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 and 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 Management (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 Structure & Debt Gearing
Eligible Own Funds, Solvency Capital Requirement & 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. | ||
(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
4,02083
-131
-240
-99
7,886-467
-48
-63
-30
3,922-813
-86
-197
2,386
9,797Deeply 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 Business16.2% | 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 | |||
(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 share88
0
0
-447209
0
0
-90776
0
-1
-455212
0
-2
-903Underlying 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 BusinessTransversal & 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 RevenuesCurrent 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 BusinessCSM Release Technical Experience
Financial Result & OtherFinancial 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 shareClosing 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 reinsuranceFor 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 -35Property & Casualty Underlying Earnings by Geography
Short-term BusinessTotal | |||
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 |
(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 share242
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
151For 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 2,101For long-term business
Best Estimate Liabilities net of reinsurance1H25
FY24
FY25
1H25
FY24
1H24
Transversal & Other
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 Business1H24
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
Revenues Combined Ratio Technical Margin
CSM Release Technical Experience
Actual vs. Expected Cash Flows
Financial Result & OtherRisk 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 shareFor short-term business
Liabilities for remaining coverage net of reinsurance Best Estimate for incurred Claims net of reinsuranceFor 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 14,592 295,342 306,249 301,040 300,391264,013 273,094 266,960 271,902
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 14 250 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 00 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 BusinessTransversal & Other | |||
1H24 | FY24 | 1H25 | FY25 |
Revenues
Combined Ratio Technical Margin
Long-term BusinessActual vs. Expected Cash Flows Risk Adjustment Release Changes in Onerous Contracts Other Long-term
Financial Result & OtherCSM Release Technical Experience
Financial Result
Investment Income Insurance Finance Expenses
Other Revenues Other Expenses
Debt Financing Charges
Underlying Earnings Before TaxTax
Underlying Earnings Group shareIncome from Affiliates & Other Minority Interests
For short-term business
Liabilities for remaining coverage net of reinsurance Best Estimate for incurred Claims net of reinsuranceFor long-term business
Best Estimate Liabilities net of reinsuranceTotal | |||
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 00 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 00 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 BusinessTransversal & Other | |||
1H24 | FY24 | 1H25 | FY25 |
Revenues
Combined Ratio Technical Margin
Long-term BusinessActual vs. Expected Cash Flows Risk Adjustment Release Changes in Onerous Contracts Other Long-term
Financial Result & OtherCSM Release Technical Experience
Financial Result
Investment Income Insurance Finance Expenses
Other Revenues Other Expenses
Debt Financing Charges
Underlying Earnings Before TaxTax
Underlying Earnings Group shareIncome from Affiliates & Other Minority Interests
For short-term business
Liabilities for remaining coverage net of reinsurance Best Estimate for incurred Claims net of reinsuranceFor long-term business
Best Estimate Liabilities net of reinsuranceTotal | |||
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 14 250 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 00 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 rating1 | 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 Assets1 | 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 Equities4 | 10 | 2% | 82% | |
Private Equity & Hedge Funds5 | 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 BondsBreakdown 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% |
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-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 Equities1 |
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 Equities1
Breakdown By Asset Domiciliation | Fair Value | Europe | Japan | United States | Other |
17 | 45% | 5% | 46% | 5% |
1 Excluding Non-listed Equity. Mortgage Loans1,2
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
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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