Web:AXA/results/FY25/financial supplements

1. Market Data

Exchange Rate

📊 Exchange Rates (EUR per Foreign Currency), 1H24–FY25

	Closing				Average
	1H24	FY24	1H25	FY25	1H24	FY24	1H25	FY25
USD	1.07	1.04	1.17	1.17	1.08	1.08	1.09	1.13
JPY	172	163	170	184	165	164	162	169
GBP	0.85	0.83	0.86	0.87	0.85	0.85	0.84	0.86
CHF	0.96	0.94	0.93	0.93	0.96	0.95	0.94	0.94
HKD	8.37	8.04	9.21	9.14	8.45	8.44	8.53	8.82

Discount Rate - 5Y

📊 Discount Rate — 5-Year Average by Currency, 1H24–FY25

	Average 1H24	Average FY24	Average 1H25	Average FY25
EUR	2.8%	2.8%	2.6%	2.6%
USD	4.3%	4.4%	4.4%	4.2%
JPY	0.2%	0.4%	0.9%	1.0%
GBP	4.0%	4.2%	4.4%	4.3%
CHF	1.1%	0.8%	0.2%	0.2%
HKD	3.8%	3.7%	3.5%	3.2%

Discount Rate - 10Y

📊 Discount Rate — 10-Year Closing Rates by Currency, 1H24–FY25

	Closing 1H24	Closing FY24	Closing 1H25	Closing FY25
EUR	3.1%	2.7%	2.9%	3.2%
USD	4.5%	4.7%	4.4%	4.5%
JPY	1.0%	1.1%	1.4%	2.1%
GBP	4.3%	4.5%	4.6%	4.5%
CHF	1.0%	0.4%	0.5%	0.7%
HKD	3.8%	3.9%	3.0%	3.2%

2. UE by LOB and Net Income

Group

📊 AXA Group — Underlying Earnings by Line of Business and Net Income (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	35,273	72,104	37,209	75,071
Combined Ratio	n.a.	n.a.	n.a.	n.a.
Technical Margin	2,877	5,421	3,107	5,888
Long-term Business
CSM Release	1,395	2,775	1,428	2,954
Technical Experience	(64)	(95)	(30)	(150)
Financial Result & Other
Financial Result	2,064	3,971	2,148	4,013
Other Revenues	1,459	3,054	1,625	2,167
Other Expenses	(1,624)	(3,479)	(1,868)	(2,900)
Debt Financing Charges	(471)	(948)	(452)	(928)
Underlying Earnings Before Tax	5,638	10,700	5,958	11,044
Tax	(1,427)	(2,662)	(1,503)	(2,644)
Income from Affiliates & Other	122	218	111	168
Minority Interests	(89)	(179)	(101)	(199)
Underlying Earnings Group Share	4,244	8,078	4,465	8,368
Underlying Earnings Growth Rate (CER)	4.0%	6.7%	6.2%	5.8%
Underlying ROE	16.6%	15.2%	17.5%	16.0%
Net Realized Capital Gains & Losses	93	195	66	138
Change in Fair Value of Assets & Derivatives	(43)	83	(467)	(813)
Amortization of customer intangibles	(50)	(131)	(48)	(86)
Integration and Restructuring Costs	(78)	(240)	(63)	(197)
Exceptional Items	(147)	(99)	(30)	2,386
Net Income Group Share	4,020	7,886	3,922	9,797
Deeply Subordinated and Undated Subordinated Debt Charges	(106)	(201)	(86)	(174)
Underlying Earnings for EPS calculation	4,138	7,877	4,379	8,195
Net Income for EPS calculation	3,914	7,685	3,836	9,623

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

Property & Casualty

📊 AXA (Consolidated) — Property & Casualty Underlying Earnings by Line of Business and Net Income (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	27,294	55,898	28,697	57,656
Combined Ratio	90.2%	91.0%	90.0%	90.6%
Technical Margin	2,682	5,006	2,859	5,409
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	1,324	2,559	1,343	2,631
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	4,006	7,565	4,202	8,040
Tax	(1,046)	(1,952)	(1,074)	(2,060)
Income from Affiliates & Other	2	3	1	3
Minority Interests	(56)	(106)	(63)	(111)
Underlying Earnings Group Share	2,908	5,510	3,067	5,872
Underlying Earnings Growth Rate (CER)	—	—	—	—
Underlying ROE	n.a.	16.2%	n.a.	17.3%
Net Realized Capital Gains & Losses	n.a.	n.a.	n.a.	n.a.
Change in Fair Value of Assets & Derivatives	n.a.	n.a.	n.a.	n.a.
Amortization of customer intangibles	n.a.	n.a.	n.a.	n.a.
Integration and Restructuring Costs	n.a.	n.a.	n.a.	n.a.
Exceptional Items	n.a.	n.a.	n.a.	n.a.
Net Income Group Share	n.a.	n.a.	n.a.	n.a.
Deeply Subordinated and Undated Subordinated Debt Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings for EPS calculation	n.a.	n.a.	n.a.	n.a.
Net Income for EPS calculation	n.a.	n.a.	n.a.	n.a.

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

Life & Health

📊 AXA (Consolidated) — Life & Health Underlying Earnings by Line of Business and Net Income (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	7,979	16,207	8,512	17,416
Combined Ratio	97.6%	97.4%	97.1%	97.2%
Technical Margin	195	415	248	479
Long-term Business
CSM Release	1,395	2,775	1,428	2,954
Technical Experience	(64)	(95)	(30)	(150)
Financial Result & Other
Financial Result	536	975	563	946
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	2,061	4,070	2,209	4,229
Tax	(412)	(874)	(462)	(800)
Income from Affiliates & Other	103	186	101	157
Minority Interests	(27)	(60)	(34)	(85)
Underlying Earnings Group Share	1,725	3,323	1,814	3,501
Underlying Earnings Growth Rate (CER)	—	—	—	—
Underlying ROE	—	13.6%	—	14.4%
Net Realized Capital Gains & Losses	n.a.	n.a.	n.a.	n.a.
Change in Fair Value of Assets & Derivatives	n.a.	n.a.	n.a.	n.a.
Amortization of customer intangibles	n.a.	n.a.	n.a.	n.a.
Integration and Restructuring Costs	n.a.	n.a.	n.a.	n.a.
Exceptional Items	n.a.	n.a.	n.a.	n.a.
Net Income Group Share	n.a.	n.a.	n.a.	n.a.
Deeply Subordinated and Undated Subordinated Debt Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings for EPS calculation	n.a.	n.a.	n.a.	n.a.
Net Income for EPS calculation	n.a.	n.a.	n.a.	n.a.

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.
• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

Asset Management*

📊 AXA (Consolidated) — Asset Management Underlying Earnings by Line of Business and Net Income (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	—	—	—	—
Combined Ratio	—	—	—	—
Technical Margin	—	—	—	—
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	24	35	14	14
Other Revenues	937	2,004	1,018	1,018
Other Expenses	(698)	(1,493)	(793)	(793)
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	263	546	239	239
Tax	(69)	(160)	(68)	(68)
Income from Affiliates & Other	16	29	8	8
Minority Interests	(6)	(13)	(4)	(4)
Underlying Earnings Group Share	204	402	175	175
Underlying Earnings Growth Rate (CER)	—	—	—	—
Underlying ROE	n.a.	26.0%	n.a.	n.a.
Net Realized Capital Gains & Losses	n.a.	n.a.	n.a.	n.a.
Change in Fair Value of Assets & Derivatives	n.a.	n.a.	n.a.	n.a.
Amortization of customer intangibles	n.a.	n.a.	n.a.	n.a.
Integration and Restructuring Costs	n.a.	n.a.	n.a.	n.a.
Exceptional Items	n.a.	n.a.	n.a.	n.a.
Net Income Group Share	n.a.	n.a.	n.a.	n.a.
Deeply Subordinated and Undated Subordinated Debt Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings for EPS calculation	n.a.	n.a.	n.a.	n.a.
Net Income for EPS calculation	n.a.	n.a.	n.a.	n.a.

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

Holdings**

📊 AXA (Holdings) — Underlying Earnings by Line of Business and Net Income, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	—	—	—	—
Combined Ratio	—	—	—	—
Technical Margin	—	—	—	—
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	181	402	228	422
Other Revenues	522	1,050	607	1,149
Other Expenses	(925)	(1,986)	(1,075)	(2,107)
Debt Financing Charges	(471)	(948)	(452)	(928)
Underlying Earnings Before Tax	(693)	(1,482)	(692)	(1,464)
Tax	100	324	101	284
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group Share	(592)	(1,157)	(591)	(1,180)
Underlying Earnings Growth Rate (CER)	—	—	—	—
Underlying ROE	n.m.	n.m.	n.m.	n.m.
Net Realized Capital Gains & Losses	n.a.	n.a.	n.a.	n.a.
Change in Fair Value of Assets & Derivatives	n.a.	n.a.	n.a.	n.a.
Amortization of customer intangibles	n.a.	n.a.	n.a.	n.a.
Integration and Restructuring Costs	n.a.	n.a.	n.a.	n.a.
Exceptional Items	n.a.	n.a.	n.a.	n.a.
Net Income Group Share	n.a.	n.a.	n.a.	n.a.
Deeply Subordinated and Undated Subordinated Debt Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings for EPS calculation	n.a.	n.a.	n.a.	n.a.
Net Income for EPS calculation	n.a.	n.a.	n.a.	n.a.

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

3. UE by Geography

Group

📊 AXA Group — Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	35,273	72,104	37,209	75,071
Combined Ratio	n.a.	n.a.	n.a.	n.a.
Technical Margin	2,877	5,421	3,107	5,888
Long-term Business
CSM Release	1,395	2,775	1,428	2,954
Technical Experience	(64)	(95)	(30)	(150)
Financial Result & Other
Financial Result	2,064	3,971	2,148	4,013
Other Revenues	1,459	3,054	1,625	2,167
Other Expenses	(1,624)	(3,479)	(1,868)	(2,900)
Debt Financing Charges	(471)	(948)	(452)	(928)
Underlying Earnings Before Tax	5,638	10,700	5,958	11,044
Tax	(1,427)	(2,662)	(1,503)	(2,644)
Income from Affiliates & Other	122	218	111	168
Minority Interests	(89)	(179)	(101)	(199)
Underlying Earnings Group share	4,244	8,078	4,465	8,368

France

📊 AXA (France) — Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	9,046	18,698	9,567	19,555
Combined Ratio	—	—	—	—
Technical Margin	692	1,470	658	1,485
Long-term Business
CSM Release	407	823	419	895
Technical Experience	(40)	(96)	(37)	(81)
Financial Result & Other
Financial Result	350	613	380	667
Other Revenues	53	108	44	91
Other Expenses	(83)	(180)	(79)	(168)
Debt Financing Charges	0	0	0	0
Underlying Earnings Before Tax	1,380	2,738	1,384	2,888
Tax	(350)	(676)	(308)	(665)
Income from Affiliates & Other	4	9	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	1,034	2,071	1,076	2,224

Europe

📊 AXA (Europe) — Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	11,839	24,005	12,661	25,724
Combined Ratio	n.a.	n.a.	n.a.	n.a.
Technical Margin	998	1,957	1,176	2,357
Long-term Business
CSM Release	468	920	471	984
Technical Experience	(11)	(8)	8	(70)
Financial Result & Other
Financial Result	784	1,486	765	1,398
Other Revenues	(18)	(32)	(8)	(12)
Other Expenses	(10)	(25)	(6)	(3)
Debt Financing Charges	(1)	(2)	(1)	(2)
Underlying Earnings Before Tax	2,210	4,297	2,406	4,651
Tax	(536)	(1,004)	(568)	(1,039)
Income from Affiliates & Other	0	0	0	0
Minority Interests	(48)	(105)	(56)	(126)
Underlying Earnings Group share	1,626	3,187	1,782	3,486

AXA XL

📊 AXA XL — Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	9,022	18,530	9,428	18,699
Combined Ratio	n.a.	n.a.	n.a.	n.a.
Technical Margin	1,111	1,820	1,074	1,928
Long-term Business
CSM Release	4	3	0	1
Technical Experience	3	2	0	(5)
Financial Result & Other
Financial Result	283	616	308	651
Other Revenues	0	0	0	0
Other Expenses	0	0	0	0
Debt Financing Charges	(16)	(33)	(16)	(32)
Underlying Earnings Before Tax	1,385	2,409	1,366	2,543
Tax	(355)	(588)	(342)	(650)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	1,030	1,820	1,024	1,893

Asia, Africa & EME-LATAM

📊 AXA — Underlying Earnings by Geography: Asia, Africa & EME-LATAM (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	4,312	8,750	4,478	8,986
Combined Ratio	—	—	—	—
Technical Margin	70	81	150	9
Long-term Business
CSM Release	516	1,029	538	1,074
Technical Experience	(17)	7	(1)	6
Financial Result & Other
Financial Result	382	741	425	782
Other Revenues	0	0	(2)	(3)
Other Expenses	(9)	(20)	(14)	(26)
Debt Financing Charges	(7)	(12)	(4)	(6)
Underlying Earnings Before Tax	935	1,826	1,093	1,835
Tax	(205)	(443)	(294)	(434)
Income from Affiliates & Other	102	181	103	160
Minority Interests	(34)	(60)	(39)	(68)
Underlying Earnings Group share	798	1,504	862	1,493

AXA IM*

📊 AXA IM — Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	—	—	—	—
Combined Ratio	—	—	—	—
Technical Margin	—	—	—	—
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	24	35	14	14
Other Revenues	937	2,004	1,018	1,018
Other Expenses	(698)	(1,493)	(793)	(793)
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	263	546	239	239
Tax	(69)	(160)	(68)	(68)
Income from Affiliates & Other	16	29	8	8
Minority Interests	(6)	(13)	(4)	(4)
Underlying Earnings Group share	204	402	175	175

Transversal & Other

📊 AXA (Transversal & Other) — Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	1,053	2,122	1,075	2,107
Combined Ratio	—	—	—	—
Technical Margin	6	93	49	109
Long-term Business
CSM Release	0	0	0	0
Technical Experience	0	0	0	0
Financial Result & Other
Financial Result	241	480	255	502
Other Revenues	488	974	573	1,073
Other Expenses	(823)	(1,761)	(976)	(1,910)
Debt Financing Charges	(447)	(902)	(431)	(887)
Underlying Earnings Before Tax	(535)	(1,116)	(530)	(1,113)
Tax	88	209	76	212
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	(1)	(2)
Underlying Earnings Group share	(447)	(907)	(455)	(903)

Group

📊 AXA Group — Underlying Earnings by Geography and Segment (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Property & Casualty	2,908	5,510	3,067	5,872
Life & Health	1,725	3,323	1,814	3,501
Asset Management	204	402	175	175
Holdings**	(592)	(1,157)	(591)	(1,180)

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

France

📊 AXA (France) — Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Property & Casualty	539	1,161	574	1,237
Life & Health	519	964	524	1,039
Asset Management	—	—	—	—
Holdings**	(24)	(54)	(23)	(52)

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

Europe

📊 AXA (Consolidated) — Underlying Earnings by Geography: Europe (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Property & Casualty	1,073	2,029	1,152	2,216
Life & Health	559	1,104	616	1,264
Asset Management	—	—	—	—
Holdings**	(6)	54	14	6

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

AXA XL

📊 AXA XL — Underlying Earnings by Geography (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Property & Casualty	1,032	1,828	1,032	1,913
Life & Health	14	25	8	12
Asset Management	—	—	—	—
Holdings**	(16)	(33)	(16)	(32)

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

Asia, Africa & EME-LATAM

📊 AXA (Consolidated) — Underlying Earnings by Geography: Asia, Africa & EME-LATAM (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Property & Casualty	194	334	233	355
Life & Health	627	1,211	653	1,165
Asset Management	—	—	—	—
Holdings**	(23)	(41)	(24)	(26)

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

AXA IM*

📊 AXA — Underlying Earnings by Geography, AXA IM Segment (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Property & Casualty	—	—	—	—
Life & Health	—	—	—	—
Asset Management	204	402	175	175
Holdings**	—	—	—	—

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

Transversal & Other

📊 AXA — Underlying Earnings by Geography, Transversal & Other Segment (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Property & Casualty	70	158	75	151
Life & Health	7	19	14	22
Asset Management	—	—	—	—
Holdings**	(524)	(1,083)	(543)	(1,076)

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.
• Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.

4. Shares & UEPS

Outstanding Shares Excluding Treasury Shares

📊 AXA — Outstanding Shares Excluding Treasury Shares, FY24–FY25 (million shares)

	FY24	FY25
Basic Number of Shares
As of Beginning of Period	2,226.2	2,175.4
Increase of Capital Dedicated to Employees	12.9	12.7
Exercise of Stock Options	2.6	1.1
Other Movement of Treasury Shares	4.6	4.2
Capital Increase / (Decrease)	(70.9)	(138.0)
As at End of Period	2,175.4	2,055.4
During the Period	—	—

Weighted Average Number

📊 AXA — Weighted Average Number of Shares & Underlying Earnings Per Share, FY24–FY25 (million shares / EUR per share)

	FY24	FY25
Basic Number of Shares
As of Beginning of Period	2,226.2	2,175.4
Increase of Capital Dedicated to Employees	0.9	1.0
Exercise of Stock-Options	1.4	0.6
Other Movement of Treasury Shares	17.5	6.3
Capital Increase / (Decrease)	(55.2)	(64.9)
As at End of Period	n.a.	n.a.
During the Period	2,190.8	2,118.3

Weighted Average Number of Shares, Earnings & EPS

📊 AXA — Weighted Average Number of Shares, Earnings & Earnings per Share, FY24–FY25 (million shares / EUR per share)

	Outstanding Shares Excl. Treasury Shares (a)		Weighted Average Number
	FY24	FY25	FY24	FY25
Basic Number of Shares
As of Beginning of Period	2,226.2	2,175.4	2,226.2	2,175.4
Increase of Capital Dedicated to Employees	12.9	12.7	0.9	1.0
Exercise of Stock-options	2.6	1.1	1.4	0.6
Other Movement of Treasury Shares	4.6	4.2	17.5	6.3
Capital Increase / (Decrease)	(70.9)	(138.0)	(55.2)	(64.9)
As at End of Period	2,175.4	2,055.4	—	—
During the Period	—	—	2,190.8	2,118.3
Fully Diluted Number of Shares
Stock Options	—	—	0.8	0.6
Performance Shares	—	—	5.6	5.1
During the Period (A)	—	—	2,197.1	2,124.0
Earnings Group Share:
Net Income	—	—	7,886	9,797
Underlying Earnings	—	—	8,078	8,368
Impact of undated and deeply subordinated debts:
Undated and deeply subordinated debt charges	—	—	(201)	(174)
Earnings for EPS Calculation:
Net Income for EPS Calculation (B)	—	—	7,685	9,623
Underlying Earnings for EPS Calculation (C)	—	—	7,877	8,195
Fully Diluted Euro per Share (EPS)
EPS (B/A)	—	—	3.50	4.53
Underlying EPS (C/A)	—	—	3.59	3.86

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

5. P&C UE by Sub LOB

Total

📊 AXA — Property & Casualty Underlying Earnings by Sub-Line of Business, Total Segment (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	27,294	55,898	28,697	57,656
Current Accident Year Loss Ratio	67.0%	67.7%	66.7%	66.9%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	67.4%	67.4%	67.0%	67.0%
Undiscounted Current Accident Year Nat Cats	3.6%	3.8%	3.5%	3.4%
Current Accident Year Discounting	(3.9%)	(3.6%)	(3.9%)	(3.5%)
Prior Year Reserve Development Ratio	(1.5%)	(1.6%)	(1.1%)	(1.1%)
Expense Ratio	24.7%	25.0%	24.5%	24.8%
Combined Ratio	90.2%	91.0%	90.0%	90.6%
Technical Margin	2,682	5,006	2,859	5,409
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	1,324	2,559	1,343	2,631
Investment Income	1,967	3,731	2,088	3,988
Insurance Finance Expenses	(643)	(1,172)	(745)	(1,358)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	4,006	7,565	4,202	8,040
Tax	(1,046)	(1,952)	(1,074)	(2,060)
Income from Affiliates & Other	2	3	1	3
Minority Interests	(56)	(106)	(63)	(111)
Underlying Earnings Group share	2,908	5,510	3,067	5,872
Closing Invested Assets	113,515	118,104	116,895	117,507
o/w VFA	0	0	0	0
o/w Non VFA	113,515	118,104	116,895	117,507
For short-term business
Liabilities for remaining coverage net of reinsurance	19,284	16,006	19,766	16,040
Best Estimate for incurred Claims net of reinsurance	69,800	71,751	70,215	70,567
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

Commercial lines

📊 AXA (Consolidated) — Commercial Lines P&C Underlying Earnings by Sub-Line of Business (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	18,657	38,019	19,575	39,090
Current Accident Year Loss Ratio	68.1%	68.8%	68.0%	68.0%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	69.2%	69.4%	69.3%	68.8%
Undiscounted Current Accident Year Nat Cats	2.7%	2.9%	2.7%	2.6%
Current Accident Year Discounting	(3.7%)	(3.5%)	(3.9%)	(3.5%)
Prior Year Reserve Development Ratio	(1.1%)	(1.2%)	(1.3%)	(0.8%)
Expense Ratio	23.1%	23.6%	23.2%	23.5%
Combined Ratio	90.1%	91.1%	89.9%	90.7%
Technical Margin	1,850	3,372	1,968	3,616
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	993	1,831	1,004	1,941
Investment Income	1,427	2,625	1,512	2,864
Insurance Finance Expenses	(434)	(794)	(508)	(922)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	2,843	5,203	2,973	5,557
Tax	—	—	n.a.	n.a.
Income from Affiliates & Other	—	—	n.a.	n.a.
Minority Interests	—	—	n.a.	n.a.
Underlying Earnings Group share	—	—	n.a.	n.a.
Closing Invested Assets	—	—	—	—
o/w VFA	—	—	—	—
o/w Non VFA	—	—	—	—
For short-term business
Liabilities for remaining coverage net of reinsurance	12,070	9,480	12,240	9,127
Best Estimate for incurred Claims net of reinsurance	45,710	46,570	46,591	47,002
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

Personal lines

📊 AXA (Consolidated) — Personal Lines Property & Casualty Underlying Earnings by Sub-Line of Business (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	9,144	18,705	9,513	19,276
Current Accident Year Loss Ratio	69.8%	70.0%	68.8%	69.1%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	68.8%	68.5%	67.5%	67.9%
Undiscounted Current Accident Year Nat Cats	4.0%	4.1%	3.8%	3.6%
Current Accident Year Discounting	(3.0%)	(2.6%)	(2.6%)	(2.4%)
Prior Year Reserve Development Ratio	(2.3%)	(1.8%)	(0.6%)	(1.6%)
Expense Ratio	25.5%	25.7%	25.1%	25.2%
Combined Ratio	92.9%	93.9%	93.3%	92.8%
Technical Margin	645	1,136	638	1,392
Long-term Business
CSM Release	n.a.	n.a.	—	—
Technical Experience	n.a.	n.a.	—	—
Financial Result & Other
Financial Result	240	538	275	523
Investment Income	366	761	422	794
Insurance Finance Expenses	(126)	(223)	(148)	(272)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	886	1,674	913	1,914
Tax	n.a.	n.a.	n.a.	n.a.
Income from Affiliates & Other	n.a.	n.a.	n.a.	n.a.
Minority Interests	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Group share	n.a.	n.a.	n.a.	n.a.
Closing Invested Assets	—	—	—	—
o/w VFA	—	—	—	—
o/w Non VFA	—	—	—	—
For short-term business
Liabilities for remaining coverage net of reinsurance	6,369	5,478	6,831	5,871
Best Estimate for incurred Claims net of reinsurance	17,809	18,308	17,781	17,402
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

AXA XL Reinsurance

📊 AXA XL Reinsurance — Property & Casualty Underlying Earnings by Sub Line of Business (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	1,155	2,394	1,299	2,493
Current Accident Year Loss Ratio	69.7%	70.6%	70.8%	71.9%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	68.0%	67.9%	69.4%	71.5%
Undiscounted Current Accident Year Nat Cats	10.6%	10.4%	9.2%	8.7%
Current Accident Year Discounting	(8.8%)	(7.7%)	(7.8%)	(8.3%)
Prior Year Reserve Development Ratio	(1.1%)	(0.8%)	(0.3%)	0.0%
Expense Ratio	10.0%	9.9%	9.1%	9.4%
Combined Ratio	78.7%	79.7%	79.6%	81.4%
Technical Margin	246	486	265	464
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	119	210	85	186
Investment Income	202	365	174	350
Insurance Finance Expenses	(83)	(155)	(90)	(163)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	365	696	349	650
Tax	n.a.	n.a.	n.a.	n.a.
Income from Affiliates & Other	n.a.	n.a.	n.a.	n.a.
Minority Interests	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Group share	n.a.	n.a.	n.a.	n.a.
Closing Invested Assets	—	—	—	—
o/w VFA	—	—	—	—
o/w Non VFA	—	—	—	—
For short-term business
Liabilities for remaining coverage net of reinsurance	1,572	1,075	1,436	1,009
Best Estimate for incurred Claims net of reinsurance	6,704	6,830	6,290	6,198
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

Intercompany eliminations

📊 AXA Consolidated — P&C Underlying Earnings by Sub-Line of Business, Intercompany Eliminations (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	(1,662)	(3,220)	(1,689)	(3,203)
Current Accident Year Loss Ratio	n.m.	n.m.	n.m.	n.m.
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	n.m.	n.m.	n.m.	n.m.
Undiscounted Current Accident Year Nat Cats	n.m.	n.m.	n.m.	n.m.
Current Accident Year Discounting	n.m.	n.m.	n.m.	n.m.
Prior Year Reserve Development Ratio	n.m.	n.m.	n.m.	n.m.
Expense Ratio	n.m.	n.m.	n.m.	n.m.
Combined Ratio	n.m.	n.m.	n.m.	n.m.
Technical Margin	(60)	12	(12)	(63)
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	(28)	(20)	(20)	(20)
Investment Income	(28)	(20)	(20)	(20)
Insurance Finance Expenses	0	0	0	0
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	(87)	(8)	(33)	(82)
Tax	—	—	—	—
Income from Affiliates & Other	—	—	—	—
Minority Interests	—	—	—	—
Underlying Earnings Group share	—	—	—	—
Closing Invested Assets	—	—	—	—
o/w VFA	—	—	—	—
o/w Non VFA	—	—	—	—
For short-term business
Liabilities for remaining coverage net of reinsurance	(728)	(27)	(740)	32
Best Estimate for incurred Claims net of reinsurance	(423)	43	(447)	(35)
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

6. P&C UE by Geography

Total

📊 AXA (Consolidated) — Property & Casualty Underlying Earnings by Geography, Total Segment (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	27,294	55,898	28,697	57,656
Current Accident Year Loss Ratio	67.0%	67.7%	66.7%	66.9%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	67.4%	67.4%	67.0%	67.0%
Undiscounted Current Accident Year Nat Cats	3.6%	3.8%	3.5%	3.4%
Current Accident Year Discounting	(3.9%)	(3.6%)	(3.9%)	(3.5%)
Prior Year Reserve Development Ratio	(1.5%)	(1.6%)	(1.1%)	(1.1%)
Expense Ratio	24.7%	25.0%	24.5%	24.8%
Combined Ratio	90.2%	91.0%	90.0%	90.6%
Technical Margin	2,682	5,006	2,859	5,409
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	1,324	2,559	1,343	2,631
Investment Income	1,967	3,731	2,088	3,988
Insurance Finance Expenses	(643)	(1,172)	(745)	(1,358)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	4,006	7,565	4,202	8,040
Tax	(1,046)	(1,952)	(1,074)	(2,060)
Income from Affiliates & Other	2	3	1	3
Minority Interests	(56)	(106)	(63)	(111)
Underlying Earnings Group share	2,908	5,510	3,067	5,872
For short-term business
Liabilities for remaining coverage net of reinsurance	19,284	16,006	19,766	16,040
Best Estimate for incurred Claims net of reinsurance	69,800	71,751	70,215	70,567
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

France

📊 AXA (France) — Property & Casualty Underlying Earnings by Geography (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	4,393	9,194	4,697	9,768
Current Accident Year Loss Ratio	69.4%	68.9%	70.6%	70.1%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	71.3%	69.7%	70.6%	70.2%
Undiscounted Current Accident Year Nat Cats	3.4%	3.8%	4.8%	4.5%
Current Accident Year Discounting	(5.3%)	(4.6%)	(4.8%)	(4.6%)
Prior Year Reserve Development Ratio	(3.5%)	(3.9%)	(2.6%)	(2.9%)
Expense Ratio	21.9%	21.9%	20.7%	20.4%
Combined Ratio	87.8%	86.8%	88.6%	87.5%
Technical Margin	538	1,212	533	1,220
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	251	421	261	468
Investment Income	334	572	373	675
Insurance Finance Expenses	(83)	(151)	(112)	(207)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	788	1,633	794	1,688
Tax	(249)	(472)	(220)	(451)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	539	1,161	574	1,237
For short-term business
Liabilities for remaining coverage net of reinsurance	2,153	1,712	2,221	1,783
Best Estimate for incurred Claims net of reinsurance	13,485	13,889	13,900	13,882
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

Europe

📊 AXA (Europe P&C) — Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	10,060	20,400	10,610	21,305
Current Accident Year Loss Ratio	66.5%	66.9%	64.7%	65.1%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	65.0%	65.5%	64.1%	64.3%
Undiscounted Current Accident Year Nat Cats	4.5%	4.1%	3.3%	3.1%
Current Accident Year Discounting	(3.1%)	(2.8%)	(2.7%)	(2.3%)
Prior Year Reserve Development Ratio	(2.1%)	(2.1%)	(1.1%)	(1.3%)
Expense Ratio	25.9%	26.2%	26.0%	26.2%
Combined Ratio	90.3%	91.0%	89.6%	90.0%
Technical Margin	977	1,844	1,104	2,127
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	473	912	461	876
Investment Income	658	1,244	667	1,257
Insurance Finance Expenses	(185)	(332)	(206)	(381)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	1,450	2,757	1,564	3,002
Tax	(352)	(671)	(384)	(734)
Income from Affiliates & Other	0	0	0	0
Minority Interests	(25)	(57)	(28)	(52)
Underlying Earnings Group share	1,073	2,029	1,152	2,216
For short-term business
Liabilities for remaining coverage net of reinsurance	7,151	5,166	7,591	5,534
Best Estimate for incurred Claims net of reinsurance	24,834	25,955	26,003	25,737
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

AXA XL

📊 AXA XL — Property & Casualty Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	o/w AXA XL Insurance 1H24	FY24	o/w AXA XL Insurance FY24	1H25	o/w AXA XL Insurance 1H25	FY25	o/w AXA XL Insurance FY25
Short-term Business
Revenues	9,022	7,867	18,530	16,136	9,428	8,129	18,699	16,207
Current Accident Year Loss Ratio	67.5%	67.2%	69.2%	69.0%	68.4%	68.0%	68.8%	68.3%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	68.8%	68.9%	69.3%	69.5%	69.7%	69.8%	69.8%	69.6%
Undiscounted Current Accident Year Nat Cats	3.8%	2.8%	4.6%	3.8%	4.2%	3.4%	3.9%	3.1%
Current Accident Year Discounting	(5.1%)	(4.6%)	(4.7%)	(4.2%)	(5.5%)	(5.2%)	(4.9%)	(4.4%)
Prior Year Reserve Development Ratio	(0.1%)	0.0%	(0.1%)	0.0%	(0.2%)	(0.2%)	0.0%	0.0%
Expense Ratio	20.3%	21.8%	21.0%	22.7%	20.4%	22.2%	20.9%	22.6%
Combined Ratio	87.7%	89.0%	90.2%	91.7%	88.6%	90.0%	89.7%	91.0%
Technical Margin	1,111	865	1,820	1,335	1,074	809	1,928	1,464
Long-term Business
CSM Release	—	—	—	—	—	—	—	—
Technical Experience	—	—	—	—	—	—	—	—
Financial Result & Other
Financial Result	273	159	596	387	298	213	632	445
Investment Income	614	416	1,233	868	681	507	1,331	981
Insurance Finance Expenses	(341)	(257)	(637)	(481)	(384)	(294)	(699)	(536)
Other Revenues	—	—	—	—	—	—	—	—
Other Expenses	—	—	—	—	—	—	—	—
Debt Financing Charges	—	—	—	—	—	—	—	—
Underlying Earnings Before Tax	1,384	1,024	2,417	1,721	1,372	1,022	2,560	1,910
Tax	(352)	(257)	(588)	(457)	(339)	(252)	(647)	(482)
Income from Affiliates & Other	0	0	0	0	0	0	0	0
Minority Interests	0	0	0	0	0	0	0	0
Underlying Earnings Group share	1,032	767	1,828	1,264	1,032	770	1,913	1,427
For short-term business
Liabilities for remaining coverage net of reinsurance	7,478	5,905	7,028	5,948	7,315	5,879	6,467	5,461
Best Estimate for incurred Claims net of reinsurance	24,865	18,223	25,915	19,146	24,533	18,295	25,044	18,897
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—	—	—	—	—

Asia, Africa & EME-LATAM

📊 AXA (Asia, Africa & EME-LATAM) — P&C Underlying Earnings by Geography (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	2,855	5,825	2,975	5,949
Current Accident Year Loss Ratio	68.6%	69.3%	68.2%	69.6%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	70.0%	70.4%	69.7%	70.2%
Undiscounted Current Accident Year Nat Cats	0.8%	0.9%	0.8%	1.6%
Current Accident Year Discounting	(2.2%)	(2.0%)	(2.3%)	(2.2%)
Prior Year Reserve Development Ratio	(0.1%)	0.1%	(1.0%)	(0.2%)
Expense Ratio	29.4%	29.6%	29.0%	29.8%
Combined Ratio	98.0%	99.1%	96.2%	99.2%
Technical Margin	57	55	114	48
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	242	484	261	530
Investment Income	261	518	292	585
Insurance Finance Expenses	(20)	(35)	(31)	(55)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	299	539	375	579
Tax	(77)	(159)	(110)	(170)
Income from Affiliates & Other	2	3	1	3
Minority Interests	(30)	(49)	(34)	(57)
Underlying Earnings Group share	194	334	233	355
For short-term business
Liabilities for remaining coverage net of reinsurance	1,802	1,834	1,935	2,024
Best Estimate for incurred Claims net of reinsurance	3,385	3,640	3,510	3,804
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

Transversal & Other

📊 AXA (Transversal & Other) — P&C Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	963	1,948	987	1,935
Current Accident Year Loss Ratio	53.2%	51.0%	48.0%	44.6%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)	52.9%	51.1%	48.0%	44.5%
Undiscounted Current Accident Year Nat Cats	1.4%	1.1%	1.3%	1.2%
Current Accident Year Discounting	(1.1%)	(1.2%)	(1.2%)	(1.1%)
Prior Year Reserve Development Ratio	(3.7%)	(5.7%)	(4.0%)	(1.9%)
Expense Ratio	50.5%	50.9%	52.5%	52.8%
Combined Ratio	100.1%	96.2%	96.5%	95.5%
Technical Margin	(1)	74	35	86
Long-term Business
CSM Release	—	—	—	—
Technical Experience	—	—	—	—
Financial Result & Other
Financial Result	86	146	62	125
Investment Income	100	164	74	140
Insurance Finance Expenses	(14)	(18)	(12)	(15)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	85	220	97	211
Tax	(15)	(62)	(21)	(58)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	(1)	(2)
Underlying Earnings Group share	70	158	75	151
For short-term business
Liabilities for remaining coverage net of reinsurance	700	266	705	231
Best Estimate for incurred Claims net of reinsurance	3,231	2,351	2,269	2,101
For long-term business
Best Estimate Liabilities net of reinsurance	—	—	—	—

7. L&H UE by LOB

Total

📊 AXA Consolidated — Life & Health Underlying Earnings by Line of Business, Total Segment (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	7,979	16,207	8,512	17,416
Combined Ratio	97.6%	97.4%	97.1%	97.2%
Technical Margin	195	415	248	479
Long-term Business
CSM Release	1,395	2,775	1,428	2,954
Technical Experience	(64)	(95)	(30)	(150)
Actual vs. Expected Cash Flows	9	(15)	12	39
Risk Adjustment Release	30	59	44	72
Changes in Onerous Contracts	(32)	6	(12)	(29)
Other Long-term	(72)	(145)	(74)	(232)
Financial Result & Other
Financial Result	536	975	563	946
Investment Income	1,319	2,525	1,329	2,484
Insurance Finance Expenses	(783)	(1,551)	(767)	(1,538)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	2,061	4,070	2,209	4,229
Tax	(412)	(874)	(462)	(800)
Income from Affiliates & Other	103	186	101	157
Minority Interests	(27)	(60)	(34)	(85)
Underlying Earnings Group share	1,725	3,323	1,814	3,501
Closing Invested Assets	329,460	345,008	338,447	334,840
o/w VFA	234,783	230,205	229,844	226,937
o/w Non VFA	94,677	114,803	108,603	107,903
For short-term business
Liabilities for remaining coverage net of reinsurance	2,446	2,096	2,856	2,511
Best Estimate for incurred Claims net of reinsurance	13,876	14,162	13,960	14,592
For long-term business
Best Estimate Liabilities net of reinsurance	295,342	306,249	301,040	300,391
o/w VFA Gross of reinsurance	264,013	273,094	266,960	271,902
o/w BBA Gross of reinsurance	50,097	51,845	51,524	45,307
o/w Reinsurance	(18,768)	(18,690)	(17,443)	(16,817)

• Employee Benefits include Group Protection and Group Health contracts.

Life

📊 AXA Consolidated — Life & Health Underlying Earnings by Line of Business (Life Segment), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	2,112	4,247	2,211	4,444
Combined Ratio	94.5%	95.5%	95.2%	95.4%
Technical Margin	116	191	107	206
Long-term Business
CSM Release	1,136	2,253	1,158	2,415
Technical Experience	(71)	(98)	(28)	(139)
Actual vs. Expected Cash Flows	(4)	(33)	10	37
Risk Adjustment Release	25	51	37	59
Changes in Onerous Contracts	(30)	9	(10)	(25)
Other Long-term	(63)	(124)	(65)	(211)
Financial Result & Other
Financial Result	454	799	462	738
Investment Income	1,159	2,209	1,159	2,142
Insurance Finance Expenses	(705)	(1,410)	(697)	(1,405)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	1,634	3,145	1,699	3,219
Tax	(316)	(635)	(329)	(584)
Income from Affiliates & Other	101	182	93	154
Minority Interests	(27)	(56)	(30)	(75)
Underlying Earnings Group share	1,392	2,636	1,433	2,715
Closing Invested Assets	—	—	—	—
o/w VFA	n.a.	n.a.	n.a.	n.a.
o/w Non VFA	n.a.	n.a.	n.a.	n.a.
For short-term business
Liabilities for remaining coverage net of reinsurance	157	96	105	21
Best Estimate for incurred Claims net of reinsurance	11,589	11,778	11,623	11,205
For long-term business
Best Estimate Liabilities net of reinsurance	275,276	285,391	280,314	280,280
o/w VFA Gross of reinsurance	243,037	251,273	244,964	250,326
o/w BBA Gross of reinsurance	50,917	52,713	52,731	46,724
o/w Reinsurance	(18,679)	(18,595)	(17,381)	(16,770)

• Employee Benefits include Group Protection and Group Health contracts.

Health

📊 AXA (Consolidated) — Health Segment, Underlying Earnings by Line of Business (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	5,867	11,960	6,301	12,972
Combined Ratio	98.6%	98.1%	97.8%	97.9%
Technical Margin	79	224	141	273
Long-term Business
CSM Release	259	522	270	539
Technical Experience	7	3	(2)	(11)
Actual vs. Expected Cash Flows	13	18	2	2
Risk Adjustment Release	4	8	7	13
Changes in Onerous Contracts	(1)	(2)	(2)	(4)
Other Long-term	(8)	(21)	(9)	(22)
Financial Result & Other
Financial Result	82	176	101	209
Investment Income	160	317	170	341
Insurance Finance Expenses	(78)	(140)	(69)	(133)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	427	925	510	1,010
Tax	(96)	(239)	(133)	(216)
Income from Affiliates & Other	2	4	8	2
Minority Interests	0	(4)	(3)	(9)
Underlying Earnings Group share	333	687	381	787
Closing Invested Assets	—	—	—	—
o/w VFA	—	—	—	—
o/w Non VFA	—	—	—	—
For short-term business
Liabilities for remaining coverage net of reinsurance	2,289	2,000	2,750	2,490
Best Estimate for incurred Claims net of reinsurance	2,286	2,384	2,337	3,386
For long-term business
Best Estimate Liabilities net of reinsurance	20,066	20,858	20,726	20,112
o/w VFA Gross of reinsurance	20,977	21,821	21,996	21,576
o/w BBA Gross of reinsurance	(821)	(868)	(1,207)	(1,417)
o/w Reinsurance	(90)	(95)	(62)	(47)

• Employee Benefits include Group Protection and Group Health contracts.

Employee Benefits (out of Total Life & Health)

📊 AXA — Employee Benefits Underlying Earnings by Line of Business, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	5,592	11,482	5,931	12,035
Combined Ratio	98.2%	97.8%	97.4%	97.1%
Technical Margin	101	248	156	347
Long-term Business
CSM Release	58	110	59	107
Technical Experience	17	37	22	38
Actual vs. Expected Cash Flows	(3)	(2)	(5)	(8)
Risk Adjustment Release	2	4	7	8
Changes in Onerous Contracts	0	0	0	0
Other Long-term	19	35	20	38
Financial Result & Other
Financial Result	75	157	91	175
Investment Income	219	429	232	456
Insurance Finance Expenses	(144)	(272)	(141)	(281)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	252	552	328	666
Tax	(46)	(111)	(64)	(110)
Income from Affiliates & Other	n.a.	n.a.	n.a.	n.a.
Minority Interests	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Group share	205	441	264	556
Closing Invested Assets	n.a.	n.a.	n.a.	n.a.
o/w VFA	n.a.	n.a.	n.a.	n.a.
o/w Non VFA	n.a.	n.a.	n.a.	n.a.
For short-term business
Liabilities for remaining coverage net of reinsurance	n.a.	n.a.	n.a.	n.a.
Best Estimate for incurred Claims net of reinsurance	n.a.	n.a.	n.a.	n.a.
For long-term business
Best Estimate Liabilities net of reinsurance	n.a.	n.a.	n.a.	n.a.
o/w VFA Gross of reinsurance	n.a.	n.a.	n.a.	n.a.
o/w BBA Gross of reinsurance	n.a.	n.a.	n.a.	n.a.
o/w Reinsurance	n.a.	n.a.	n.a.	n.a.

• Employee Benefits include Group Protection and Group Health contracts.
• Employee Benefits include Group Protection and Group Health contracts.

8. L&H UE by Geography

Total

📊 AXA — Life & Health Underlying Earnings by Geography (Total), EUR mm, 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	7,979	16,207	8,512	17,416
Combined Ratio	97.6%	97.4%	97.1%	97.2%
Technical Margin	195	415	248	479
Long-term Business
CSM Release	1,395	2,775	1,428	2,954
Technical Experience	(64)	(95)	(30)	(150)
Actual vs. Expected Cash Flows	9	(15)	12	39
Risk Adjustment Release	30	59	44	72
Changes in Onerous Contracts	(32)	6	(12)	(29)
Other Long-term	(72)	(145)	(74)	(232)
Financial Result & Other
Financial Result	536	975	563	946
Investment Income	1,319	2,525	1,329	2,484
Insurance Finance Expenses	(783)	(1,551)	(767)	(1,538)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	2,061	4,070	2,209	4,229
Tax	(412)	(874)	(462)	(800)
Income from Affiliates & Other	103	186	101	157
Minority Interests	(27)	(60)	(34)	(85)
Underlying Earnings Group share	1,725	3,323	1,814	3,501
For short-term business
Liabilities for remaining coverage net of reinsurance	2,446	2,096	2,856	2,511
Best Estimate for incurred Claims net of reinsurance	13,876	14,162	13,960	14,592
For long-term business
Best Estimate Liabilities net of reinsurance	295,342	306,249	301,040	300,391
o/w VFA Gross of reins.	264,013	273,094	266,960	271,902
o/w BBA Gross of reins.	50,097	51,845	51,524	45,307
o/w Reinsurance	(18,768)	(18,690)	(17,443)	(16,817)

France

📊 AXA (France) — Life & Health Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	4,654	9,503	4,870	9,787
Combined Ratio	96.7%	97.3%	97.4%	97.3%
Technical Margin	155	258	124	265
Long-term Business
CSM Release	407	823	419	895
Technical Experience	(40)	(96)	(37)	(81)
Actual vs. Expected Cash Flows	8	(8)	2	15
Risk Adjustment Release	5	15	9	14
Changes in Onerous Contracts	0	0	0	0
Other Long-term	(52)	(103)	(49)	(111)
Financial Result & Other
Financial Result	100	192	118	197
Investment Income	370	701	370	703
Insurance Finance Expenses	(270)	(509)	(252)	(507)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	622	1,176	624	1,276
Tax	(106)	(220)	(100)	(237)
Income from Affiliates & Other	4	9	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	519	964	524	1,039
For short-term business
Liabilities for remaining coverage net of reinsurance	50	(2)	28	(6)
Best Estimate for incurred Claims net of reinsurance	12,589	12,831	12,443	12,850
For long-term business
Best Estimate Liabilities net of reinsurance	112,949	115,280	114,525	114,424
o/w VFA gross of reinsurance	116,132	117,942	116,770	117,266
o/w BBA gross of reinsurance	9,606	10,019	9,848	8,873
o/w Reinsurance	(12,790)	(12,682)	(12,093)	(11,715)

Europe

📊 AXA — Life & Health Underlying Earnings by Geography (Europe), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	1,778	3,604	2,051	4,419
Combined Ratio	98.8%	96.9%	96.4%	94.8%
Technical Margin	21	113	73	230
Long-term Business
CSM Release	468	920	471	984
Technical Experience	(11)	(8)	8	(70)
Actual vs. Expected Cash Flows	5	(11)	(11)	(6)
Risk Adjustment Release	11	21	21	32
Changes in Onerous Contracts	(33)	(25)	(13)	(36)
Other Long-term	7	7	12	(61)
Financial Result & Other
Financial Result	284	504	269	477
Investment Income	490	916	478	889
Insurance Finance Expenses	(206)	(412)	(209)	(411)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	762	1,529	821	1,622
Tax	(180)	(376)	(176)	(285)
Income from Affiliates & Other	0	0	0	0
Minority Interests	(23)	(49)	(28)	(74)
Underlying Earnings Group share	559	1,104	616	1,264
For short-term business
Liabilities for remaining coverage net of reinsurance	1,228	967	1,619	1,352
Best Estimate for incurred Claims net of reinsurance	773	871	1,015	1,186
For long-term business
Best Estimate Liabilities net of reinsurance	135,034	139,257	137,584	136,725
o/w VFA gross of reinsurance	121,623	125,513	121,135	122,782
o/w BBA gross of reinsurance	13,520	13,810	16,410	13,760
o/w Reinsurance	(108)	(66)	39	183

AXA XL

📊 AXA XL — Life & Health Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	0	0	0	0
Combined Ratio	0.0%	0.0%	0.0%	0.0%
Technical Margin	0	0	0	0
Long-term Business
CSM Release	4	3	0	1
Technical Experience	3	2	0	(5)
Actual vs. Expected Cash Flows	(2)	(3)	(1)	(6)
Risk Adjustment Release	0	1	0	1
Changes in Onerous Contracts	5	5	0	0
Other Long-term	0	0	0	0
Financial Result & Other
Financial Result	10	19	10	20
Investment Income	13	27	14	27
Insurance Finance Expenses	(3)	(7)	(4)	(8)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	17	25	10	16
Tax	(3)	0	(2)	(4)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	14	25	8	12
For short-term business
Liabilities for remaining coverage net of reinsurance	0	0	0	0
Best Estimate for incurred Claims net of reinsurance	0	0	0	0
For long-term business
Best Estimate Liabilities net of reinsurance	324	345	310	309
o/w VFA Gross of reinsurance	0	0	0	0
o/w BBA Gross of reinsurance	1,670	1,659	1,522	1,473
o/w Reinsurance	(1,346)	(1,315)	(1,212)	(1,164)

Asia, Africa & EME-LATAM

📊 AXA — Life & Health Underlying Earnings by Geography: Asia, Africa & EME-LATAM (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	1,457	2,925	1,503	3,037
Combined Ratio	99.1%	99.1%	97.6%	101.3%
Technical Margin	13	26	36	(39)
Long-term Business
CSM Release	516	1,029	538	1,074
Technical Experience	(17)	7	(1)	6
Actual vs. Expected Cash Flows	0	8	22	35
Risk Adjustment Release	13	23	13	25
Changes in Onerous Contracts	(3)	26	1	7
Other Long-term	(26)	(50)	(37)	(61)
Financial Result & Other
Financial Result	142	260	165	250
Investment Income	446	882	467	862
Insurance Finance Expenses	(303)	(622)	(301)	(612)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	654	1,322	739	1,291
Tax	(123)	(277)	(182)	(272)
Income from Affiliates & Other	100	177	101	157
Minority Interests	(4)	(12)	(5)	(11)
Underlying Earnings Group share	627	1,211	653	1,165
For short-term business
Liabilities for remaining coverage net of reinsurance	1,159	1,124	1,204	1,155
Best Estimate for incurred Claims net of reinsurance	501	447	487	541
For long-term business
Best Estimate Liabilities net of reinsurance	47,035	51,368	48,620	48,934
o/w VFA Gross of RI	26,258	29,639	29,055	31,854
o/w BBA Gross of RI	25,301	26,356	23,743	21,201
o/w RI	(4,524)	(4,627)	(4,178)	(4,121)

Transversal & Other

📊 AXA — Life & Health Underlying Earnings by Geography, Transversal & Other (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	90	174	88	172
Combined Ratio	92.2%	89.1%	83.6%	86.7%
Technical Margin	7	19	14	23
Long-term Business
CSM Release	0	0	0	0
Technical Experience	0	0	0	0
Actual vs. Expected Cash Flows	0	0	0	0
Risk Adjustment Release	0	0	0	0
Changes in Onerous Contracts	0	0	0	0
Other Long-term	0	0	0	0
Financial Result & Other
Financial Result	0	0	0	2
Investment Income	0	0	0	2
Insurance Finance Expenses	0	0	0	0
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	7	19	14	25
Tax	0	0	(1)	(4)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	7	19	14	22
For short-term business
Liabilities for remaining coverage net of reinsurance	9	6	5	10
Best Estimate for incurred Claims net of reinsurance	13	14	15	15
For long-term business
Best Estimate Liabilities net of reinsurance	0	0	0	0
o/w VFA Gross of reinsurance	0	0	0	0
o/w BBA Gross of reinsurance	0	0	0	0
o/w Reinsurance	0	0	0	0

9. Life UE by Geography

Total

📊 AXA — Life Underlying Earnings by Geography (Total), EUR mm, 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	2,112	4,247	2,211	4,444
Combined Ratio	94.5%	95.5%	95.2%	95.4%
Technical Margin	116	191	107	206
Long-term Business
CSM Release	1,136	2,253	1,158	2,415
Technical Experience	(71)	(98)	(28)	(139)
Actual vs. Expected Cash Flows	(4)	(33)	10	37
Risk Adjustment Release	25	51	37	59
Changes in Onerous Contracts	(30)	9	(10)	(25)
Other Long-term	(63)	(124)	(65)	(211)
Financial Result & Other
Financial Result	454	799	462	738
Investment Income	1,159	2,209	1,159	2,142
Insurance Finance Expenses	(705)	(1,410)	(697)	(1,405)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	1,634	3,145	1,699	3,219
Tax	(316)	(635)	(329)	(584)
Income from Affiliates & Other	101	182	93	154
Minority Interests	(27)	(56)	(30)	(75)
Underlying Earnings Group share	1,392	2,636	1,433	2,715

France

📊 AXA (France) — Life Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	1,902	3,843	2,005	4,044
Combined Ratio	95.1%	96.3%	95.9%	96.1%
Technical Margin	93	141	83	158
Long-term Business
CSM Release	407	823	419	895
Technical Experience	(40)	(96)	(37)	(81)
Actual vs. Expected Cash Flows	8	(8)	2	15
Risk Adjustment Release	5	15	9	14
Changes in Onerous Contracts	0	0	0	0
Other Long-term	(52)	(103)	(49)	(111)
Financial Result & Other
Financial Result	103	193	114	185
Investment Income	344	660	346	649
Insurance Finance Expenses	(241)	(467)	(232)	(464)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	563	1,060	579	1,156
Tax	(96)	(194)	(93)	(213)
Income from Affiliates & Other	4	9	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	470	875	486	943

Europe

📊 AXA (Europe) — Life Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	53	109	54	106
Combined Ratio	79.8%	77.0%	79.0%	77.3%
Technical Margin	11	25	11	24
Long-term Business
CSM Release	390	759	386	804
Technical Experience	(4)	12	13	(53)
Actual vs. Expected Cash Flows	3	(11)	(11)	(6)
Risk Adjustment Release	12	23	20	30
Changes in Onerous Contracts	(32)	(23)	(13)	(33)
Other Long-term	13	23	17	(44)
Financial Result & Other
Financial Result	249	432	232	401
Investment Income	451	838	438	809
Insurance Finance Expenses	(202)	(407)	(206)	(408)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	645	1,227	643	1,176
Tax	(148)	(289)	(131)	(183)
Income from Affiliates & Other	0	0	0	0
Minority Interests	(23)	(47)	(28)	(70)
Underlying Earnings Group share	474	891	484	923

AXA XL

📊 AXA XL — Life Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	0	0	0	0
Combined Ratio	0.0%	0.0%	0.0%	0.0%
Technical Margin	0	0	0	0
Long-term Business
CSM Release	4	3	0	1
Technical Experience	3	2	0	(5)
Actual vs. Expected Cash Flows	(2)	(3)	(1)	(6)
Risk Adjustment Release	0	1	0	1
Changes in Onerous Contracts	5	5	0	0
Other Long-term	0	0	0	0
Financial Result & Other
Financial Result	10	19	10	20
Investment Income	13	27	14	27
Insurance Finance Expenses	(3)	(7)	(4)	(8)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	17	25	10	16
Tax	(3)	0	(2)	(4)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	14	25	8	12

Asia, Africa & EME-LATAM

📊 AXA — Life Underlying Earnings by Geography (Asia, Africa & EME-LATAM), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	157	296	152	295
Combined Ratio	92.3%	91.5%	91.5%	91.6%
Technical Margin	12	25	13	25
Long-term Business
CSM Release	336	669	353	715
Technical Experience	(30)	(16)	(4)	0
Actual vs. Expected Cash Flows	(12)	(10)	20	33
Risk Adjustment Release	8	13	8	14
Changes in Onerous Contracts	(3)	26	3	8
Other Long-term	(23)	(45)	(34)	(55)
Financial Result & Other
Financial Result	92	155	105	132
Investment Income	350	684	361	657
Insurance Finance Expenses	(259)	(530)	(256)	(525)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	409	833	468	872
Tax	(68)	(152)	(103)	(184)
Income from Affiliates & Other	97	173	93	154
Minority Interests	(4)	(9)	(3)	(5)
Underlying Earnings Group share	434	845	456	837

Transversal & Other

📊 AXA — Life Underlying Earnings by Geography (Transversal & Other), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	0	0	0	0
Combined Ratio	0.0%	0.0%	0.0%	0.0%
Technical Margin	0	0	0	0
Long-term Business
CSM Release	0	0	0	0
Technical Experience	0	0	0	0
Actual vs. Expected Cash Flows	0	0	0	0
Risk Adjustment Release	0	0	0	0
Changes in Onerous Contracts	0	0	0	0
Other Long-term	0	0	0	0
Financial Result & Other
Financial Result	0	0	0	0
Investment Income	0	0	0	0
Insurance Finance Expenses	0	0	0	0
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	0	0	0	0
Tax	0	0	0	0
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	0	0	0	0

Total

📊 AXA Consolidated — Life Underlying Earnings by Geography (Total), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
For short-term business
Liabilities for remaining coverage net of reinsurance	157	96	105	21
Best Estimate for incurred Claims net of reinsurance	11,589	11,778	11,623	11,205
For long-term business
Best Estimate Liabilities net of reinsurance	275,276	285,391	280,314	280,280
o/w VFA Gross of reinsurance	243,037	251,273	244,964	250,326
o/w BBA Gross of reinsurance	50,917	52,713	52,731	46,724
o/w Reinsurance	(18,679)	(18,595)	(17,381)	(16,770)

France

📊 AXA (France) — Life Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
For short-term business
Liabilities for remaining coverage net of reinsurance	23	(19)	4	(41)
Best Estimate for incurred Claims net of reinsurance	11,349	11,502	11,352	10,939
For long-term business
Best Estimate Liabilities net of reinsurance	112,949	115,280	114,525	114,424
o/w VFA Gross of reinsurance	116,132	117,942	116,770	117,266
o/w BBA Gross of reinsurance	9,606	10,019	9,848	8,873
o/w Reinsurance	(12,790)	(12,682)	(12,093)	(11,715)

Europe

📊 AXA (Europe) — Life Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
For short-term business
Liabilities for remaining coverage net of reinsurance	(3)	(14)	(35)	(24)
Best Estimate for incurred Claims net of reinsurance	75	120	118	124
For long-term business
Best Estimate Liabilities net of reinsurance	114,389	117,841	116,058	115,433
o/w VFA Gross of reinsurance	100,727	103,800	99,267	101,144
o/w BBA Gross of reinsurance	13,770	14,107	16,752	14,106
o/w Reinsurance	(108)	(66)	39	183

AXA XL

📊 AXA XL — Life Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
For short-term business
Liabilities for remaining coverage net of reinsurance	0	0	0	0
Best Estimate for incurred Claims net of reinsurance	0	0	0	0
For long-term business
Best Estimate Liabilities net of reinsurance	324	345	310	309
o/w VFA gross of reinsurance	0	0	0	0
o/w BBA gross of reinsurance	1,670	1,659	1,522	1,473
o/w reinsurance	(1,346)	(1,315)	(1,212)	(1,164)

Asia, Africa & EME-LATAM

📊 AXA — Life Underlying Earnings by Geography (Asia, Africa & EME-LATAM), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
For short-term business
Liabilities for remaining coverage net of reinsurance	137	129	137	86
Best Estimate for incurred Claims net of reinsurance	165	157	154	142
For long-term business
Best Estimate Liabilities net of reinsurance	47,614	51,926	49,420	50,113
o/w VFA Gross of reinsurance	26,178	29,530	28,928	31,916
o/w BBA Gross of reinsurance	25,871	26,927	24,608	22,272
o/w Reinsurance	(4,435)	(4,532)	(4,116)	(4,074)

Transversal & Other

📊 AXA Consolidated — Life Underlying Earnings by Geography, Transversal & Other (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
For short-term business
Liabilities for remaining coverage net of reinsurance	0	0	0	0
Best Estimate for incurred Claims net of reinsurance	0	0	0	0
For long-term business
Best Estimate Liabilities net of reinsurance	0	0	0	0
o/w VFA Gross of reinsurance	0	0	0	0
o/w BBA Gross of reinsurance	0	0	0	0
o/w Reinsurance	0	0	0	0

10. Health UE by Geography

Total

📊 AXA — Health Underlying Earnings by Geography (Total), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	5,867	11,960	6,301	12,972
Combined Ratio	98.6%	98.1%	97.8%	97.9%
Technical Margin	79	224	141	273
Long-term Business
CSM Release	259	522	270	539
Technical Experience	7	3	(2)	(11)
Actual vs. Expected Cash Flows	13	18	2	2
Risk Adjustment Release	4	8	7	13
Changes in Onerous Contracts	(1)	(2)	(2)	(4)
Other Long-term	(8)	(21)	(9)	(22)
Financial Result & Other
Financial Result	82	176	101	209
Investment Income	160	317	170	341
Insurance Finance Expenses	(78)	(140)	(69)	(133)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	427	925	510	1,010
Tax	(96)	(239)	(133)	(216)
Income from Affiliates & Other	2	4	8	2
Minority Interests	0	(4)	(3)	(9)
Underlying Earnings Group share	333	687	381	787
For short-term business
Liabilities for remaining coverage net of reinsurance	2,289	2,000	2,750	2,490
Best Estimate for incurred Claims net of reinsurance	2,286	2,384	2,337	3,386
For long-term business
Best Estimate Liabilities net of reinsurance	20,066	20,858	20,726	20,112
o/w VFA Gross of RI	20,977	21,821	21,996	21,576
o/w BBA Gross of RI	(821)	(868)	(1,207)	(1,417)
o/w RI	(90)	(95)	(62)	(47)

France

📊 AXA (France) — Health Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	2,752	5,661	2,865	5,744
Combined Ratio	97.8%	97.9%	98.5%	98.1%
Technical Margin	62	117	42	108
Long-term Business
CSM Release	0	0	0	0
Technical Experience	0	0	0	0
Actual vs. Expected Cash Flows	0	0	0	0
Risk Adjustment Release	0	0	0	0
Changes in Onerous Contracts	0	0	0	0
Other Long-term	0	0	0	0
Financial Result & Other
Financial Result	(3)	(1)	4	12
Investment Income	26	41	24	55
Insurance Finance Expenses	(29)	(43)	(20)	(42)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	59	116	46	120
Tax	(10)	(27)	(7)	(24)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	49	89	39	96
For short-term business
Liabilities for remaining coverage net of reinsurance	27	18	24	35
Best Estimate for incurred Claims net of reinsurance	1,240	1,329	1,091	1,911
For long-term business
Best Estimate Liabilities net of reinsurance	0	0	0	0
o/w VFA Gross of reinsurance	0	0	0	0
o/w BBA Gross of reinsurance	0	0	0	0
o/w Reinsurance	0	0	0	0

Europe

📊 AXA — Health Underlying Earnings by Geography (Europe), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	1,725	3,495	1,997	4,314
Combined Ratio	99.4%	97.5%	96.9%	95.2%
Technical Margin	10	88	62	206
Long-term Business
CSM Release	78	161	84	180
Technical Experience	(6)	(20)	(5)	(17)
Actual vs. Expected Cash Flows	1	0	0	0
Risk Adjustment Release	0	(2)	1	3
Changes in Onerous Contracts	(1)	(2)	0	(3)
Other Long-term	(6)	(16)	(6)	(16)
Financial Result & Other
Financial Result	35	72	37	76
Investment Income	39	77	40	79
Insurance Finance Expenses	(4)	(5)	(4)	(3)
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	117	302	178	446
Tax	(31)	(87)	(46)	(101)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	(1)	0	(4)
Underlying Earnings Group share	85	213	132	341
For short-term business
Liabilities for remaining coverage net of reinsurance	1,231	981	1,654	1,375
Best Estimate for incurred Claims net of reinsurance	698	751	898	1,062
For long-term business
Best Estimate Liabilities net of reinsurance	20,645	21,416	21,527	21,291
o/w VFA Gross of reinsurance	20,896	21,713	21,868	21,637
o/w BBA Gross of reinsurance	(250)	(297)	(342)	(346)
o/w Reinsurance	0	0	0	0

AXA XL

📊 AXA XL — Health Underlying Earnings by Geography, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	0	0	0	0
Combined Ratio	0.0%	0.0%	0.0%	0.0%
Technical Margin	0	0	0	0
Long-term Business
CSM Release	0	0	0	0
Technical Experience	0	0	0	0
Actual vs. Expected Cash Flows	0	0	0	0
Risk Adjustment Release	0	0	0	0
Changes in Onerous Contracts	0	0	0	0
Other Long-term	0	0	0	0
Financial Result & Other
Financial Result	0	0	0	0
Investment Income	0	0	0	0
Insurance Finance Expenses	0	0	0	0
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	0	0	0	0
Tax	0	0	0	0
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	0	0	0	0
For short-term business
Liabilities for remaining coverage net of reinsurance	0	0	0	0
Best Estimate for incurred Claims net of reinsurance	0	0	0	0
For long-term business
Best Estimate Liabilities net of reinsurance	0	0	0	0
o/w VFA Gross of reinsurance	0	0	0	0
o/w BBA Gross of reinsurance	0	0	0	0
o/w Reinsurance	0	0	0	0

Asia, Africa & EME-LATAM

📊 AXA — Health Underlying Earnings by Geography: Asia, Africa & EME-LATAM (EUR mm), 1H24–FY25

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	1,300	2,629	1,350	2,742
Combined Ratio	100.0%	100.0%	98.3%	102.3%
Technical Margin	1	1	23	(64)
Long-term Business
CSM Release	180	360	186	359
Technical Experience	14	23	3	6
Actual vs. Expected Cash Flows	12	18	2	2
Risk Adjustment Release	5	10	5	11
Changes in Onerous Contracts	(1)	0	(1)	(1)
Other Long-term	(2)	(5)	(3)	(5)
Financial Result & Other
Financial Result	51	105	60	118
Investment Income	95	198	106	205
Insurance Finance Expenses	(45)	(93)	(45)	(87)
Other Revenues	n.a.	n.a.	n.a.	n.a.
Other Expenses	n.a.	n.a.	n.a.	n.a.
Debt Financing Charges	n.a.	n.a.	n.a.	n.a.
Underlying Earnings Before Tax	245	489	272	419
Tax	(55)	(125)	(80)	(88)
Income from Affiliates & Other	2	4	8	2
Minority Interests	0	(3)	(3)	(6)
Underlying Earnings Group share	192	366	197	328
For short-term business
Liabilities for remaining coverage net of reinsurance	1,022	995	1,067	1,069
Best Estimate for incurred Claims net of reinsurance	336	290	334	398
For long-term business
Best Estimate Liabilities net of reinsurance	(579)	(557)	(800)	(1,180)
o/w VFA Gross of RI	81	109	128	(62)
o/w BBA Gross of RI	(571)	(571)	(866)	(1,071)
o/w RI	(90)	(95)	(62)	(47)

Transversal & Other

📊 AXA — Health Underlying Earnings by Geography (Transversal & Other), 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Short-term Business
Revenues	90	174	88	172
Combined Ratio	92.2%	89.1%	83.6%	86.7%
Technical Margin	7	19	14	23
Long-term Business
CSM Release	0	0	0	0
Technical Experience	0	0	0	0
Actual vs. Expected Cash Flows	0	0	0	0
Risk Adjustment Release	0	0	0	0
Changes in Onerous Contracts	0	0	0	0
Other Long-term	0	0	0	0
Financial Result & Other
Financial Result	0	0	0	2
Investment Income	0	0	0	2
Insurance Finance Expenses	0	0	0	0
Other Revenues	—	—	—	—
Other Expenses	—	—	—	—
Debt Financing Charges	—	—	—	—
Underlying Earnings Before Tax	7	19	14	25
Tax	0	0	(1)	(4)
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	7	19	14	22
For short-term business
Liabilities for remaining coverage net of reinsurance	9	6	5	10
Best Estimate for incurred Claims net of reinsurance	13	14	15	15
For long-term business
Best Estimate Liabilities net of reinsurance	0	0	0	0
o/w VFA Gross of reinsurance	0	0	0	0
o/w BBA Gross of reinsurance	0	0	0	0
o/w Reinsurance	0	0	0	0

11. Asset Management

Asset Management - AUM Rollforward

📊 AXA — Asset Management AUM Rollforward (EUR bn), Consolidated

	1H24		FY24		1H25		FY25*
	Total	o/w Third Party	Total	o/w Third Party	Total	o/w Third Party	Total	o/w Third Party
Opening AUM (in Euro billion)	843	332	843	332	879	356	879	356
Net Inflows	7	-1	3	4	-3	-10	-3	-10
Scope & Other	0	10	2	21	0	-6	0	-6
Market Effect	12	10	26	21	-3	-6	-3	-6
Currency Impact	-4	10	5	21	-21	-6	-21	-6
Closing AUM (in Euro billion)	859	340	879	356	853	341	853	341
Alternatives	227	86	229	90	233	95	233	95
Core & Other	532	254	551	266	528	246	528	246
Asian Joint Ventures	101	—	99	—	92	—	92	—

Asset Management - Profitability Analysis

📊 AXA — Asset Management Profitability Analysis (EUR mm), 1H25–FY24

	1H24		FY24		1H25		FY25*
	Total	o/w Third Party	Total	o/w Third Party	Total	o/w Third Party	Total	o/w Third Party
Gross Revenues - After Intercompany Elimination	787	—	1,701	—	875	—	875	—
Gross Revenues - Before Intercompany Elimination	937	—	2,004	—	1,018	—	1,018	—
Management Fees	679	385	1,425	773	724	439	724	439
Performance Fees	18	8	57	21	16	9	16	9
Distribution Fees	205	—	409	—	231	—	231	—
Other	35	—	112	—	46	—	46	—
General Expenses	(698)	—	(1,493)	—	(793)	—	(793)	—
Distribution Fees Retroceded	(205)	—	(409)	—	(231)	—	(231)	—
Financial Result	24	—	35	—	14	—	14	—
Underlying Earnings Before Tax	263	—	546	—	239	—	239	—
Tax	(69)	—	(160)	—	(68)	—	(68)	—
Income from Affiliates & Other	16	—	29	—	8	—	8	—
Minority Interests	(6)	—	(13)	—	(4)	—	(4)	—
Underlying Earnings Group Share	204	—	402	—	175	—	175	—
Average Assets under Management (€bn)	749	—	759	—	769	—	769	—
Asset Management Fee bps	18.1	—	18.8	—	18.8	—	18.8	—
Underlying Cost Income Ratio	67.3%	—	68.0%	—	71.4%	—	71.4%	—

• AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group's results over the period of time when it was consolidated, i.e. until 1st July 2025.

12. Holdings

Holdings Underlying Earnings

📊 AXA (Holdings) — Underlying Earnings, 1H24–FY25 (EUR mm)

	1H24	FY24	1H25	FY25
Financial Result	181	402	228	422
Other Revenues	522	1,050	607	1,149
Other Expenses	(925)	(1,986)	(1,075)	(2,107)
Debt Financing Charges	(471)	(948)	(452)	(928)
Underlying Earnings Before Tax	(693)	(1,482)	(692)	(1,464)
Tax	100	324	101	284
Income from Affiliates & Other	0	0	0	0
Minority Interests	0	0	0	0
Underlying Earnings Group share	(592)	(1,157)	(591)	(1,180)

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

AXA SA Cash Balance Rollforward

📊 AXA SA — Cash Balance Rollforward (EUR bn), 1H24–FY25

	1H24	FY24	FY25
Opening Cash Balance at AXA SA² (in Euro billion)	0	4.0	4.0
Net cash remittance from subsidiaries³	0	7.7	7.5
Property & Casualty	0	4.0	5.1
Life & Health	0	3.6	2.5
Asset Management & Other	0	0.1	0.0
Dividends	0	-4.4	-4.6
Share buy-backs⁴	0	-1.8	-4.7
Holding costs and interests	0	-1.3	-1.3
Debt issuance	0	0.1	1.6
M&A and disposals	0	0.0	3.8
Other	0	-0.3	-0.7
Closing Cash Balance at AXA SA²	0	4.0	5.6

• ² Includes liquid invested assets.
• ³ Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).
• ⁴ On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).

13. Activity indicators

1H24

📊 AXA Consolidated — Activity Indicators, 1H24 (EUR mm)

	Total	P&C	Life & Health	o/w Employee Benefits**	Life	Health	Asset Management	Bank
Gross Written Premiums & Other Revenues	59,872	32,522	26,505	6,673	17,419	9,086	787	57
IFRS17/9 New Business Value (NBV) (a)	1,206	—	1,206	—	953	253	—	—
New Business Contractual Service Margin (NB CSM)	1,131	—	1,131	—	919	213	—	—
Other NBV *	456	—	456	—	333	123	—	—
Tax	(381)	—	(381)	—	(299)	(83)	—	—
Present Value of Expected Premiums (PVEP) (b)	25,588	—	25,588	—	18,234	7,354	—	—
IFRS17/9 NBV Margin (a)/(b)	4.7%	—	4.7%	—	5.2%	3.4%	—	—

FY24

📊 AXA Consolidated — Activity Indicators, FY24 (EUR mm)

	Total	P&C	Life & Health	o/w Employee Benefits**	Life	Health	Asset Management	Bank
Gross Written Premiums & Other Revenues	110,316	56,514	51,983	12,167	34,497	17,486	1,701	118
IFRS17/9 New Business Value (NBV) (a)	2,264	—	2,264	—	1,792	473	—	—
New Business Contractual Service Margin (NB CSM)	2,169	—	2,169	—	1,770	399	—	—
Other NBV *	824	—	824	—	594	231	—	—
Tax	(729)	—	(729)	—	(572)	(158)	—	—
Present Value of Expected Premiums (PVEP) (b)	50,896	—	50,896	—	36,860	14,036	—	—
IFRS17/9 NBV Margin (a)/(b)	4.4%	—	4.4%	—	4.9%	3.4%	—	—

1H25

📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, NBV Margin), 1H25, EUR mm

	Total	P&C	Life & Health	o/w Employee Benefits**	Life	Health	Asset Management	Bank
Gross Written Premiums & Other Revenues	64,251	34,097	29,230	7,223	19,081	10,149	875	49
IFRS17/9 New Business Value (NBV) (a)	1,189	—	1,189	—	928	260	—	—
New Business Contractual Service Margin (NB CSM)	1,184	—	1,184	—	950	234	—	—
Other NBV *	382	—	382	—	270	113	—	—
Tax	(378)	—	(378)	—	(292)	(86)	—	—
Present Value of Expected Premiums (PVEP) (b)	25,918	—	25,918	—	19,487	6,430	—	—
IFRS17/9 NBV Margin (a)/(b)	4.6%	—	4.6%	—	4.8%	4.0%	—	—

FY25

📊 AXA Consolidated — Activity Indicators, FY25 (EUR mm)

	Total	P&C	Life & Health	o/w Employee Benefits**	Life	Health	Asset Management	Bank
Gross Written Premiums & Other Revenues	115,524	58,038	56,512	12,867	37,499	19,014	875	99
IFRS17/9 New Business Value (NBV) (a)	2,233	—	2,233	—	1,747	486	—	—
New Business Contractual Service Margin (NB CSM)	2,199	—	2,199	—	1,822	377	—	—
Other NBV *	757	—	757	—	491	266	—	—
Tax	(724)	—	(724)	—	(567)	(157)	—	—
Present Value of Expected Premiums (PVEP) (b)	49,357	—	49,357	—	37,103	12,254	—	—
IFRS17/9 NBV Margin (a)/(b)	4.5%	—	4.5%	—	4.7%	4.0%	—	—

1H24

📊 AXA Consolidated — Activity Indicators (Gross Written Premiums, New Business Value, PVEP & NBV Margin), 1H24, EUR mm

	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
IFRS17/9 New Business Value (NBV) (a)	1,206	354	348	—	504	—	—
New Business Contractual Service Margin (NB CSM)	1,131	203	398	—	531	—	—
Other NBV *	456	275	50	—	131	—	—
Tax	(381)	(123)	(100)	—	(158)	—	—
Present Value of Expected Premiums (PVEP) (b)	25,588	12,301	6,317	—	6,971	—	—
IFRS17/9 NBV Margin (a)/(b)	4.7%	2.9%	5.5%	—	7.2%	—	—

• Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.
• Employee Benefits include Group Protection and Group Health contracts.

FY24

📊 AXA Consolidated — Activity Indicators: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin, FY24 (EUR mm)

	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other
Gross Written Premiums & Other Revenues	110,316	28,996	39,298	19,383	19,083	1,701	1,856
IFRS17/9 New Business Value (NBV) (a)	2,264	682	597	—	986	—	—
New Business Contractual Service Margin (NB CSM)	2,169	391	731	—	1,047	—	—
Other NBV *	824	528	49	—	247	—	—
Tax	(729)	(237)	(184)	—	(309)	—	—
Present Value of Expected Premiums (PVEP) (b)	50,896	25,370	11,831	—	13,695	—	—
IFRS17/9 NBV Margin (a)/(b)	4.4%	2.7%	5.0%	—	7.2%	—	—

• Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.
• Employee Benefits include Group Protection and Group Health contracts.

1H25

📊 AXA Consolidated — Activity Indicators, 1H25 (EUR mm)

	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other
Gross Written Premiums & Other Revenues	64,251	15,670	24,649	11,749	10,302	875	1,006
IFRS17/9 New Business Value (NBV) (a)	1,189	315	364	—	510	—	—
New Business Contractual Service Margin (NB CSM)	1,184	199	443	—	541	—	—
Other NBV *	382	225	28	—	129	—	—
Tax	(378)	(109)	(107)	—	(161)	—	—
Present Value of Expected Premiums (PVEP) (b)	25,918	11,662	6,843	—	7,413	—	—
IFRS17/9 NBV Margin (a)/(b)	4.6%	2.7%	5.3%	—	6.9%	—	—

• Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.
• Employee Benefits include Group Protection and Group Health contracts.

FY25

📊 AXA Consolidated — Activity Indicators: Gross Written Premiums & Other Revenues, New Business Value, PVEP and NBV Margin (EUR mm), FY25

	Total	France	Europe	AXA XL	Asia, Africa & EME-LATAM	AXA IM	Transversal & Other
Gross Written Premiums & Other Revenues	115,524	30,598	43,005	19,277	19,925	875	1,844
IFRS17/9 New Business Value (NBV) (a)	2,233	695	578	—	959	—	—
New Business Contractual Service Margin (NB CSM)	2,199	431	740	—	1,028	—	—
Other NBV *	757	506	12	—	239	—	—
Tax	(724)	(242)	(174)	—	(308)	—	—
Present Value of Expected Premiums (PVEP) (b)	49,357	22,858	12,651	—	13,847	—	—
IFRS17/9 NBV Margin (a)/(b)	4.5%	3.0%	4.6%	—	6.9%	—	—

• Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.
• Employee Benefits include Group Protection and Group Health contracts.

14. Balance Sheet

Assets

📊 AXA Consolidated — Assets, Balance Sheet, FY24–FY25 (EUR bn)

	FY24	FY25
Goodwill	18.1	17.8
Other intangible assets	4.4	4.4
Total Intangible assets	22.6	22.2
Investments in real estate properties	29.2	27.8
Financial investments	418.2	401.8
Unit-linked Assets	90.1	97.2
Total Investments from Insurance activities	537.5	526.9
Investments from Non-Insurance Activities	18.5	16.6
Equity Method investments	1.5	1.5
Assets Arising from Insurance and Reinsurance Contracts Held	26.1	23.9
Present Value of Future Cash Flows	24.1	22.0
Contractual Service Margin	1.4	1.4
Risk Adjustment	0.5	0.5
Receivables and Other Assets	24.1	21.9
Assets held for sale	4.5	0.2
Cash and cash equivalents	19.0	22.2
Total Assets	653.8	635.5

Liabilities, Non-controlling Interests & Shareholders' Equity

📊 AXA Consolidated — Balance Sheet: Liabilities, Non-controlling Interests & Shareholders' Equity (EUR bn), FY24–FY25

	FY24	FY25
Shareholders' Equity group share	49.9	47.2
Non-controlling Interests	2.5	2.4
Shareholders’ equity	52.5	49.6
Financing debt	14.4	15.8
Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts	477.0	470.4
Present Value of Future Cash Flows	438.4	432.6
Contractual Service Margin	35.3	34.7
Risk Adjustment	3.3	3.1
Other Investment Contract Liabilities	12.6	12.8
Liabilities arising from insurance, reinsurance and investment contracts	489.6	483.2
Liabilities Arising from Non-Insurance Activities	10.1	9.9
Provisions for risks and charges	4.9	4.6
Payables and Other liabilities	80.9	72.5
Liabilities held for sale	1.4	0.0
Total Liabilities, Non-controlling Interests and Shareholders' Equity	653.8	635.5

15.CSM Rollforward

Contractual Service Margin (CSM) Rollforward (Net of R/I) — FY23 Restated to FY24

📊 AXA Consolidated — Contractual Service Margin Rollforward (Net of Reinsurance), FY23 Restated to FY24 (EUR mm)

	FY23 Restated**	New Business CSM	Underlying Return on Inforce	CSM Release	Economic Variance	Operating Variance	Other*	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	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	26,320

• Including scope changes and FX. ** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.

Contractual Service Margin (CSM) Rollforward (Net of R/I) — FY24 to FY25

📊 AXA Consolidated — Contractual Service Margin Rollforward (Net of Reinsurance), FY24–FY25 (EUR mm)

	FY24	New Business CSM	Underlying Return on Inforce	CSM Release	Economic Variance	Operating Variance	Other*	FY25
Total Group (pre-tax)	33,853	2,199	1,328	(2,954)	594	-316	-1,451	33,253
P&C	282	0	0	0	0	0	-21	261
Life	25,826	1,822	1,150	(2,415)	487	-526	-903	25,442
Health	7,744	377	178	(539)	107	210	-527	7,550
Total Group (post-tax)	26,320	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	25,864

• Including scope changes and FX.

16. Invested Assets

General Account Invested Assets as of FY25

📊 AXA Consolidated — General Account Invested Assets, Fair Value & Credit Quality, FY25 (EUR bn)

					Fair Value by Rating
	Fair Value	Asset Allocation %	o/w Participating	Duration Gap	Avg Rating	AAA	AA	A	BBB	Below IG	Non Rated
General Account Invested Assets1	450	—	60.2%	-0.4 yr	—	—	—	—	—	—	—
Fixed Income	345	76.7%	59.5%	—	—	—	—	—	—	—	—
Government Bonds	167	37.2%	65.5%	—	AA	26.7%	30.9%	28.3%	10.0%	2.2%	2.0%
Corporate Bonds and Loans	121	26.9%	54.7%	—	A	15.7%	5.8%	39.2%	28.4%	10.9%	n.a.
Other Fixed Income	56	12.5%	52.2%	—	—	—	—	—	—	—	—
Asset Backed Securities2	25	5.6%	47.7%	—	—	54.1%	28.1%	9.9%	2.8%	0.8%	4.3%
Mortgage Loans3	31	7.0%	55.8%	—	—	—	—	—	—	—	—
Real Estate	41	9.2%	63.4%	—	—	—	—	—	—	—	—
Infrastructure Equity	10	2.2%	63.9%	—	—	—	—	—	—	—	—
Listed Equities4	10	2.3%	82.4%	—	—	—	—	—	—	—	—
Private Equity & Hedge Funds5	23	5.1%	55.3%	—	—	—	—	—	—	—	—
Cash	19	4.2%	50.0%	—	—	—	—	—	—	—	—
Policy Loans	2	0.4%	51.0%	—	—	—	—	—	—	—	—

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

17. Supplementary Info on Asset

Government Bonds — Breakdown By Geographical Exposure

📊 AXA Consolidated — Government Bonds Breakdown by Geographical Exposure (EUR bn)

	Fair Value	Belgium	France	Germany	Italy	Japan	Netherlands	Spain	Switzerland	United States	Other EU countries	Supranational	Rest of the World
Breakdown By Geographical Exposure	167.0	6.0%	12.0%	6.0%	5.0%	8.0%	3.0%	6.0%	9.0%	10.0%	8.0%	13.0%	15.0%

Corporate Bonds and Loans — Breakdown By Industry

📊 AXA Consolidated — Corporate Bonds and Loans Breakdown by Industry, Fair Value and Allocation (EUR bn)

	Fair Value	Basic Materials	Communications	Consumer, Cyclical	Consumer, Non-Cyclical	Covered and Senior Secured Bonds	Energy	Financials	Industrial	Technology	Utilities	Other
Breakdown By Industry	121.0	2.0%	6.0%	4.0%	11.0%	29.0%	1.0%	28.0%	6.0%	2.0%	8.0%	3.0%

Corporate Bonds and Loans — Exposure to the Financials

📊 AXA Consolidated — Corporate Bonds and Loans Exposure to Financials (EUR bn)

	Total	Banks	Non-Banks¹
Total	33.4	27.5	6.0
Senior Unsecured Bonds	29.8	24.3	5.5
Subordinated Bonds2	3.0	2.7	0.4
Other	0.6	0.5	0.1

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

Listed Equities — Breakdown By Asset Domiciliation

📊 AXA Consolidated — Listed Equities Breakdown by Asset Domiciliation (EUR bn)

	Fair Value	Belgium	France	Germany	Japan	Netherlands	Switzerland	United States	Other EU countries	Rest of the World
Breakdown By Asset Domiciliation	10.0	3.0%	7.0%	3.0%	7.0%	2.0%	4.0%	37.0%	9.0%	27.0%

Listed Equities — Breakdown By Industry

📊 AXA Consolidated — Listed Equities Breakdown by Industry, Fair Value (EUR bn)

	Fair Value	Basic Materials	Communications	Consumer, Cyclical	Consumer, Non-Cyclical	Diversified	Energy	Financials	Funds	Industrial	Technology	Utilities	Other
Breakdown By Industry	10.0	5.0%	11.0%	9.0%	14.0%	3.0%	0.0%	20.0%	6.0%	12.0%	17.0%	1.0%	0.0%

• 1 Including hedges.

Real Estate — Breakdown By Geographical Exposure

📊 AXA Consolidated — Real Estate Breakdown by Geographical Exposure (EUR bn)

	Fair Value	Belgium	France	Germany	Italy	Japan	Spain	Switzerland	United Kingdom	United States	Other EU countries	Rest of the World
Breakdown By Geographical Exposure	41.0	5.0%	25.0%	11.0%	3.0%	5.0%	4.0%	13.0%	7.0%	12.0%	5.0%	10.0%

Real Estate — Breakdown By Type

📊 AXA Consolidated — Real Estate Breakdown by Type, Fair Value (EUR bn)

	Fair Value	Office	Residential	Industrial-Logistic	Retail	Others
Breakdown By Type	41.0	33.0%	22.0%	15.0%	12.0%	18.0%

Private Equities — Breakdown By Asset Domiciliation

📊 AXA Consolidated — Private Equities Breakdown by Asset Domiciliation (EUR bn)

	Fair Value	Europe	Japan	United States	Other
Breakdown By Asset Domiciliation	17.0	45.0%	5.0%	46.0%	5.0%

• 1 Excluding Non-listed Equity.

Mortgage Loans — Breakdown by Type

📊 AXA Consolidated — Mortgage Loans Breakdown by Type (EUR bn)

	Fair Value	Residential	Commercial
Breakdown by Type	23.0	69.0%	31.0%

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

18. Shareholders Equity

Change in Group Share Consolidated Shareholders' Equity

📊 AXA — Change in Group Share Consolidated Shareholders' Equity, FY25 (EUR bn)

	FY25
Shareholders' Equity at Beginning of the Period	49.9
Paid-in Capital	-4.9
Treasury Shares	-0.1
Other Comprehensive Income Arising from Defined Benefit Plans	-0.3
Fair Value Recorded in Shareholders' Equity	1.3
Other Comprehensive Income Related to Invested Assets	-4.2
Other Comprehensive Income Related to (re) Insurance Contracts	5.4
Impact of Currency Fluctuations	-3.5
Undated Subordinated Debt (including interest charges)	-0.3
Realized Gains on Equity through Retained Earnings	0.1
Dividends	-4.6
Net Income for the Period	9.8
Other	-0.2
Shareholders' Equity at End of the Period	47.2

Group Share Consolidated Shareholders' Equity

📊 AXA — Group Share Consolidated Shareholders' Equity, FY24–FY25 (EUR bn)

	FY24	FY25
Paid-in Capital	21.8	16.9
Treasury Shares	(1.5)	(1.6)
Other Comprehensive Income Arising from Defined Benefit Plans	(2.4)	(2.8)
Other Comprehensive Income	(8.1)	(6.8)
Other Comprehensive Income Related to Invested Assets	(13.1)	(17.3)
Other Comprehensive Income Related to (re) Insurance Contracts	5.0	10.5
Translation Reserves	(1.1)	(4.6)
Undated Subordinated Debt	4.8	4.6
Retained Earnings	36.5	41.4
Total Shareholders' Equity at the End of the Period	49.9	47.2
Book Value per Share (a)	24.5	24.0
Shareholders' Equity + CSM per Share (b)	32.7	33.2

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

Unrealized Gains and Losses on Invested Assets (Net of Tax)

📊 AXA Consolidated — Unrealized Gains and Losses on Invested Assets (Net of Tax), FY24–FY25 (EUR bn)

	FY24	FY25
Government Bonds (recyclable)	(7.5)	(13.0)
Corporate Bonds (recyclable)	(4.1)	(3.0)
Cash Flow hedges (recyclable)	(3.5)	(3.3)
Equities (non-recyclable)	2.3	2.1
Others (recyclable)	(0.3)	(0.1)
Total Other Comprehensive Income Related to Invested Assets	(13.1)	(17.3)
Real Estate	6.7	6.5
Other Invested Assets Not Included in Shareholders' Equity	(0.6)	(0.1)
Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)	6.1	6.4
Total Unrealized Gains and Losses on Invested Assets (Net of Tax)	(7.0)	(10.9)

19. ROE&Gearing

Return on Equity (ROE)

📊 AXA Consolidated — Return on Equity, FY24–FY25 (EUR bn)

	FY24	FY25	Change in pp (FY25 vs FY24)
Net Income ROE	14.8%	18.8%	3.9
Net Income (a)	7.7	9.6	—
Average Adjusted Shareholders' Equity (b)	51.8	51.3	—
Underlying ROE	15.2%	16.0%	0.8
Underlying Earnings (a)	7.9	8.2	—
Average Adjusted Shareholders' Equity (b)	51.8	51.3	—

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

Consolidated Financial Structure & Debt Gearing

📊 AXA — Consolidated Financial Structure & Debt Gearing (EUR bn), FY24–FY25

	FY24	FY25	Financial interest treatment
Financing Debt	3.2	3.2	—
Financing Debt Instrument Issued	3.2	3.2	—
Financing Debt Owed to Credit Institutions	0.0	0.0	—
Dated Subordinated Debt	11.2	12.6	—
Reversal of mark-to-market of interest rates derivatives	(0.1)	(0.1)	—
Total Gross Debt (A)	14.3	15.7	P&L
Undated Deeply Subordinated Notes (TSS)	2.9	4.3	Equity
Deeply Subordinated Notes (TSDI)	1.9	0.3	Equity
Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)	19.2	20.3	—
Shareholders' Equity (Including Non-Controlling Interests) (a) (C)	52.5	49.6	—
Contractual Service Margin net of tax (D)	26.3	25.9	—
Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)	93.1	91.1	—
Debt Gearing (G) = (B) / (E)	20.6%	22.3%	—

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

20. Information on Solvency II

Solvency II Rollforward

📊 AXA Consolidated — Solvency II Rollforward, FY24–FY25 (EUR bn)

	FY24	Regulatory & model changes	Normalized Capital Generation	Operating variance	Economic variance (incl. FX)	Dividend & share buy-backs	Debt	M&A, In-force and Other	FY25
Eligible Own Fund (EOF)	55.9	0.2	8.8	-0.4	-2.1	-6.0	1.6	-1.7	56.4
Solvency Capital Requirement (SCR)	25.9	0.0	0.6	0.0	-1.2	0.0	0.0	-0.2	25.2
Solvency II Ratio	216.0%	0.4%	28.2%	-1.5%	3.5%	-23.8%	6.4%	-4.6%	224.1%

EOF Tiering

📊 AXA Consolidated — Eligible Own Funds Tiering, FY24–FY25 (EUR bn)

	Total	Unrestricted Tier 1	Restricted Tier 1	Tier 2	Tier 3
EOF as of FY25	56.4	39.6	4.7	11.6	0.4
Insurance Sector	55.1	38.4	4.7	11.6	0.4
Ancillary	—	—	—	—	—
Subject to Transitional Measures*	2.4	—	1.4	1.0	—
Other Financial Sectors	1.2	1.2	—	—	—
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*	4.5	—	3.4	1.1	—
Other Financial Sectors	2.5	2.5	—	—	—

• Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.

Solvency II Key Sensitivities (in pts)

📊 AXA Consolidated — Solvency II Key Sensitivities (pts), FY24–FY25

	FY24	FY25
Interest Rate +50 bps	+2 pts	+2 pts
Interest Rate -50 bps	-4 pts	-1 pt
Corporate Spread +50bps	-1 pt	-1 pt
Euro Government Spreads +50bps	-10 pts	-7 pts
Credit Migration +20%	-4 pts	-4 pts
Listed Equities +25%	+0 pt	-1 pt
Listed Equities -25%	-3 pts	+2 pts
Private and Infrastructure Equity +25%	+13 pts	+14 pts
Private and Infrastructure Equity -25%	-15 pts	-19 pts
Inflation swap curve +50bps	-6 pts	-5 pts

21. IFRS17 SHE to Group EOF

Reconciliation IFRS17/9 Shareholders' Equity to Solvency II Eligible Own Funds

📊 AXA — Reconciliation IFRS17/9 Shareholders' Equity to Solvency II Eligible Own Funds, FY25 (EUR bn)

	FY25
IFRS SHAREHOLDERS' EQUITY	49.6
Contractual Service Margin (net of tax)	25.9
IFRS SHAREHOLDERS' EQUITY inc. CSM	75.5
Net URCG not included in Shareholders' Equity	6.4
Elimination Undated Subordinated Debts	(4.6)
Elimination Intangibles	(21.3)
Goodwill	(17.8)
others	(3.5)
IFRS TANGIBLE NET ASSET VALUE	56.0
Foreseeable dividends and distribution	(6.3)
Technical provision adjustments	(9.6)
Risk Margin vs Risk Adjustment	(6.4)
BEL adjustment	(3.2)
Other adjustments	(0.6)
UNRESTRICTED TIER 1	39.6
Restricted Tier 1 + Tier 2	16.4
Tier 3	0.4
GROUP ELIGIBLE OWN FUNDS	56.4