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AXA : Earnings Results (aZ KesFoBIGEg14X AXA Financial Supplement 2025)
AXA : Earnings Results (aZ KesFoBIGEg14X AXA Financial Supplement
About this update from Axa Sa
Full Year 2025 Earnings / February 26, 2026 Financial Supplement Throughout this document, the periods 1H24, FY24, 1H25 and FY25 refer to the periods ending June 30, 2024, December 31, 2024, June 30, 2025 and December 31, 2025 respectively. Financial Supplement - Table of Contents Front Page Market Data Group Underlying Earnings by Line of Business an d Net Income Underlying Earnings by Geography Number of Shares & Earnings Per Share Property & Casualty Profitability Analysis by Line of Business Property & Casualty Profitability Analysis by Geography Life & Health Profitability Analysis by Line of Business Life & Health Profitability Analysis by Geography Life Profitability Analysis by Geography Health Profitability Analysis by Geography Asset Management - Assets Under Managemen t (AUM) Rollforward & Profitability Analysis Holdings Profitability Analysis & Axa SA Cash Balance Rollforward Gross Written Premiums, New Business Value & Present Value of Expected Premiums Balance Sheet Contractual Service Margin Rollforward Economic View of Invested Assets Supplementary Information on Economic View of Invested Assets Shareholders' Equity Return On Equity, Consolidated Financial Structur e & Debt Gearing Eligible Own Funds, Solvency Capital Requiremen t & Solvency II Ratio IFRS17/9 Shareholders' Equity to Solvency II EOF Exchange Rate 1H24 FY24 1H25 FY25 1.07 1.04 1.17 1.17 172 163 170 184 0.85 0.83 0.86 0.87 0.96 0.94 0.93 0.93 8.37 8.04 9.21 9.14 Average 1H24 Average FY24 Average 1H25 Average FY25 1.08 1.08 1.09 1.13 165 164 162 169 0.85 0.85 0.84 0.86 0.96 0.95 0.94 0.94 8.45 8.44 8.53 8.82 USD JPY GBP CHF HKD Discount Rate - 5Y Average 1H24 Average FY24 Average 1H25 Average FY25 2.79% 2.84% 2.57% 2.59% 4.35% 4.41% 4.40% 4.23% 0.22% 0.42% 0.89% 1.01% 4.00% 4.25% 4.38% 4.31% 1.05% 0.82% 0.18% 0.16% 3.75% 3.67% 3.45% 3.18% EUR USD JPY GBP CHF Closing 1H24 Closing FY24 Closing 1H25 Closing FY25 3.06% 2.71% 2.91% 3.17% 4.54% 4.66% 4.43% 4.45% 1.04% 1.07% 1.44% 2.08% 4.27% 4.48% 4.56% 4.55% 0.98% 0.38% 0.53% 0.67% 3.79% 3.91% 3.02% 3.21% HKD Discount Rate - 10Y EUR USD JPY GBP CHF HKD Page 1 Group Underlying Earnings by Line of Business and Net Income Short-term Business Group 1H24 FY24 1H25 FY25 35,273 72,104 37,209 75,071 2,877 5,421 3,107 5,888 1,395 2,775 1,428 2,954 -64 -95 -30 -150 2,064 3,971 2,148 4,013 1,459 3,054 1,625 2,167 -1,624 -3,479 -1,868 -2,900 -471 -948 -452 -928 5,638 10,700 5,958 11,044 -1,427 -2,662 -1,503 -2,644 122 218 111 168 -89 -179 -101 -199 4,244 8,078 4,465 8,368 4% 7% 6% 6% 16.6% 15.2% 17.5% 16.0% 93 195 66 138 Asset Management* 1H24 FY24 1H25 FY25 24 35 14 14 937 2,004 1,018 1,018 -698 -1,493 -793 -793 263 546 239 239 -69 -160 -68 -68 16 29 8 8 -6 -13 -4 -4 204 402 175 175 26.0% n.a. GROUP UNDERLYING EARNINGS BY LINE OF BUSINESS AND NET INCOME (in Euro million) AXA Consolidated Financial Statements Revenues Combined Ratio Technical Margin CSM Release Technical Experience Financial Result Other Revenues Other Expenses Debt Financing Charges 181 522 -925 -471 402 1,050 -1,986 -948 228 607 -1,075 -452 422 1,149 -2,107 -928 Tax Income from Affiliates & Other Minority Interests 100 0 0 324 0 0 101 0 0 284 0 0 Underlying Earnings Growth Rate (constant FX) Net Realized Capital Gains & Losses Change in Fair Value of Assets & Derivatives Amortization of customer intangibles Integration and Restructuring Costs Exceptional Items Net Income Group Share -43 -50 -78 -147 4,020 83 -131 -240 -99 7,886 -467 -48 -63 -30 3,922 -813 -86 -197 2,386 9,797 Deeply Subordinated and Undated Subordinated Debt Charges Underlying Earnings for EPS calculation Net Income for EPS calculation -106 4,138 3,914 -201 7,877 7,685 -86 4,379 3,836 -174 8,195 9,623 Underlying ROE -592 -1,157 -591 -1,180 Underlying Earnings Group Share -693 -1,482 -692 -1,464 Underlying Earnings Before Tax Financial Result & Other Long-term Business 16.2% 17.3% Property & Casualty 1H24 FY24 1H25 FY25 27,294 55,898 28,697 57,656 90.2% 91.0% 90.0% 90.6% 2,682 5,006 2,859 5,409 1,324 2,559 1,343 2,631 4,006 7,565 4,202 8,040 -1,046 -1,952 -1,074 -2,060 2 3 1 3 -56 -106 -63 -111 2,908 5,510 3,067 5,872 Holdings** 1H24 FY24 1H25 FY25 13.6% 14.4% Life & Health 1H24 FY24 1H25 FY25 7,979 16,207 8,512 17,416 97.6% 97.4% 97.1% 97.2% 195 415 248 479 1,395 2,775 1,428 2,954 -64 -95 -30 -150 536 975 563 946 2,061 4,070 2,209 4,229 -412 -874 -462 -800 103 186 101 157 -27 -60 -34 -85 1,725 3,323 1,814 3,501 *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 Underlying Earnings by Geography Short-term Business Group 1H24 FY24 1H25 FY25 35,273 72,104 37,209 75,071 2,877 5,421 3,107 5,888 1,395 2,775 1,428 2,954 -64 -95 -30 -150 2,064 3,971 2,148 4,013 1,459 3,054 1,625 2,167 -1,624 -3,479 -1,868 -2,900 -471 -948 -452 -928 5,638 10,700 5,958 11,044 -1,427 -2,662 -1,503 -2,644 122 218 111 168 -89 -179 -101 -199 4,244 8,078 4,465 8,368 2,908 5,510 3,067 5,872 1,725 3,323 1,814 3,501 204 402 175 175 France 1H24 FY24 1H25 FY25 9,046 18,698 9,567 19,555 692 1,470 658 1,485 407 823 419 895 -40 -96 -37 -81 350 613 380 667 53 108 44 91 -83 -180 -79 -168 0 0 0 0 1,380 2,738 1,384 2,888 -350 -676 -308 -665 4 9 0 0 0 0 0 0 1,034 2,071 1,076 2,224 539 1,161 574 1,237 519 964 524 1,039 AXA IM* 1H24 FY24 1H25 FY25 24 35 14 14 937 2,004 1,018 1,018 -698 -1,493 -793 -793 263 546 239 239 -69 -160 -68 -68 16 29 8 8 -6 -13 -4 -4 204 402 175 175 UNDERLYING EARNINGS BY GEOGRAPHY (in Euro million) AXA Consolidated Financial Statements Revenues Combined Ratio Technical Margin 1,053 2,122 1,075 2,107 6 93 49 109 CSM Release Technical Experience 0 0 0 0 0 0 0 0 Financial Result Other Revenues Other Expenses Debt Financing Charges 241 488 -823 -447 480 974 -1,761 -902 255 573 -976 -431 502 1,073 -1,910 -887 Tax Income from Affiliates & Other Minority Interests Underlying Earnings Group share 88 0 0 -447 209 0 0 -907 76 0 -1 -455 212 0 -2 -903 Underlying Earnings by Line of Business Property & Casualty Life & Health Asset Management Holdings** 194 627 334 1,211 233 653 355 1,165 70 7 158 19 75 14 151 22 204 402 175 175 -592 -1,157 -591 -1,180 -24 -54 -23 -52 -23 -41 -24 -26 -524 -1,083 -543 -1,076 -535 -1,116 -530 -1,113 Underlying Earnings Before Tax Financial Result & Other Long-term Business Transversal & Other 1H24 FY24 1H25 FY25 Europe 1H24 FY24 1H25 FY25 11,839 24,005 12,661 25,724 998 1,957 1,176 2,357 468 920 471 984 -11 -8 8 -70 784 1,486 765 1,398 -18 -32 -8 -12 -10 -25 -6 -3 -1 -2 -1 -2 2,210 4,297 2,406 4,651 -536 -1,004 -568 -1,039 0 0 0 0 -48 -105 -56 -126 1,626 3,187 1,782 3,486 1,073 2,029 1,152 2,216 559 1,104 616 1,264 -6 54 14 6 olidated, i.e. until 1st July 2025. AXA XL 1H24 FY24 1H25 FY25 9,022 18,530 9,428 18,699 1,111 1,820 1,074 1,928 4 3 0 1 3 2 0 -5 283 616 308 651 0 0 0 0 0 0 0 0 -16 -33 -16 -32 1,385 2,409 1,366 2,543 -355 -588 -342 -650 0 0 0 0 0 0 0 0 1,030 1,820 1,024 1,893 1,032 1,828 1,032 1,913 14 25 8 12 -16 -33 -16 -32 Asia, Africa & EME-LATAM 1H24 FY24 1H25 FY25 4,312 8,750 4,478 8,986 70 81 150 9 516 1,029 538 1,074 -17 7 -1 6 382 741 425 782 0 0 -2 -3 -9 -20 -14 -26 -7 -12 -4 -6 935 1,826 1,093 1,835 -205 -443 -294 -434 102 181 103 160 -34 -60 -39 -68 798 1,504 862 1,493 *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 cons **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. Back to Summary NUMBER OF SHARES & EARNINGS PER SHARE (in million shares) AXA Consolidated Financial Statements Outstanding Shares Excluding 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 Exercice 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 Page 4 PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY LINE OF BUSINESS (in Euro million) AXA Consolidated Financial Statements Intercompany eliminations 1H24 FY24 1H25 FY25 Total 1H24 FY24 1H25 FY25 27,294 55,898 28,697 57,656 67.0% 67.7% 66.7% 66.9% 67.4% 67.4% 67.0% 67.0% 3.6% 3.8% 3.5% 3.4% -3.9% -3.6% -3.9% -3.5% -1.5% -1.6% -1.1% -1.1% 24.7% 25.0% 24.5% 24.8% 90.2% 91.0% 90.0% 90.6% 2,682 5,006 2,859 5,409 1,324 2,559 1,343 2,631 1,967 3,731 2,088 3,988 -643 -1,172 -745 -1,358 4,006 7,565 4,202 8,040 -1,046 -1,952 -1,074 -2,060 2 3 1 3 -56 -106 -63 -111 2,908 5,510 3,067 5,872 113,515 118,104 116,895 117,507 0 0 0 0 113,515 118,104 116,895 117,507 19,284 16,006 19,766 16,040 69,800 71,751 70,215 70,567 Commercial lines 1H24 FY24 1H25 FY25 18,657 38,019 19,575 39,090 68.1% 68.8% 68.0% 68.0% 69.2% 69.4% 69.3% 68.8% 2.7% 2.9% 2.7% 2.6% -3.7% -3.5% -3.9% -3.5% -1.1% -1.2% -1.3% -0.8% 23.1% 23.6% 23.2% 23.5% 90.1% 91.1% 89.9% 90.7% 1,850 3,372 1,968 3,616 993 1,831 1,004 1,941 1,427 2,625 1,512 2,864 -434 -794 -508 -922 2,843 5,203 2,973 5,557 12,070 9,480 12,240 9,127 45,710 46,570 46,591 47,002 Personal lines 1H24 FY24 1H25 FY25 9,144 18,705 9,513 19,276 69.8% 70.0% 68.8% 69.1% 68.8% 68.5% 67.5% 67.9% 4.0% 4.1% 3.8% 3.6% -3.0% -2.6% -2.6% -2.4% -2.3% -1.8% -0.6% -1.6% 25.5% 25.7% 25.1% 25.2% 92.9% 93.9% 93.3% 92.8% 645 1,136 638 1,392 240 538 275 523 366 761 422 794 -126 -223 -148 -272 886 1,674 913 1,914 6,369 5,478 6,831 5,871 17,809 18,308 17,781 17,402 AXA XL Reinsurance 1H24 FY24 1H25 FY25 1,155 2,394 1,299 2,493 69.7% 70.6% 70.8% 71.9% 68.0% 67.9% 69.4% 71.5% 10.6% 10.4% 9.2% 8.7% -8.8% -7.7% -7.8% -8.3% -1.1% -0.8% -0.3% 0.0% 10.0% 9.9% 9.1% 9.4% 78.7% 79.7% 79.6% 81.4% 246 486 265 464 119 210 85 186 202 365 174 350 -83 -155 -90 -163 365 696 349 650 1,572 1,075 1,436 1,009 6,704 6,830 6,290 6,198 Property & Casualty Underlying Earnings by Line of Business Short-term Business Revenues Current Accident Year Loss Ratio Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) Undiscounted Current Accident Year Nat Cats Current Accident Year Discounting Prior Year Reserve Development Ratio Expense Ratio Combined Ratio Technical Margin Long-term Business CSM Release Technical Experience Financial Result & Other Financial Result Investment Income Insurance Finance Expenses Other Revenues Other Expenses Debt Financing Charges Underlying Earnings Before Tax 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 Best Estimate for incurred Claims net of reinsurance For long-term business Best Estimate Liabilities net of reinsurance -1,662 -3,220 -1,689 -3,203 -60 12 -12 -63 -28 -20 -20 -20 -28 -20 -20 -20 0 0 0 0 -87 -8 -33 -82 -728 -27 -740 32 -423 43 -447 -35 Property & Casualty Underlying Earnings by Geography Short-term Business Total 1H24 FY24 1H25 FY25 27,294 55,898 28,697 57,656 67.0% 67.7% 66.7% 66.9% 67.4% 67.4% 67.0% 67.0% 3.6% 3.8% 3.5% 3.4% -3.9% -3.6% -3.9% -3.5% -1.5% -1.6% -1.1% -1.1% 24.7% 25.0% 24.5% 24.8% 90.2% 91.0% 90.0% 90.6% 2,682 5,006 2,859 5,409 1,324 2,559 1,343 2,631 1,967 3,731 2,088 3,988 -643 -1,172 -745 -1,358 4,006 7,565 4,202 8,040 -1,046 -1,952 -1,074 -2,060 2 3 1 3 -56 -106 -63 -111 2,908 5,510 3,067 5,872 19,284 16,006 19,766 16,040 69,800 71,751 70,215 70,567 France 1H24 FY24 1H25 FY25 4,393 9,194 4,697 9,768 69.4% 68.9% 70.6% 70.1% 71.3% 69.7% 70.6% 70.2% 3.4% 3.8% 4.8% 4.5% -5.3% -4.6% -4.8% -4.6% -3.5% -3.9% -2.6% -2.9% 21.9% 21.9% 20.7% 20.4% 87.8% 86.8% 88.6% 87.5% 538 1,212 533 1,220 251 421 261 468 334 572 373 675 -83 -151 -112 -207 788 1,633 794 1,688 -249 -472 -220 -451 0 0 0 0 0 0 0 0 539 1,161 574 1,237 2,153 1,712 2,221 1,783 13,485 13,889 13,900 13,882 Europe 1H24 FY24 1H25 FY25 10,060 20,400 10,610 21,305 66.5% 66.9% 64.7% 65.1% 65.0% 65.5% 64.1% 64.3% 4.5% 4.1% 3.3% 3.1% -3.1% -2.8% -2.7% -2.3% -2.1% -2.1% -1.1% -1.3% 25.9% 26.2% 26.0% 26.2% 90.3% 91.0% 89.6% 90.0% 977 1,844 1,104 2,127 473 912 461 876 658 1,244 667 1,257 -185 -332 -206 -381 1,450 2,757 1,564 3,002 -352 -671 -384 -734 0 0 0 0 -25 -57 -28 -52 1,073 2,029 1,152 2,216 7,151 5,166 7,591 5,534 24,834 25,955 26,003 25,737 AXA XL 1H24 o/w AXA XL Insurance FY24 o/w AXA XL Insurance 1H25 o/w AXA XL Insurance FY25 o/w AXA XL Insurance 9,022 7,867 18,530 16,136 9,428 8,129 18,699 16,207 67.5% 67.2% 69.2% 69.0% 68.4% 68.0% 68.8% 68.3% 68.8% 68.9% 69.3% 69.5% 69.7% 69.8% 69.8% 69.6% 3.8% 2.8% 4.6% 3.8% 4.2% 3.4% 3.9% 3.1% -5.1% -4.6% -4.7% -4.2% -5.5% -5.2% -4.9% -4.4% -0.1% 0.0% -0.1% 0.0% -0.2% -0.2% 0.0% 0.0% 20.3% 21.8% 21.0% 22.7% 20.4% 22.2% 20.9% 22.6% 87.7% 89.0% 90.2% 91.7% 88.6% 90.0% 89.7% 91.0% 1,111 865 1,820 1,335 1,074 809 1,928 1,464 273 159 596 387 298 213 632 445 614 416 1,233 868 681 507 1,331 981 -341 -257 -637 -481 -384 -294 -699 -536 1,384 1,024 2,417 1,721 1,372 1,022 2,560 1,910 -352 -257 -588 -457 -339 -252 -647 -482 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,032 767 1,828 1,264 1,032 770 1,913 1,427 7,478 5,905 7,028 5,948 7,315 5,879 6,467 5,461 24,865 18,223 25,915 19,146 24,533 18,295 25,044 18,897 PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY (in Euro million) AXA Consolidated Financial Statements Asia, Africa & EME-LATAM 1H24 FY25 Revenues Current Accident Year Loss Ratio Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) Undiscounted Current Accident Year Nat Cats Current Accident Year Discounting Prior Year Reserve Development Ratio Expense Ratio Combined Ratio Technical Margin 2,855 68.6% 70.0% 0.8% -2.2% -0.1% 29.4% 98.0% 57 5,825 69.3% 70.4% 0.9% -2.0% 0.1% 29.6% 99.1% 55 2,975 68.2% 69.7% 0.8% -2.3% -1.0% 29.0% 96.2% 114 5,949 69.6% 70.2% 1.6% -2.2% -0.2% 29.8% 99.2% 48 963 53.2% 52.9% 1.4% -1.1% -3.7% 50.5% 100.1% -1 1,948 51.0% 51.1% 1.1% -1.2% -5.7% 50.9% 96.2% 74 987 48.0% 48.0% 1.3% -1.2% -4.0% 52.5% 96.5% 35 1,935 44.6% 44.5% 1.2% -1.1% -1.9% 52.8% 95.5% 86 CSM Release Technical Experience Financial Result Investment Income Insurance Finance Expenses Other Revenues Other Expenses Debt Financing Charges Underlying Earnings Before Tax Tax Income from Affiliates & Other Minority Interests Underlying Earnings Group share 242 261 -20 484 518 -35 261 292 -31 530 585 -55 86 100 -14 146 164 -18 62 74 -12 125 140 -15 299 -77 2 -30 194 539 -159 3 -49 334 375 -110 1 -34 233 579 -170 3 -57 355 85 -15 0 0 70 220 -62 0 0 158 97 -21 0 -1 75 211 -58 0 -2 151 For short-term business Liabilities for remaining coverage net of reinsurance Best Estimate for incurred Claims net of reinsurance 1,802 3,385 1,834 3,640 1,935 3,510 2,024 3,804 700 3,231 266 2,351 705 2,269 231 2,101 For long-term business Best Estimate Liabilities net of reinsurance 1H25 FY24 FY25 1H25 FY24 1H24 Transversal & Other Financial Result & Other Long-term Business LIFE & HEALTH PROFITABILITY ANALYSIS BY LINE OF BUSINESS (in Euro million) AXA Consolidated Financial Statements Life & Health Underlying Earnings by Line of Business Short-term Business Total Life Health 1H24 FY24 1H25 FY25 Employee Benefits* (out of Total Life & Health) 1H24 FY24 1H25 FY25 5,592 11,482 5,931 12,035 98.2% 97.8% 97.4% 97.1% 101 248 156 347 58 110 59 107 17 37 22 38 -3 -2 -5 -8 2 4 7 8 0 0 0 0 19 35 20 38 75 157 91 175 219 429 232 456 -144 -272 -141 -281 252 552 328 666 -46 -111 -64 -110 205 441 264 556 1H24 FY24 1H25 FY25 1H24 FY24 1H25 FY25 2,289 2,000 2,750 2,490 2,286 2,384 2,337 3,386 Revenues 7,979 16,207 8,512 17,416 2,112 4,247 2,211 4,444 5,867 11,960 6,301 12,972 Combined Ratio 97.6% 97.4% 97.1% 97.2% 94.5% 95.5% 95.2% 95.4% 98.6% 98.1% 97.8% 97.9% Technical Margin 195 415 248 479 116 191 107 206 79 224 141 273 Long-term Business CSM Release 1,395 2,775 1,428 2,954 1,136 2,253 1,158 2,415 259 522 270 539 Technical Experience -64 -95 -30 -150 -71 -98 -28 -139 7 3 -2 -11 Actual vs. Expected Cash Flows 9 -15 12 39 -4 -33 10 37 13 18 2 2 Risk Adjustment Release 30 59 44 72 25 51 37 59 4 8 7 13 Changes in Onerous Contracts -32 6 -12 -29 -30 9 -10 -25 -1 -2 -2 -4 Other Long-term -72 -145 -74 -232 -63 -124 -65 -211 -8 -21 -9 -22 Financial Result & Other Financial Result 536 975 563 946 454 799 462 738 82 176 101 209 Investment Income 1,319 2,525 1,329 2,484 1,159 2,209 1,159 2,142 160 317 170 341 Insurance Finance Expenses -783 -1,551 -767 -1,538 -705 -1,410 -697 -1,405 -78 -140 -69 -133 Other Revenues Other Expenses Debt Financing Charges Underlying Earnings Before Tax 2,061 4,070 2,209 4,229 1,634 3,145 1,699 3,219 427 925 510 1,010 Tax -412 -874 -462 -800 -316 -635 -329 -584 -96 -239 -133 -216 Income from Affiliates & Other 103 186 101 157 101 182 93 154 2 4 8 2 Minority Interests -27 -60 -34 -85 -27 -56 -30 -75 0 -4 -3 -9 Underlying Earnings Group share 1,725 3,323 1,814 3,501 1,392 2,636 1,433 2,715 333 687 381 787 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 2,511 157 96 105 21 Best Estimate for incurred Claims net of reinsurance 13,876 14,162 13,960 14,592 11,589 11,778 11,623 11,205 For long-term business Best Estimate Liabilities net of reinsurance 295,342 306,249 301,040 300,391 275,276 285,391 280,314 280,280 20,066 20,858 20,726 20,112 o/w VFA Gross of reinsurance 264,013 273,094 266,960 271,902 243,037 251,273 244,964 250,326 20,977 21,821 21,996 21,576 o/w BBA Gross of reinsurance 50,097 51,845 51,524 45,307 50,917 52,713 52,731 46,724 -821 -868 -1,207 -1,417 o/w Reinsurance -18,768 -18,690 -17,443 -16,817 -18,679 -18,595 -17,381 -16,770 -90 -95 -62 -47 *Employee Benefits include Group Protection and Group Health contracts Life & Health Underlying Earnings by Geography Short-term Business 1H24 Total 1H25 Transversal & Other 1H24 FY24 1H25 FY25 France 1H24 FY24 1H25 FY25 4,654 9,503 4,870 9,787 96.7% 97.3% 97.4% 97.3% 155 258 124 265 407 823 419 895 -40 -96 -37 -81 8 -8 2 15 5 15 9 14 0 0 0 0 -52 -103 -49 -111 100 192 118 197 370 701 370 703 -270 -509 -252 -507 622 1,176 624 1,276 -106 -220 -100 -237 4 9 0 0 0 0 0 0 519 964 524 1,039 50 -2 28 -6 12,589 12,831 12,443 12,850 112,949 115,280 114,525 114,424 116,132 117,942 116,770 117,266 9,606 10,019 9,848 8,873 Europe 1H24 FY24 1H25 FY25 1,778 3,604 2,051 4,419 98.8% 96.9% 96.4% 94.8% 21 113 73 230 468 920 471 984 -11 -8 8 -70 5 -11 -11 -6 11 21 21 32 -33 -25 -13 -36 7 7 12 -61 284 504 269 477 490 916 478 889 -206 -412 -209 -411 762 1,529 821 1,622 -180 -376 -176 -285 0 0 0 0 -23 -49 -28 -74 559 1,104 616 1,264 1,228 967 1,619 1,352 773 871 1,015 1,186 135,034 139,257 137,584 136,725 121,623 125,513 121,135 122,782 13,520 13,810 16,410 13,760 AXA XL 1H24 FY24 1H25 FY25 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0 0 0 0 4 3 0 1 3 2 0 -5 -2 -3 -1 -6 0 1 0 1 5 5 0 0 0 0 0 0 10 19 10 20 13 27 14 27 -3 -7 -4 -8 17 25 10 16 -3 0 -2 -4 0 0 0 0 0 0 0 0 14 25 8 12 0 0 0 0 0 0 0 0 324 345 310 309 0 0 0 0 1,670 1,659 1,522 1,473 Asia, Africa & EME-LATAM 1H24 FY24 1H25 FY25 1,457 2,925 1,503 3,037 99.1% 99.1% 97.6% 101.3% 13 26 36 -39 516 1,029 538 1,074 -17 7 -1 6 0 8 22 35 13 23 13 25 -3 26 1 7 -26 -50 -37 -61 142 260 165 250 446 882 467 862 -303 -622 -301 -612 654 1,322 739 1,291 -123 -277 -182 -272 100 177 101 157 -4 -12 -5 -11 627 1,211 653 1,165 1,159 1,124 1,204 1,155 501 447 487 541 47,035 51,368 48,620 48,934 26,258 29,639 29,055 31,854 25,301 26,356 23,743 21,201 FY25 FY24 Long-term Business Revenues Combined Ratio Technical Margin CSM Release Technical Experience Actual vs. Expected Cash Flows Financial Result & Other Risk Adjustment Release Changes in Onerous Contracts Other Long-term Financial Result Investment Income Insurance Finance Expenses Other Revenues Other Expenses Debt Financing Charges Underlying Earnings Before Tax Tax Income from Affiliates & Other Minority Interests Underlying Earnings Group share For short-term business Liabilities for remaining coverage net of reinsurance Best Estimate for incurred Claims net of reinsurance For long-term business Best Estimate Liabilities net of reinsurance o/w VFA Gross of reinsurance o/w BBA Gross of reinsurance 7,979 16,207 8,512 17,416 97.6% 97.4% 97.1% 97.2% 195 415 248 479 1,395 2,775 1,428 2,954 -64 -95 -30 -150 9 -15 12 39 30 59 44 72 -32 6 -12 -29 -72 -145 -74 -232 536 975 563 946 1,319 2,525 1,329 2,484 -783 -1,551 -767 -1,538 2,061 4,070 2,209 4,229 -412 -874 -462 -800 103 186 101 157 -27 -60 -34 -85 1,725 3,323 1,814 3,501 2,446 2,096 2,856 2,511 13,876 14,162 13,960 14,592 295,342 306,249 301,040 300,391 264,013 273,094 266,960 271,902 50,097 51,845 51,524 45,307 90 174 88 172 92.2% 89.1% 83.6% 86.7% 7 19 14 23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 0 2 0 0 0 0 7 19 14 25 0 0 -1 -4 0 0 0 0 0 0 0 0 7 19 14 22 9 6 5 10 13 14 15 15 0 0 0 0 0 0 0 0 0 0 0 0 o/w Reinsurance -18,768 -18,690 -17,443 -16,817 -12,790 -12,682 -12,093 -11,715 -108 -66 39 183 -1,346 -1,315 -1,212 -1,164 -4,524 -4,627 -4,178 -4,121 0 0 0 0 LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY (in Euro million) AXA Consolidated Financial Statements LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY (in Euro million) AXA Consolidated Financial Statements Life Underlying Earnings by Geography Short-term Business Transversal & Other 1H24 FY24 1H25 FY25 Revenues Combined Ratio Technical Margin Long-term Business Actual vs. Expected Cash Flows Risk Adjustment Release Changes in Onerous Contracts Other Long-term Financial Result & Other CSM Release Technical Experience Financial Result Investment Income Insurance Finance Expenses Other Revenues Other Expenses Debt Financing Charges Underlying Earnings Before Tax Tax Underlying Earnings Group share Income from Affiliates & Other Minority Interests For short-term business Liabilities for remaining coverage net of reinsurance Best Estimate for incurred Claims net of reinsurance For long-term business Best Estimate Liabilities net of reinsurance Total 1H24 FY24 1H25 FY25 2,112 4,247 2,211 4,444 94.5% 95.5% 95.2% 95.4% 116 191 107 206 1,136 2,253 1,158 2,415 -71 -98 -28 -139 -4 -33 10 37 25 51 37 59 -30 9 -10 -25 -63 -124 -65 -211 454 799 462 738 1,159 2,209 1,159 2,142 -705 -1,410 -697 -1,405 1,634 3,145 1,699 3,219 -316 -635 -329 -584 101 182 93 154 -27 -56 -30 -75 1,392 2,636 1,433 2,715 157 96 105 21 11,589 11,778 11,623 11,205 275,276 285,391 280,314 280,280 243,037 251,273 244,964 250,326 50,917 52,713 52,731 46,724 France 1H24 FY24 1H25 FY25 1,902 3,843 2,005 4,044 95.1% 96.3% 95.9% 96.1% 93 141 83 158 407 823 419 895 -40 -96 -37 -81 8 -8 2 15 5 15 9 14 0 0 0 0 -52 -103 -49 -111 103 193 114 185 344 660 346 649 -241 -467 -232 -464 563 1,060 579 1,156 -96 -194 -93 -213 4 9 0 0 0 0 0 0 470 875 486 943 23 -19 4 -41 11,349 11,502 11,352 10,939 112,949 115,280 114,525 114,424 116,132 117,942 116,770 117,266 9,606 10,019 9,848 8,873 Europe 1H24 FY24 1H25 FY25 53 109 54 106 79.8% 77.0% 79.0% 77.3% 11 25 11 24 390 759 386 804 -4 12 13 -53 3 -11 -11 -6 12 23 20 30 -32 -23 -13 -33 13 23 17 -44 249 432 232 401 451 838 438 809 -202 -407 -206 -408 645 1,227 643 1,176 -148 -289 -131 -183 0 0 0 0 -23 -47 -28 -70 474 891 484 923 -3 -14 -35 -24 75 120 118 124 114,389 117,841 116,058 115,433 100,727 103,800 99,267 101,144 13,770 14,107 16,752 14,106 AXA XL 1H24 FY24 1H25 FY25 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0 0 0 0 4 3 0 1 3 2 0 -5 -2 -3 -1 -6 0 1 0 1 5 5 0 0 0 0 0 0 10 19 10 20 13 27 14 27 -3 -7 -4 -8 17 25 10 16 -3 0 -2 -4 0 0 0 0 0 0 0 0 14 25 8 12 0 0 0 0 0 0 0 0 324 345 310 309 0 0 0 0 1,670 1,659 1,522 1,473 o/w VFA Gross of reinsurance o/w BBA Gross of reinsurance 0 0 0 0 Asia, Africa & EME-LATAM 1H24 FY24 1H25 FY25 157 296 152 295 92.3% 91.5% 91.5% 91.6% 12 25 13 25 336 669 353 715 -30 -16 -4 0 -12 -10 20 33 8 13 8 14 -3 26 3 8 -23 -45 -34 -55 92 155 105 132 350 684 361 657 -259 -530 -256 -525 409 833 468 872 -68 -152 -103 -184 97 173 93 154 -4 -9 -3 -5 434 845 456 837 137 129 137 86 165 157 154 142 47,614 51,926 49,420 50,113 26,178 29,530 28,928 31,916 25,871 26,927 24,608 22,272 0.0% 0.0% 0.0% 0.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o/w Reinsurance -18,679 -18,595 -17,381 -16,770 -12,790 -12,682 -12,093 -11,715 -108 -66 39 183 -1,346 -1,315 -1,212 -1,164 -4,435 -4,532 -4,116 -4,074 0 0 0 0 HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY (in Euro million) AXA Consolidated Financial Statements Health Underlying Earnings by Geography Short-term Business Transversal & Other 1H24 FY24 1H25 FY25 Revenues Combined Ratio Technical Margin Long-term Business Actual vs. Expected Cash Flows Risk Adjustment Release Changes in Onerous Contracts Other Long-term Financial Result & Other CSM Release Technical Experience Financial Result Investment Income Insurance Finance Expenses Other Revenues Other Expenses Debt Financing Charges Underlying Earnings Before Tax Tax Underlying Earnings Group share Income from Affiliates & Other Minority Interests For short-term business Liabilities for remaining coverage net of reinsurance Best Estimate for incurred Claims net of reinsurance For long-term business Best Estimate Liabilities net of reinsurance Total 1H24 FY24 1H25 FY25 5,867 11,960 6,301 12,972 98.6% 98.1% 97.8% 97.9% 79 224 141 273 259 522 270 539 7 3 -2 -11 13 18 2 2 4 8 7 13 -1 -2 -2 -4 -8 -21 -9 -22 82 176 101 209 160 317 170 341 -78 -140 -69 -133 427 925 510 1,010 -96 -239 -133 -216 2 4 8 2 0 -4 -3 -9 333 687 381 787 2,289 2,000 2,750 2,490 2,286 2,384 2,337 3,386 20,066 20,858 20,726 20,112 20,977 21,821 21,996 21,576 -821 -868 -1,207 -1,417 France 1H24 FY24 1H25 FY25 2,752 5,661 2,865 5,744 97.8% 97.9% 98.5% 98.1% 62 117 42 108 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -3 -1 4 12 26 41 24 55 -29 -43 -20 -42 59 116 46 120 -10 -27 -7 -24 0 0 0 0 0 0 0 0 49 89 39 96 27 18 24 35 1,240 1,329 1,091 1,911 0 0 0 0 0 0 0 0 0 0 0 0 Europe 1H24 FY24 1H25 FY25 1,725 3,495 1,997 4,314 99.4% 97.5% 96.9% 95.2% 10 88 62 206 78 161 84 180 -6 -20 -5 -17 1 0 0 0 0 -2 1 3 -1 -2 0 -3 -6 -16 -6 -16 35 72 37 76 39 77 40 79 -4 -5 -4 -3 117 302 178 446 -31 -87 -46 -101 0 0 0 0 0 -1 0 -4 85 213 132 341 1,231 981 1,654 1,375 698 751 898 1,062 20,645 21,416 21,527 21,291 20,896 21,713 21,868 21,637 -250 -297 -342 -346 AXA XL 1H24 FY24 1H25 FY25 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o/w VFA Gross of reinsurance o/w BBA Gross of reinsurance 90 174 88 172 Asia, Africa & EME-LATAM 1H24 FY24 1H25 FY25 1,300 2,629 1,350 2,742 100.0% 100.0% 98.3% 102.3% 1 1 23 -64 180 360 186 359 14 23 3 6 12 18 2 2 5 10 5 11 -1 0 -1 -1 -2 -5 -3 -5 51 105 60 118 95 198 106 205 -45 -93 -45 -87 245 489 272 419 -55 -125 -80 -88 2 4 8 2 0 -3 -3 -6 192 366 197 328 1,022 995 1,067 1,069 336 290 334 398 -579 -557 -800 -1,180 81 109 128 -62 -571 -571 -866 -1,071 92.2% 89.1% 83.6% 86.7% 7 19 14 23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 0 2 0 0 0 0 7 19 14 25 0 0 -1 -4 0 0 0 0 0 0 0 0 7 19 14 22 9 13 6 14 5 15 10 15 0 0 0 0 0 0 0 0 0 0 0 0 o/w Reinsurance -90 -95 -62 -47 0 0 0 0 0 0 0 0 0 0 0 0 -90 -95 -62 -47 0 0 0 0 Back to Summary ASSET MANAGEMENT - ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD & PROFITABILITY ANALYSIS (in Euro million unless otherwise mentioned) AXA Consolidated Financial Statements Opening AUM (in Euro billion) Net Inflows 1H24 FY24 1H25 Total o/w Third Party 879 356 -3 -10 0 -3 -6 -21 853 341 233 95 528 246 92 875 FY25* Total o/w Third Party Total o/w Third Party Total o/w Third Party 843 332 843 332 879 356 7 -1 3 4 -3 -10 0 -3 -6 -21 853 341 233 95 528 246 92 Scope & Other 0 10 2 26 21 5 Market Effect 12 Currency Impact -4 Closing AUM (in Euro billion) 859 340 879 356 Alternatives 227 86 229 90 Core & Other 532 254 551 266 Asian Joint Ventures 101 99 Gross Revenues - After Intercompany Elimination 787 1,701 875 1,018 724 439 16 9 231 46 1,018 724 439 16 9 Gross Revenues - Before Intercompany Elimination 937 2,004 Management Fees 679 385 1,425 773 Performance Fees 18 8 57 21 Distribution Fees 205 409 Other 35 112 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 Income from Affiliates & Other Minority Interests -69 -160 -68 -68 16 29 8 8 -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 bps 18.8 bps 18.8 bps 18.8 bps Underlying Cost Income Ratio 67.3% 68.0% 71.4% 71.4% 231 46 *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 HOLDINGS PROFITABILITY ANALYSIS & AXA SA CASH BALANCE ROLLFORWARD (in Euro million) AXA Consolidated Financial Statements Holdings Underlying Earnings' 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 Opening Cash Balance at AXA SA² (in Euro billion) 4.0 4.0 Net cash remittance from subsidiariesK 7.7 7.5 Property & Casualty 4.0 5.1 Life & Health 3.6 2.5 Asset Management & Other 0.1 0.0 Dividends -4.4 -4.6 Share buy-backs4 -1.8 -4.7 Holding costs and interests -1.3 -1.3 Debt issuance 0.1 1.6 M&A and disposals 0.0 3.8 Other -0.3 -0.7 Closing Cash Balance at AXA SA² 4.0 5.6 ' Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25. ² Includes liquid invested assets. K 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) GROSS WRITTEN PREMIUMS & OTHER REVENUES, NEW BUSINESS VALUE & PRESENT VALUE OF EXPECTED PREMIUMS (in Euro million) AXA Consolidated Financial Statements Activity Indicators by Line of Business 1H24 Total P&C Life & Health o/w Employee Benefits** Life Health Asset Management Bank FY24 Total P&C Life & o/w Health Employee Benefits** Life Health Asset Management Bank 1H25 Total P&C Life & o/w Health Employee Benefits** Life Health Asset Management Bank FY25 Total P&C Life & o/w Health 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 57 110,316 56,514 51,983 12,167 34,497 17,486 1,701 118 64,251 34,097 29,230 7,223 19,081 10,149 875 49 115,524 58,038 56,512 12,867 37,499 19,014 875 99 1,206 1,206 953 253 1,131 1,131 919 213 456 456 333 123 -381 -381 -299 -83 25,588 25,588 18,234 7,354 4.7% 4.7% 5.2% 3.4% 2,264 2,264 1,792 473 2,169 2,169 1,770 399 824 824 594 231 -729 -729 -572 -158 50,896 50,896 36,860 14,036 4.4% 4.4% 4.9% 3.4% 1,189 1,189 928 260 1,184 1,184 950 234 382 382 270 113 -378 -378 -292 -86 25,918 25,918 19,487 6,430 4.6% 4.6% 4.8% 4.0% 2,233 2,233 1,747 486 2,199 2,199 1,822 377 757 757 491 266 -724 -724 -567 -157 49,357 49,357 37,103 12,254 4.5% 4.5% 4.7% 4.0% IFRS17/9 New Business Value (NBV) (a) New Business Contractual Service Margin (NB CSM) Other NBV * Tax Present Value of Expected Premiums (PVEP) (b) IFRS17/9 NBV Margin (a)/(b) Activity Indicators by Geography 1H24 Total France Europe AXA XL Asia, Africa & EME- LATAM AXA IM Transversal & Other FY24 Total France Europe AXA XL Asia, Africa & EME- LATAM AXA IM Transversal & Other 1H25 Total France Europe AXA XL Asia, Africa & EME- LATAM AXA IM Transversal & Other FY25 Total France Europe AXA XL Asia, Africa & EME- LATAM AXA IM Transversal & Other Gross Written Premiums & Other Revenues 59,872 14,719 22,579 11,220 9,571 787 995 110,316 28,996 39,298 19,383 19,083 1,701 1,856 64,251 15,670 24,649 11,749 10,302 875 1,006 115,524 30,598 43,005 19,277 19,925 875 1,844 1,206 354 348 504 1,131 203 398 531 456 275 50 131 -381 -123 -100 -158 25,588 12,301 6,317 6,971 4.7% 2.9% 5.5% 7.2% 2,264 682 597 986 2,169 391 731 1,047 824 528 49 247 -729 -237 -184 -309 50,896 25,370 11,831 13,695 4.4% 2.7% 5.0% 7.2% 1,189 315 364 510 1,184 199 443 541 382 225 28 129 -378 -109 -107 -161 25,918 11,662 6,843 7,413 4.6% 2.7% 5.3% 6.9% 2,233 695 578 959 2,199 431 740 1,028 757 506 12 239 -724 -242 -174 -308 49,357 22,858 12,651 13,847 4.5% 3.0% 4.6% 6.9% IFRS17/9 New Business Value (NBV) (a) New Business Contractual Service Margin (NB CSM) Other NBV * Tax Present Value of Expected Premiums (PVEP) (b) IFRS17/9 NBV Margin (a)/(b) *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. BALANCE SHEET (in Euro billion) AXA Consolidated Financial Statements Assets FY24 FY25 Liabilities, Non-controlling Interests & Shareholders' Equity FY24 FY25 Goodwill 18.1 17.8 Shareholders' Equity group share 49.9 47.2 Other intangible assets 4.4 4.4 Non-controlling Interests 2.5 2.4 Total Intangible assets 22.6 22.2 Shareholders' equity 52.5 49.6 Investments in real estate properties 29.2 27.8 Financing debt 14.4 15.8 Financial investments 418.2 401.8 Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts 477.0 470.4 Unit-linked Assets 90.1 97.2 Present Value of Future Cash Flows 438.4 432.6 Total Investments from Insurance activities 537.5 526.9 Contractual Service Margin 35.3 34.7 Investments from Non-Insurance Activities 18.5 16.6 Risk Adjustment 3.3 3.1 Equity Method investments 1.5 1.5 Other Investment Contract Liabilities 12.6 12.8 Assets Arising from Insurance and Reinsurance Contracts Held 26.1 23.9 Liabilities arising from insurance, reinsurance and investment contracts 489.6 483.2 Present Value of Future Cash Flows 24.1 22.0 Liabilities Arising from Non-Insurance Activities 10.1 9.9 Contractual Service Margin 1.4 1.4 Provisions for risks and charges 4.9 4.6 Risk Adjustment 0.5 0.5 Payables and Other liabilities 80.9 72.5 Receivables and Other Assets 24.1 21.9 Liabilities held for sale 1.4 0.0 Assets held for sale 4.5 0.2 Total Liabilities, Non-controlling Interests and Shareholders' Equity 653.8 635.5 Cash and cash equivalents 19.0 22.2 Total Assets 653.8 635.5 CONTRACTUAL SERVICE MARGIN ROLLFORWARD (Net of R/I) (in Euro million) AXA Consolidated Financial Statements 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 26,320 FY23 Restated** Contractual Service Margin (CSM) *Including scope changes and FX. FY24 Contractual Service Margin (CSM) ** 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 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 25,864 *Including scope changes and FX. ECONOMIC VIEW OF INVESTED ASSETS (in Euro billion) AXA Consolidated Financial Statements Fair Value by Rating Average rating 1 AAA AA A BBB Below Investment Grade Non Rated General Account Invested Assets as of FY25 Fair value Asset Allocation % o/w Participating Duration gap General Account Invested Assets 1 450 60% -0.4 yr Fixed Income 345 77% 60% Government Bonds 167 37% 66% Corporate Bonds and Loans 121 27% 55% Other Fixed Income 56 13% 52% Asset Backed Securities 2 25 6% 48% Mortgage Loans 3 31 7% 56% Real Estate 41 9% 63% Infrastructure Equity 10 2% 64% Listed Equities 4 10 2% 82% Private Equity & Hedge Funds 5 23 5% 55% Cash 19 4% 50% Policy Loans 2 0% 51% AA 27% 31% 28% 10% 2% 2% A 16% 6% 39% 28% 11% 54% 28% 10% 3% 1% 4% 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. 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). 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. SUPPLEMENTARY INFORMATION ON ECONOMIC VIEW OF INVESTED ASSETS AS OF FY25 (in Euro billion) AXA Consolidated Financial Statements Government Bonds Breakdown By Geographical Exposure Fair Value Belgium France Germany Italy Japan Netherlands Spain Switzerland United States Other EU countries Supranational Rest of the World 167 6% 12% 6% 5% 8% 3% 6% 9% 10% 8% 13% 15% Corporate Bonds and Loans Breakdown By Industry Fair Value Basic Materials Communications Consumer, Cyclical Consumer, Non-Cyclical Covered and Senior Secured Bonds Energy Financials Industrial Technology Utilities Other 121 2% 6% 4% 11% 29% 1% 28% 6% 2% 8% 3% Exposure to the Financials Total Banks Non-Banks 1 Total 33.4 27.5 6.0 Senior Unsecured Bonds 29.8 24.3 5.5 Subordinated Bonds 2 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 1 Breakdown By Asset Domiciliation Fair Value Belgium France Germany Japan Netherlands Switzerland United States Other EU countries Rest of the World 10 3% 7% 3% 7% 2% 4% 37% 9% 27% Breakdown By Industry Fair Value Basic Materials Communications Consumer, Cyclical Consumer, Non-Cyclical Diversified Energy Financials Funds Industrial Technology Utilities Other 10 5% 11% 9% 14% 3% 0% 20% 6% 12% 17% 1% 0% Breakdown By Geographical Exposure Fair Value Belgium France Germany Italy Japan Spain Switzerland United Kingdom United States Other EU countries Rest of the World 41 5% 25% 11% 3% 5% 4% 13% 7% 12% 5% 10% 1 Including hedges . Real Estate Breakdown By Type Fair Value Office Residential Industrial-Logistic Retail Others 41 33% 22% 15% 12% 18% Private Equities 1 Breakdown By Asset Domiciliation Fair Value Europe Japan United States Other 17 45% 5% 46% 5% 1 Excluding Non-listed Equity . Mortgage Loans 1,2 Breakdown by Type Fair Value Residential Commercial 23 69% 31% 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%. Back to Summary SHAREHOLDERS' EQUITY AXA Consolidated Financial Statements Change in Group Share Consolidated Shareholders' Equity FY25 Shareholders' Equity at Beginning of the Period 49.9 Paid-in Capital -4.9 Treasury Shares -0.1 Other Comprehensive Income Arising from Defined Benefit Plans -0.3 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 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 Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt. Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share. Unrealized Gains and Losses on Invested Assets (Net of Tax) FY24 FY25 Government Bonds (recyclable) -7.5 -13.0 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 RETURN ON EQUITY, CONSOLIDATED FINANCIAL STRUCTURE & DEBT GEARING (in Euro billion) AXA Consolidated Financial Statements Net Income ROE Net Income (a) Average Adjusted Shareholders' Equity (b) Return on Equity (ROE) Underlying ROE FY24 FY25 Change in % points (FY25 vs FY24) 14.8% 18.8% 3.9 pt 7.7 9.6 51.8 51.3 Average Adjusted Shareholders' Equity (b) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity). Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity). Financing Debt Financing Debt Instrument Issued Financing Debt Owed to Credit Institutions Dated Subordinated Debt Reversal of mark-to-market of interest rates derivatives 3.2 3.2 0.0 11.2 -0.1 3.2 3.2 0.0 12.6 -0.1 Undated Deeply Subordinated Notes (TSS) Deeply Subordinated Notes (TSDI) 2.9 1.9 4.3 0.3 P&L Equity Equity 25.9 26.3 49.6 52.5 Contractual Service Margin net of tax (D) Shareholders' Equity (Including Non-Controlling Interests) (a) (C) 20.3 19.2 15.7 14.3 20.6% 22.3% Debt Gearing (G) = (B) / (E) 93.1 91.1 Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A) Total Gross Debt incl. Undated and Deeply Subordinated Notes (B) Total Gross Debt (A) Consolidated Financial Structure & Debt Gearing (in Euro billion) 15.2% 16.0% 0.8 pt 7.9 8.2 51.8 51.3 Underlying Earnings (a) FY24 FY25 Financial interest treatment (a) Shareholders' equity includes undated and deeply subordinated debts. ELIGIBLE OWN FUNDS, SOLVENCY CAPITAL REQUIREMENT & SOLVENCY II RATIO (in Euro billion) AXA Consolidated Financial Statements Solvency II Rollforward FY24 Regulatory & model changes Normalized Capital Generation Operating variance Economic variance (incl. FX) Dividend & share buy-backs Debt M&A, In-force and Other FY25 Eligible Own Fund (EOF) 55.9 0.2 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% 28% -1% 4% -24% 6% -5% 224% 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 Ancillary Subject to Transitional Measures* 4.5 3.4 1.1 Other Financial Sectors 2.5 2.5 EOF Tiering EOF as of FY25 Total 56.4 Unrestricted Tier 1 39.6 Restricted Tier 1 4.7 Tier 2 11.6 Tier 3 0. Insurance Sector 55.1 38.4 4.7 11.6 0.4 Insurance Sector 53.5 37.5 4.9 10.2 0.8 *Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026. Solvency II Key Sensitivities (in pts) FY24 FY25 Interest Rate +50 bps +2 pts +2 pts Interest Rate -50 bps -4 pts -1 pt Corporate Spread +50bps -1 pt -1 pt Euro Government Spreads +50bps -10 pts -7 pts Credit Migration +20% -4 pts -4 pts Listed Equities +25% +0 pt -1 pt Listed Equities -25% -3 pts +2 pts Private and Infrastructure Equity +25% +13 pts +14 pts Private and Infrastructure Equity -25% -15 pts -19 pts Inflation swap curve +50bps -6 pts -5 pts 49.6 IFRS SHAREHOLDERS' EQUITY FY25 Reconciliation IFRS17/9 Shareholders' Equity to Solvency II Eligible Own Funds IFRS SHAREHOLDERS' EQUITY inc. CSM 75.5 Back to Summary Net URCG not included in Shareholders' Equity Elimination Undated Subordinated Debts Elimination Intangibles Goodwill others 6.4 -4.6 -21.3 -17.8 -3.5 Foreseeable dividends and distribution Technical provision adjustments Risk Margin vs Risk Adjustment BEL adjustment Other adjustments -6.3 -9.6 -6.4 -3.2 -0.6 Restricted Tier 1 + Tier 2 Tier 3 16.4 0.4 GROUP ELIGIBLE OWN FUNDS 56.4 UNRESTRICTED TIER 1 39.6 IFRS TANGIBLE NET ASSET VALUE 56.0 25.9 Contractual Service Margin (net of tax) AXA Consolidated Financial Statements (in Euro billion) RECONCILIATION FROM IFRS17/9 SHAREHOLDERS' EQUITY TO SOLVENCY II ELIGIBLE OWN FUNDS