.6 |
| Risk Margin vs Risk Adjustment | -6.8 |
| BEL adjustment | -3.8 |
| Other adjustments | -1.2 |
| UNRESTRICTED TIER 1 | 37.5 |
| Restricted Tier 1 + Tier 2 | 17.1 |
| Tier 3 | 0.7 |
| GROUP ELIGIBLE OWN FUNDS | 55.4 |