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[]
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[null,null,null,"Half Year 2025 Earnings / August 1, 2025"]
[]
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[]
[]
[]
[]
[null,null,null,"Financial Supplement"]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
[null,null,null,"Throughout this document, the periods 1H24, FY24 and 1H25 refer to the periods ending June 30, 2024, December 31, 2024 and June 30, 2025, respectively."]
[null,null,null,null,null,null,null,""]
[null,null,null,null,null,null,null,""]
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[""]
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[""]

{"sheet":"Summary","index":1,"n_rows":24,"n_cols":1,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
["Financial Supplement - Table of Contents"]
[]
["Front Page"]
["1. Market Data"]
["2. Group Underlying Earnings by Line of Business and Net Income"]
["3. Underlying Earnings by Geography"]
["4. Number of Shares & Earnings Per Share"]
["5. Property & Casualty Profitability Analysis by Line of Business"]
["6. Property & Casualty Profitability Analysis by Geography"]
["7. Life & Health Profitability Analysis by Line of Business"]
["8. Life & Health Profitability Analysis by Geography"]
["9. Life Profitability Analysis by Geography"]
["10. Health Profitability Analysis by Geography"]
["11. Asset Management - Assets Under Management (AUM) Rollforward & Profitability Analysis"]
["12. Holdings Profitability Analysis & Axa SA Cash Balance Rollforward"]
["13. Gross Written Premiums, New Business Value & Present Value of Expected Premiums"]
["14. Balance Sheet"]
["15. Contractual Service Margin Rollforward"]
["16. Economic View of Invested Assets"]
["17. Supplementary Information on Economic View of Invested Assets"]
["18. Shareholders' Equity"]
["19. Return On Equity, Consolidated Financial Structure & Debt Gearing"]
["20. Eligible Own Funds, Solvency Capital Requirement & Solvency II Ratio"]
["21. IFRS17/9 Shareholders' Equity to Solvency II EOF"]

{"sheet":"1. Market Data","index":2,"n_rows":27,"n_cols":11,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
["Back to Summary"]
[]
[]
["Exchange Rate",null,"1H24","FY24","1H25","FY25",null,"Average \n1H24","Average \nFY24","Average \n1H25","Average \nFY25"]
["USD",null,1.07,1.03550000526034,1.17,null,null,1.08,1.08,1.0900000000000001]
["JPY",null,172.4,162.73919991430282,169.56,null,null,164.51,163.86,162.18]
["GBP",null,0.85,0.83,0.86,null,null,0.85,0.85,0.84]
["CHF",null,0.96,0.94,0.93,null,null,0.96,0.95,0.94]
["HKD",null,8.3699999999999992,8.0399999999999991,9.2100000000000009,null,null,8.4499999999999993,8.44,8.5299999999999994]
[]
[]
[]
["Discount Rate - 5Y",null,"Average \n1H24","Average \nFY24","Average \n1H25","Average \nFY25"]
["EUR",null,2.7900000000000001E-2,2.8400000000000002E-2,2.5700000000000001E-2]
["USD",null,4.3499999999999997E-2,4.41E-2,4.3999999999999997E-2]
["JPY",null,2.2000000000000001E-3,4.1999999999999997E-3,8.8999999999999999E-3]
["GBP",null,0.04,4.2500000000000003E-2,4.3799999999999999E-2]
["CHF",null,1.0500000000000001E-2,8.2000000000000007E-3,1.8E-3]
["HKD",null,3.7499999999999999E-2,3.6700000000000003E-2,3.4500000000000003E-2]
[]
["Discount Rate - 10Y",null,"Closing \n1H24","Closing \nFY24","Closing \n1H25","Closing \nFY25"]
["EUR",null,3.0599999999999999E-2,2.7099999999999999E-2,2.9100000000000001E-2]
["USD",null,4.5400000000000003E-2,4.6600000000000003E-2,4.4299999999999999E-2]
["JPY",null,1.04E-2,1.0699999999999999E-2,1.44E-2]
["GBP",null,4.2700000000000002E-2,4.48E-2,4.5600000000000002E-2]
["CHF",null,9.7999999999999997E-3,3.8E-3,5.3E-3]
["HKD",null,3.7900000000000003E-2,3.9100000000000003E-2,3.0200000000000001E-2]

{"sheet":"2. UE by LOB and Net Income","index":3,"n_rows":41,"n_cols":26,"rows_kept":41,"cut":false,"hidden":false,"merged":[[1,0,1,24],[5,0,6,0],[39,0,39,23],[5,2,5,5],[5,7,5,10],[5,12,5,15],[5,17,5,20],[5,22,5,25]]}
["Back to Summary"]
["GROUP UNDERLYING EARNINGS BY LINE OF BUSINESS AND NET INCOME"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated","AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements","Financial Statements"]
[]
["Group Underlying Earnings by Line of Business and Net Income",null,"Group",null,null,null,null,"Property & Casualty",null,null,null,null,"Life & Health",null,null,null,null,"Asset Management",null,null,null,null,"Holdings* "]
[0,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
["Short-term Business"]
["Revenues",null,35273,72104,37209,null,null,27294,55898,28697,null,null,7979,16207,8512]
["Combined Ratio",null,null,null,null,null,null,0.90200000000000002,0.91,0.9,null,null,0.97599999999999998,0.97399999999999998,0.97099999999999997]
["Technical Margin",null,2877,5421,3107,null,null,2682,5006,2859,null,null,195,415,248]
["Long-term Business"]
["CSM Release",null,1395,2775,1428,null,null,null,null,null,null,null,1395,2775,1428]
["Technical Experience",null,-64,-95,-30,null,null,null,null,null,null,null,-64,-95,-30]
["Financial Result & Other"]
["Financial Result",null,2064,3971,2148,null,null,1324,2559,1343,null,null,536,975,563,null,null,24,35,14,null,null,181,402,228]
["Other Revenues",null,1459,3054,1625,null,null,null,null,null,null,null,null,null,null,null,null,937,2004,1018,null,null,522,1050,607]
["Other Expenses",null,-1624,-3479,-1868,null,null,null,null,null,null,null,null,null,null,null,null,-698,-1493,-793,null,null,-925,-1986,-1075]
["Debt Financing Charges",null,-471,-948,-452,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-471,-948,-452]
["Underlying Earnings Before Tax",null,5638,10700,5958,null,null,4006,7565,4202,null,null,2061,4070,2209,null,null,263,546,239,null,null,-693,-1482,-692]
["Tax",null,-1427,-2662,-1503,null,null,-1046,-1952,-1074,null,null,-412,-874,-462,null,null,-69,-160,-68,null,null,100,324,101]
["Income from Affiliates & Other",null,122,218,111,null,null,2,3,1,null,null,103,186,101,null,null,16,29,8,null,null,0,0,0]
["Minority Interests",null,-89,-179,-101,null,null,-56,-106,-63,null,null,-27,-60,-34,null,null,-6,-13,-4,null,null,0,0,0]
["Underlying Earnings Group Share",null,4244,8078,4465,null,null,2908,5510,3067,null,null,1725,3323,1814,null,null,204,402,175,null,null,-592,-1157,-591]
["Underlying Earnings Growth Rate (constant FX)",null,0.04,6.7000000000000004E-2,6.2E-2]
[]
["Underlying ROE",null,0.16639183685337663,0.15196087025582855,0.17488670889807295,null,null,null,0.16200000000000001,null,null,null,null,0.13600000000000001,null,null,null,null,0.26]
[]
["Net Realized Capital Gains & Losses",null,93,195,66]
["Change in Fair Value of Assets & Derivatives",null,-43,83,-467]
["Amortization of customer intangibles",null,-50,-131,-48]
["Integration and Restructuring Costs",null,-78,-240,-63]
["Exceptional Items",null,-147,-99,-30]
["Net Income Group Share",null,4020,7886,3922]
[]
["Deeply Subordinated and Undated Subordinated Debt Charges",null,-106,-201,-86]
["Underlying Earnings for EPS calculation",null,4138,7877,4379]
["Net Income for EPS calculation",null,3914,7685,3836]
[]
["*Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.",0]
[" "]

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["Back to Summary"]
["UNDERLYING EARNINGS BY GEOGRAPHY"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Underlying Earnings by Geography",null,"Group",null,null,null,null,"France",null,null,null,null,"Europe",null,null,null,null,"AXA XL",null,null,null,null,"Asia, Africa & EME-LATAM",null,null,null,null,"AXA IM",null,null,null,null,"Transversal & Other"]
[0,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
["Short-term Business"]
["Revenues",null,35273,72104,37208.865660997923,null,null,9046,18698,9566.6348600000001,null,null,11839,24005,12661.1093828457,null,null,9022,18530,9428,null,null,4312,8750,4478,null,null,null,null,null,null,null,1053,2122,1075]
["Combined Ratio"]
["Technical Margin",null,2877,5421,3107,null,null,692,1470,658,null,null,998,1957,1176,null,null,1111,1820,1074,null,null,70,81,150,null,null,null,null,null,null,null,6,93,49]
["Long-term Business",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null,null,null,null,null,null," "," "," "]
["CSM Release",null,1395,2775,1428,null,null,407,823,419,null,null,468,920,471,null,null,4,3,0,null,null,516,1029,538,null,null,null,null,null,null,null,0,0,0]
["Technical Experience",null,-64,-95,-30,null,null,-40,-96,-37,null,null,-11,-8,8,null,null,3,2,0,null,null,-17,7,-1,null,null,null,null,null,null,null,0,0,0]
["Financial Result & Other"]
["Financial Result",null,2064,3971,2148,null,null,350,613,380,null,null,784,1486,765,null,null,283,616,308,null,null,382,741,425,null,null,24,35,14,null,null,241,480,255]
["Other Revenues",null,1459,3054,1625,null,null,53,108,44,null,null,-18,-32,-8,null,null,0,0,0,null,null,0,0,-2,null,null,937,2004,1018,null,null,488,974,573]
["Other Expenses",null,-1624,-3479,-1868,null,null,-83,-180,-79,null,null,-10,-25,-6,null,null,0,0,0,null,null,-9,-20,-14,null,null,-698,-1493,-793,null,null,-823,-1761,-976]
["Debt Financing Charges",null,-471,-948,-452,null,null,0,0,0,null,null,-1,-2,-1,null,null,-16,-33,-16,null,null,-7,-12,-4,null,null," "," "," ",null,null,-447,-902,-431]
["Underlying Earnings Before Tax",null,5638,10700,5958,null,null,1380,2738,1384,null,null,2210,4297,2406,null,null,1385,2409,1366,null,null,935,1826,1093,null,null,263,546,239,null,null,-535,-1116,-530]
["Tax",null,-1427,-2662,-1503,null,null,-350,-676,-308,null,null,-536,-1004,-568,null,null,-355,-588,-342,null,null,-205,-443,-294,null,null,-69,-160,-68,null,null,88,209,76]
["Income from Affiliates & Other",null,122,218,111,null,null,4,9,0,null,null,0,0,0,null,null,0,0,0,null,null,102,181,103,null,null,16,29,8,null,null,0,0,0]
["Minority Interests",null,-89,-179,-101,null,null,0,0,0,null,null,-48,-105,-56,null,null,0,0,0,null,null,-34,-60,-39,null,null,-6,-13,-4,null,null,0,0,-1]
["Underlying Earnings Group share",null,4244,8078,4465,null,null,1034,2071,1076,null,null,1626,3187,1782,null,null,1030,1820,1024,null,null,798,1504,862,null,null,204,402,175,null,null,-447,-907,-455]
[" "," ",null,null,null,null," ",null,null,null,null," ",null,null,null,null," ",null,null,null,null," ",null,null,null,null," "," "," ",null,null," "]
[]
["Underlying Earnings by Line of Business",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," "," "]
["Property & Casualty",null,2908,5510,3067,null,null,539,1161,574,null,null,1073,2029,1152,null,null,1032,1828,1032,null,null,194,334,233,null,null," "," ",null,null,null,70,158,75]
["Life & Health",null,1725,3323,1814,null,null,519,964,524,null,null,559,1104,616,null,null,14,25,8,null,null,627,1211,653,null,null," "," ",null,null,null,7,19,14]
["Asset Management",null,204,402,175,null,null," "," ",null,null,null," "," ",null,null,null," "," ",null,null,null," "," ",null,null,null,204,402,175,null,null," "," "]
["Holdings*",null,-592,-1157,-591,null,null,-24,-54,-23,null,null,-6,54,14,null,null,-16,-33,-16,null,null,-23,-41,-24,null,null,null,null,null,null,null,-524,-1083,-543]
["*Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25.",0]
[" "]

{"sheet":"4. Shares & UEPS","index":5,"n_rows":36,"n_cols":11,"rows_kept":36,"cut":false,"hidden":false,"merged":[[5,0,6,0],[34,0,34,10],[5,7,5,10],[5,2,5,5],[1,0,1,9]]}
["Back to Summary"]
["NUMBER OF SHARES & EARNINGS PER SHARE"]
[null,null,null,null,null,null,null,null,null,"AXA Consolidated "]
["(in million shares) ",null,null,null,null,null,null,null,null,"Financial Statements "]
[]
[null,null,"Outstanding Shares Excluding Treasury Shares (a)",null,null,null,null,"Weighted Average Number"]
[null,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
["Basic Number of Shares"]
["As of Beginning of Period",null,2226.1999999999998,2226.1999999999998,2175.37,null,null,2226.1999999999998,2226.1999999999998,2175.37]
["Increase of Capital Dedicated to Employees",null,0,12.9,0,null,null,0,0.9,0]
["Exercice of Stock-options",null,1.3,2.6,0.74,null,null,0.7,1.4,0.3]
["Other Movement of Treasury Shares",null,-45.2,4.5999999999999996,-42.74,null,null,-17.600000000000001,17.5,-18.5]
["Capital Increase / (Decrease)",null,0,-70.900000000000006,0,null,null,0,-55.2,0]
["As at End of Period",null,2182.3000000000002,2175.4,2133.37]
["During the Period",null,null,null,null,null,null,2209.3000000000002,2190.8000000000002,2157.1999999999998]
[]
["Fully Diluted Number of Shares"]
["Stock Options",null,null,null,null,null,null,1.1000000000000001,0.8,0.7]
["Performance Shares",null,null,null,null,null,null,4.2,5.6,4]
["During the Period (A)",null,null,null,null,null,null,2214.6999999999998,2197.1,2161.9]
[]
["Earnings Group Share:"]
["Net Income",null,null,null,null,null,null,4020.4,7886,3921.6]
["Underlying Earnings",null,null,null,null,null,null,4244.3,8077.9,4464.8]
["Impact of undated and deeply subordinated debts:"]
["Undated and deeply subordinated debt charges",null,null,null,null,null,null,-106,-201.2,-85.8]
["Earnings  for EPS Calculation:"," ",null,null,null,null," "]
["Net Income for EPS Calculation (B)"," ",null,null,null,null," ",3914.4,7684.8,3835.8]
["Underlying Earnings for EPS Calculation (C)"," ",null,null,null,null," ",4138.3,7876.7,4378.8999999999996]
[" "," ",null,null,null,null," "]
["Fully Diluted Euro per Share (EPS)"]
["EPS (B/A)",null,null,null,null,null,null,1.77,3.5,1.77]
["Underlying EPS (C/A)",null,null,null,null,null,null,1.87,3.59,2.0299999999999998]
[" "," ",null,null,null,null," ",null,null,null," "]
["(a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 89 million shares as of 1H24, 39 million shares as of FY24 and 82 million shares as of 1H25.","",null,null,null,null,"",null,null,null,""]
[" "]

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["Back to Summary"]
["PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY LINE OF BUSINESS"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Property & Casualty Underlying Earnings by Line of Business",null,"Total",null,null,null,null,"Commercial \nlines",null,null,null,null,"Personal\n lines",null,null,null,null,"AXA XL \nReinsurance",null,null,null,null,"Intercompany eliminations"]
[0,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
["Short-term Business"]
["Revenues",null,27294,55897.542000000001,28697.148021324127,null,null,18657,38019,19574.543553675401,null,null,9144,18705,9513,null,null,1155,2394,1299,null,null,-1662,-3220,-1689]
["Current Accident Year Loss Ratio",null,0.67,0.67700000000000005,0.66700000000000004,null,null,0.68100000000000005,0.68799999999999994,0.68,null,null,0.69799999999999995,0.7,0.68799999999999994,null,null,0.69699999999999995,0.70599999999999996,0.70799999999999996,null,null," "," "," "]
["Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)",null,0.67400000000000004,0.67400000000000004,0.67,null,null,0.69199999999999995,0.69399999999999995,0.69299999999999995,null,null,0.68799999999999994,0.68500000000000005,0.67500000000000004,null,null,0.68,0.67900000000000005,0.69399999999999995,null,null," "," "," "]
["Undiscounted Current Accident Year Nat Cats",null,3.5999999999999997E-2,3.7999999999999999E-2,3.5000000000000003E-2,null,null,2.7E-2,2.9000000000000001E-2,2.7E-2,null,null,0.04,4.1000000000000002E-2,3.7999999999999999E-2,null,null,0.106,0.104,9.1999999999999998E-2,null,null," "," "," "]
["Current Accident Year Discounting",null,-3.9E-2,-3.5999999999999997E-2,-3.9E-2,null,null,-3.6999999999999998E-2,-3.5000000000000003E-2,-3.9E-2,null,null,-0.03,-2.5999999999999999E-2,-2.5999999999999999E-2,null,null,-8.7999999999999995E-2,-7.6999999999999999E-2,-7.8E-2,null,null," "," "," "]
["Prior Year Reserve Development Ratio",null,-1.4999999999999999E-2,-1.6E-2,-1.0999999999999999E-2,null,null,-1.0999999999999999E-2,-1.2E-2,-1.2999999999999999E-2,null,null,-2.3E-2,-1.7999999999999999E-2,-6.0000000000000001E-3,null,null,-1.0999999999999999E-2,-8.0000000000000002E-3,-3.0000000000000001E-3,null,null," "," "," "]
["Expense Ratio",null,0.247,0.25,0.245,null,null,0.23100000000000001,0.23599999999999999,0.23200000000000001,null,null,0.255,0.25700000000000001,0.251,null,null,0.1,9.9000000000000005E-2,9.0999999999999998E-2,null,null," "," "," "]
["Combined Ratio",null,0.90200000000000002,0.91,0.9,null,null,0.90100000000000002,0.91100000000000003,0.89900000000000002,null,null,0.92900000000000005,0.93899999999999995,0.93300000000000005,null,null,0.78700000000000003,0.79700000000000004,0.79600000000000004,null,null," "," "," "]
["Technical Margin",null,2682,5006,2859,null,null,1850,3372,1968,null,null,645,1136,638,null,null,246,486,265,null,null,-60,12,-12]
["Long-term Business",null," "," "," ",null,null," "," ",null,null,null," "," ",null,null,null," "," "," ",null,null," "," "," "]
["CSM Release",null," "," "," ",null,null," "," ",null,null,null," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Technical Experience",null," "," "," ",null,null," "," ",null,null,null," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Financial Result & Other",null," "," "," ",null,null," "," ",null,null,null," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Financial Result",null,1324,2559,1343,null,null,993,1831,1004,null,null,240,538,275,null,null,119,210,85,null,null,-28,-20,-20]
["Investment Income",null,1967,3731,2088,null,null,1427,2625,1512,null,null,366,761,422,null,null,202,365,174,null,null,-28,-20,-20]
["Insurance Finance Expenses",null,-643,-1172,-745,null,null,-434,-794,-508,null,null,-126,-223,-148,null,null,-83,-155,-90,null,null,0,0,0]
["Other Revenues",null," "," "," ",null,null," "," ",null,null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Other Expenses",null," "," "," ",null,null," "," ",null,null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Debt Financing Charges",null," "," "," ",null,null," "," ",null,null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Underlying Earnings Before Tax",null,4006,7565,4202,null,null,2843,5203,2973,null,null,886,1674,913,null,null,365,696,349,null,null,-87,-8,-33]
["Tax",null,-1046,-1952,-1074,null,null," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Income from Affiliates & Other",null,2,3,1,null,null," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Minority Interests",null,-56,-106,-63,null,null," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Underlying Earnings Group share",null,2908,5510,3067,null,null," "," ",null,null,null," "," "," ",null,null," "," "," "]
[]
["Closing Invested Assets",null,113515,118104,116895]
["o/w VFA",null,0,0,0]
["o/w Non VFA",null,113515,118104,116895]
[]
["For short-term business"]
["Liabilities for remaining coverage net of reinsurance",null,19284,16006,19766,null,null,12070,9480,12240,null,null,6369,5478,6831,null,null,1572,1075,1436,null,null,-728,-27,-740]
["Best Estimate for incurred Claims net of reinsurance",null,69800,71751,70215,null,null,45710,46570,46591,null,null,17809,18308,17781,null,null,6704,6830,6290,null,null,-423,43,-447]
[]
["For long-term business"]
["Best Estimate Liabilities net of reinsurance"]
[" "]

{"sheet":"6. P&C UE by Geography","index":7,"n_rows":40,"n_cols":35,"rows_kept":40,"cut":false,"hidden":false,"merged":[[5,0,7,0],[5,17,5,22],[5,12,5,14],[5,7,5,9],[5,2,5,4],[6,18,7,18],[6,2,7,2],[6,3,7,3],[6,12,7,12],[6,4,7,4],[6,5,7,5],[6,8,7,8],[6,7,7,7],[6,14,7,14],[6,13,7,13],[5,31,5,34],[6,31,7,31],[6,32,7,32],[6,17,7,17],[6,19,7,19],[1,0,1,33],[6,34,7,34],[6,28,7,28],[6,29,7,29],[6,27,7,27],[6,26,7,26],[6,15,7,15],[6,9,7,9],[6,10,7,10],[5,26,5,29],[6,33,7,33],[6,20,7,20],[6,21,7,21],[6,22,7,22],[6,23,7,23],[6,24,7,24]]}
["Back to Summary"]
["PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Property & Casualty Underlying Earnings by Geography",null,"Total",null,null,null,null,"France",null,null,null,null,"Europe",null,null,null,null,"AXA XL",null,null,"Total",null,null,null,null,null,"Asia, Africa & \nEME-LATAM",null,null,null,null,"Transversal & \nOther"]
[null,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","o/w AXA XL\n Insurance","FY24","o/w AXA XL\n Insurance","1H25","o/w AXA XL\n Insurance","FY25","o/w AXA XL\n Insurance",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
[]
["Short-term Business"]
["Revenues",null,27294,55898,28697.148021324127,null,null,4393,9194,4697,null,null,10060,20400,10610,null,null,9022,7867,18530,16136,9428,8129,null,null,null,2855,5825,2975,null,null,963,1948,987]
["Current Accident Year Loss Ratio",null,0.67,0.67700000000000005,0.66700000000000004,null,null,0.69399999999999995,0.68899999999999995,0.70599999999999996,null,null,0.66500000000000004,0.66900000000000004,0.64700000000000002,null,null,0.67500000000000004,0.67200000000000004,0.69199999999999995,0.69,0.68400000000000005,0.68,null,null,null,0.68600000000000005,0.69299999999999995,0.68200000000000005,null,null,0.53200000000000003,0.51,0.48]
["Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)",null,0.67400000000000004,0.67400000000000004,0.67,null,null,0.71299999999999997,0.69699999999999995,0.70599999999999996,null,null,0.65,0.65500000000000003,0.64100000000000001,null,null,0.68799999999999994,0.68899999999999995,0.69299999999999995,0.69499999999999995,0.69699999999999995,0.69799999999999995,null,null,null,0.7,0.70399999999999996,0.69699999999999995,null,null,0.52900000000000003,0.51100000000000001,0.48]
["Undiscounted Current Accident Year Nat Cats",null,3.5999999999999997E-2,3.7999999999999999E-2,3.5000000000000003E-2,null,null,3.4000000000000002E-2,3.7999999999999999E-2,4.8000000000000001E-2,null,null,4.4999999999999998E-2,4.1000000000000002E-2,3.3000000000000002E-2,null,null,3.7999999999999999E-2,2.8000000000000001E-2,4.5999999999999999E-2,3.7999999999999999E-2,4.2000000000000003E-2,3.4000000000000002E-2,null,null,null,8.0000000000000002E-3,8.9999999999999993E-3,8.0000000000000002E-3,null,null,1.4E-2,1.0999999999999999E-2,1.2999999999999999E-2]
["Current Accident Year Discounting",null,-3.9E-2,-3.5999999999999997E-2,-3.9E-2,null,null,-5.2999999999999999E-2,-4.5999999999999999E-2,-4.8000000000000001E-2,null,null,-3.1E-2,-2.8000000000000001E-2,-2.7E-2,null,null,-5.0999999999999997E-2,-4.5999999999999999E-2,-4.7E-2,-4.2000000000000003E-2,-5.5E-2,-5.1999999999999998E-2,null,null,null,-2.1999999999999999E-2,-0.02,-2.3E-2,null,null,-1.0999999999999999E-2,-1.2E-2,-1.2E-2]
["Prior Year Reserve Development Ratio",null,-1.4999999999999999E-2,-1.6E-2,-1.0999999999999999E-2,null,null,-3.5000000000000003E-2,-3.9E-2,-2.5999999999999999E-2,null,null,-2.1000000000000001E-2,-2.1000000000000001E-2,-1.0999999999999999E-2,null,null,-1E-3,0,-1E-3,0,-2E-3,-2E-3,null,null,null,-1E-3,1E-3,-0.01,null,null,-3.6999999999999998E-2,-5.7000000000000002E-2,-0.04]
["Expense Ratio",null,0.247,0.25,0.245,null,null,0.219,0.219,0.20699999999999999,null,null,0.25900000000000001,0.26200000000000001,0.26,null,null,0.20300000000000001,0.218,0.21,0.22700000000000001,0.20399999999999999,0.222,null,null,null,0.29399999999999998,0.29599999999999999,0.28999999999999998,null,null,0.505,0.50900000000000001,0.52500000000000002]
["Combined Ratio",null,0.90200000000000002,0.91,0.9,null,null,0.878,0.86799999999999999,0.88600000000000001,null,null,0.90300000000000002,0.91,0.89600000000000002,null,null,0.877,0.89,0.90200000000000002,0.91700000000000004,0.88600000000000001,0.9,null,null,null,0.98,0.99099999999999999,0.96199999999999997,null,null,1.0009999999999999,0.96199999999999997,0.96499999999999997]
["Technical Margin",null,2682,5006,2859,null,null,538,1212,533,null,null,977,1844,1104,null,null,1111,865,1820,1335,1074,809,null,null,null,57,55,114,null,null,-1,74,35]
["Long-term Business",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "," "," "," ",null,null,null," "," "," ",null,null," "," "," "]
["CSM Release",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "," "," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Technical Experience",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "," "," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Financial Result & Other",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "," "," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Financial Result",null,1324,2559,1343,null,null,251,421,261,null,null,473,912,461,null,null,273,159,596,387,298,213,null,null,null,242,484,261,null,null,86,146,62]
["Investment Income",null,1967,3731,2088,null,null,334,572,373,null,null,658,1244,667,null,null,614,416,1233,868,681,507,null,null,null,261,518,292,null,null,100,164,74]
["Insurance Finance Expenses",null,-643,-1172,-745,null,null,-83,-151,-112,null,null,-185,-332,-206,null,null,-341,-257,-637,-481,-384,-294,null,null,null,-20,-35,-31,null,null,-14,-18,-12]
["Other Revenues",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "," "," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Other Expenses",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "," "," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Debt Financing Charges",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "," "," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Underlying Earnings Before Tax",null,4006,7565,4202,null,null,788,1633,794,null,null,1450,2757,1564,null,null,1384,1024,2417,1721,1372,1022,null,null,null,299,539,375,null,null,85,220,97]
["Tax",null,-1046,-1952,-1074,null,null,-249,-472,-220,null,null,-352,-671,-384,null,null,-352,-257,-588,-457,-339,-252,null,null,null,-77,-159,-110,null,null,-15,-62,-21]
["Income from Affiliates & Other",null,2,3,1,null,null,0,0,0,null,null,0,0,0,null,null,0,0,0,0,0,0,null,null,null,2,3,1,null,null,0,0,0]
["Minority Interests",null,-56,-106,-63,null,null,0,0,0,null,null,-25,-57,-28,null,null,0,0,0,0,0,0,null,null,null,-30,-49,-34,null,null,0,0,-1]
["Underlying Earnings Group share",null,2908,5510,3067,null,null,539,1161,574,null,null,1073,2029,1152,null,null,1032,767,1828,1264,1032,770,null,null,null,194,334,233,null,null,70,158,75]
[]
["For short-term business",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "," "," "," ",null,null,null," "," "," ",null,null," "," "," "]
["Liabilities for remaining coverage net of reinsurance",null,19284,16006,19766,null,null,2153,1712,2221,null,null,7151,5166,7591,null,null,7478,5905,7028,5948,7315,5879,null,null,null,1802,1834,1935,null,null,700,266,705]
["Best Estimate for incurred Claims net of reinsurance",null,69800,71751,70215,null,null,13485,13889,13900,null,null,24834,25955,26003,null,null,24865,18223,25915,19146,24533,18295,null,null,null,3385,3640,3510,null,null,3231,2351,2269]
[]
["For long-term business"]
["Best Estimate Liabilities net of reinsurance"]

{"sheet":"7. L&H UE by LOB","index":8,"n_rows":46,"n_cols":21,"rows_kept":46,"cut":false,"hidden":false,"merged":[[1,0,1,19],[5,0,6,0],[5,12,5,14],[5,7,5,9],[5,2,5,4],[5,17,5,19]]}
["Back to Summary"]
["LIFE & HEALTH PROFITABILITY ANALYSIS BY LINE OF BUSINESS"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Life & Health Underlying Earnings by Line of Business",null,"Total",null,null,null,null,"Life",null,null,null,null,"Health",null,null,null,null,"Employee Benefits*\n (out of Total Life & Health)"]
[0,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
["Short-term Business"]
["Revenues",null,7979,16207,8511.7176396737959,null,null,2112,4247,2211,null,null,5867,11960,6301,null,null,5592,11482,5931]
["Combined Ratio",null,0.97599999999999998,0.97399999999999998,0.97099999999999997,null,null,0.94499999999999995,0.95499999999999996,0.95199999999999996,null,null,0.98599999999999999,0.98099999999999998,0.97799999999999998,null,null,0.98199999999999998,0.97799999999999998,0.97399999999999998]
["Technical Margin",null,195,415,248,null,null,116,191,107,null,null,79,224,141,null,null,101,248,156]
["Long-term Business",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["CSM Release",null,1395,2775,1428,null,null,1136,2253,1158,null,null,259,522,270,null,null,58,110,59]
["Technical Experience",null,-64,-95,-30,null,null,-71,-98,-28,null,null,7,3,-2,null,null,17,37,22]
["Actual vs. Expected Cash Flows",null,9,-15,12,null,null,-4,-33,10,null,null,13,18,2,null,null,-3,-2,-5]
["Risk Adjustment Release",null,30,59,44,null,null,25,51,37,null,null,4,8,7,null,null,2,4,7]
["Changes in Onerous Contracts",null,-32,6,-12,null,null,-30,9,-10,null,null,-1,-2,-2,null,null,0,0,0]
["Other Long-term",null,-72,-145,-74,null,null,-63,-124,-65,null,null,-8,-21,-9,null,null,19,35,20]
["Financial Result & Other",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Financial Result",null,536,975,563,null,null,454,799,462,null,null,82,176,101,null,null,75,157,91]
["Investment Income",null,1319,2525,1329,null,null,1159,2209,1159,null,null,160,317,170,null,null,219,429,232]
["Insurance Finance Expenses",null,-783,-1551,-767,null,null,-705,-1410,-697,null,null,-78,-140,-69,null,null,-144,-272,-141]
["Other Revenues",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Other Expenses",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Debt Financing Charges",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Underlying Earnings Before Tax",null,2061,4070,2209,null,null,1634,3145,1699,null,null,427,925,510,null,null,252,552,328]
["Tax",null,-412,-874,-462,null,null,-316,-635,-329,null,null,-96,-239,-133,null,null,-46,-111,-64]
["Income from Affiliates & Other",null,103,186,101,null,null,101,182,93,null,null,2,4,8]
["Minority Interests",null,-27,-60,-34,null,null,-27,-56,-30,null,null,0,-4,-3]
["Underlying Earnings Group share",null,1725,3323,1814,null,null,1392,2636,1433,null,null,333,687,381,null,null,205,441,264]
[]
["Closing Invested Assets",null,329460,345008,338447]
["o/w VFA",null,234783,230205,229844]
["o/w Non VFA",null,94677,114803,108603]
[]
["For short-term business",null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Liabilities for remaining coverage net of reinsurance",null,2446,2096,2856,null,null,157,96,105,null,null,2289,2000,2750]
["Best Estimate for incurred Claims net of reinsurance",null,13876,14162,13960,null,null,11589,11778,11623,null,null,2286,2384,2337]
[]
["For long-term business",null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Best Estimate Liabilities net of reinsurance",null,295342,306249,301040,null,null,275276,285391,280314,null,null,20066,20858,20726]
["o/w VFA Gross of reinsurance",null,264013,273094,266960,null,null,243037,251273,244964,null,null,20977,21821,21996]
["o/w BBA Gross of reinsurance",null,50097,51845,51524,null,null,50917,52713,52731,null,null,-821,-868,-1207]
["o/w Reinsurance",null,-18768,-18690,-17443,null,null,-18679,-18595,-17381,null,null,-90,-95,-62]
[" "]
["*Employee Benefits include Group Protection and Group Health contracts."]

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["Back to Summary"]
["LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Life & Health Underlying Earnings by Geography",null,"Total",null,null,null,null,"France",null,null,null,null,"Europe",null,null,null,null,"AXA XL",null,null,null,null,"Asia, Africa & \nEME-LATAM",null,null,null,null,"Transversal & \nOther"]
[0,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
["Short-term Business"]
["Revenues",null,7979,16207,8511.7176396737959,null,null,4654,9503,4870,null,null,1778,3604,2051,null,null,0,0,0,null,null,1457,2925,1503,null,null,90,174,88]
["Combined Ratio",null,0.97599999999999998,0.97399999999999998,0.97099999999999997,null,null,0.96699999999999997,0.97299999999999998,0.97399999999999998,null,null,0.98799999999999999,0.96899999999999997,0.96399999999999997,null,null,0,0,0,null,null,0.99099999999999999,0.99099999999999999,0.97599999999999998,null,null,0.92200000000000004,0.89100000000000001,0.83599999999999997]
["Technical Margin",null,195,415,248,null,null,155,258,124,null,null,21,113,73,null,null,0,0,0,null,null,13,26,36,null,null,7,19,14]
["Long-term Business",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["CSM Release",null,1395,2775,1428,null,null,407,823,419,null,null,468,920,471,null,null,4,3,0,null,null,516,1029,538,null,null,0,0,0]
["Technical Experience",null,-64,-95,-30,null,null,-40,-96,-37,null,null,-11,-8,8,null,null,3,2,0,null,null,-17,7,-1,null,null,0,0,0]
["Actual vs. Expected Cash Flows",null,9,-15,12,null,null,8,-8,2,null,null,5,-11,-11,null,null,-2,-3,-1,null,null,0,8,22,null,null,0,0,0]
["Risk Adjustment Release",null,30,59,44,null,null,5,15,9,null,null,11,21,21,null,null,0,1,0,null,null,13,23,13,null,null,0,0,0]
["Changes in Onerous Contracts",null,-32,6,-12,null,null,0,0,0,null,null,-33,-25,-13,null,null,5,5,0,null,null,-3,26,1,null,null,0,0,0]
["Other Long-term",null,-72,-145,-74,null,null,-52,-103,-49,null,null,7,7,12,null,null,0,0,0,null,null,-26,-50,-37,null,null,0,0,0]
["Financial Result & Other",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Financial Result",null,536,975,563,null,null,100,192,118,null,null,284,504,269,null,null,10,19,10,null,null,142,260,165,null,null,0,0,0]
["Investment Income",null,1319,2525,1329,null,null,370,701,370,null,null,490,916,478,null,null,13,27,14,null,null,446,882,467,null,null,0,0,0]
["Insurance Finance Expenses",null,-783,-1551,-767,null,null,-270,-509,-252,null,null,-206,-412,-209,null,null,-3,-7,-4,null,null,-303,-622,-301,null,null,0,0,0]
["Other Revenues",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Other Expenses",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Debt Financing Charges",null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Underlying Earnings Before Tax",null,2061,4070,2209,null,null,622,1176,624,null,null,762,1529,821,null,null,17,25,10,null,null,654,1322,739,null,null,7,19,14]
["Tax",null,-412,-874,-462,null,null,-106,-220,-100,null,null,-180,-376,-176,null,null,-3,0,-2,null,null,-123,-277,-182,null,null,0,0,-1]
["Income from Affiliates & Other",null,103,186,101,null,null,4,9,0,null,null,0,0,0,null,null,0,0,0,null,null,100,177,101,null,null,0,0,0]
["Minority Interests",null,-27,-60,-34,null,null,0,0,0,null,null,-23,-49,-28,null,null,0,0,0,null,null,-4,-12,-5,null,null,0,0,0]
["Underlying Earnings Group share",null,1725,3323,1814,null,null,519,964,524,null,null,559,1104,616,null,null,14,25,8,null,null,627,1211,653,null,null,7,19,14]
[]
["For short-term business",null," "," "," ",null," "," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Liabilities for remaining coverage net of reinsurance",null,2446,2096,2856,null,null,50,-2,28,null,null,1228,967,1619,null,null,0,0,0,null,null,1159,1124,1204,null,null,9,6,5]
["Best Estimate for incurred Claims net of reinsurance",null,13876,14162,13960,null,null,12589,12831,12443,null,null,773,871,1015,null,null,0,0,0,null,null,501,447,487,null,null,13,14,15]
[]
["For long-term business",null," "," "," ",null," "," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," ",null,null," "," "," "]
["Best Estimate Liabilities net of reinsurance",null,295342,306249,301040,null,null,112949,115280,114525,null,null,135034,139257,137584,null,null,324,345,310,null,null,47035,51368,48620,null,null,0,0,0]
["o/w VFA Gross of reinsurance",null,264013,273094,266960,null,null,116132,117942,116770,null,null,121623,125513,121135,null,null,0,0,0,null,null,26258,29639,29055,null,null,0,0,0]
["o/w BBA Gross of reinsurance",null,50097,51845,51524,null,null,9606,10019,9848,null,null,13520,13810,16410,null,null,1670,1659,1522,null,null,25301,26356,23743,null,null,0,0,0]
["o/w Reinsurance",null,-18768,-18690,-17443,null,null,-12790,-12682,-12093,null,null,-108,-66,39,null,null,-1346,-1315,-1212,null,null,-4524,-4627,-4178,null,null,0,0,0]
[" "]

{"sheet":"9. Life UE by Geography","index":10,"n_rows":41,"n_cols":31,"rows_kept":41,"cut":false,"hidden":false,"merged":[[1,0,1,29],[5,0,6,0],[5,27,5,30],[5,2,5,5],[5,7,5,10],[5,12,5,15],[5,17,5,20],[5,22,5,25]]}
["Back to Summary"]
["LIFE PROFITABILITY ANALYSIS BY GEOGRAPHY"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Life Underlying Earnings by Geography",null,"Total",null,null,null,null,"France",null,null,null,null,"Europe",null,null,null,null,"AXA XL",null,null,null,null,"Asia, Africa & \nEME-LATAM",null,null,null,null,"Transversal &\n Other"]
[0,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
["Short-term Business"]
["Revenues",null,2112,4247,2210.85808719243,null,null,1902,3843,2005,null,null,53,109,54,null,null,0,0,0,null,null,157,296,152,null,null,0,0,0]
["Combined Ratio",null,0.94499999999999995,0.95499999999999996,0.95199999999999996,null,null,0.95099999999999996,0.96299999999999997,0.95899999999999996,null,null,0.79800000000000004,0.77,0.79,null,null,0,0,0,null,null,0.92300000000000004,0.91500000000000004,0.91500000000000004,null,null,0,0,0]
["Technical Margin",null,116,191,107,null,null,93,141,83,null,null,11,25,11,null,null,0,0,0,null,null,12,25,13,null,null,0,0,0]
["Long-term Business"]
["CSM Release",null,1136,2253,1158,null,null,407,823,419,null,null,390,759,386,null,null,4,3,0,null,null,336,669,353,null,null,0,0,0]
["Technical Experience",null,-71,-98,-28,null,null,-40,-96,-37,null,null,-4,12,13,null,null,3,2,0,null,null,-30,-16,-4,null,null,0,0,0]
["Actual vs. Expected Cash Flows",null,-4,-33,10,null,null,8,-8,2,null,null,3,-11,-11,null,null,-2,-3,-1,null,null,-12,-10,20,null,null,0,0,0]
["Risk Adjustment Release",null,25,51,37,null,null,5,15,9,null,null,12,23,20,null,null,0,1,0,null,null,8,13,8,null,null,0,0,0]
["Changes in Onerous Contracts",null,-30,9,-10,null,null,0,0,0,null,null,-32,-23,-13,null,null,5,5,0,null,null,-3,26,3,null,null,0,0,0]
["Other Long-term",null,-63,-124,-65,null,null,-52,-103,-49,null,null,13,23,17,null,null,0,0,0,null,null,-23,-45,-34,null,null,0,0,0]
["Financial Result & Other"]
["Financial Result",null,454,799,462,null,null,103,193,114,null,null,249,432,232,null,null,10,19,10,null,null,92,155,105,null,null,0,0,0]
["Investment Income",null,1159,2209,1159,null,null,344,660,346,null,null,451,838,438,null,null,13,27,14,null,null,350,684,361,null,null,0,0,0]
["Insurance Finance Expenses",null,-705,-1410,-697,null,null,-241,-467,-232,null,null,-202,-407,-206,null,null,-3,-7,-4,null,null,-259,-530,-256,null,null,0,0,0]
["Other Revenues"]
["Other Expenses"]
["Debt Financing Charges"]
["Underlying Earnings Before Tax",null,1634,3145,1699,null,null,563,1060,579,null,null,645,1227,643,null,null,17,25,10,null,null,409,833,468,null,null,0,0,0]
["Tax",null,-316,-635,-329,null,null,-96,-194,-93,null,null,-148,-289,-131,null,null,-3,0,-2,null,null,-68,-152,-103,null,null,0,0,0]
["Income from Affiliates & Other",null,101,182,93,null,null,4,9,0,null,null,0,0,0,null,null,0,0,0,null,null,97,173,93,null,null,0,0,0]
["Minority Interests",null,-27,-56,-30,null,null,0,0,0,null,null,-23,-47,-28,null,null,0,0,0,null,null,-4,-9,-3,null,null,0,0,0]
["Underlying Earnings Group share",null,1392,2636,1433,null,null,470,875,486,null,null,474,891,484,null,null,14,25,8,null,null,434,845,456,null,null,0,0,0]
[]
["For short-term business"]
["Liabilities for remaining coverage net of reinsurance",null,157,96,105,null,null,23,-19,4,null,null,-3,-14,-35,null,null,0,0,0,null,null,137,129,137,null,null,0,0,0]
["Best Estimate for incurred Claims net of reinsurance",null,11589,11778,11623,null,null,11349,11502,11352,null,null,75,120,118,null,null,0,0,0,null,null,165,157,154,null,null,0,0,0]
[]
["For long-term business"]
["Best Estimate Liabilities net of reinsurance",null,275276,285391,280314,null,null,112949,115280,114525,null,null,114389,117841,116058,null,null,324,345,310,null,null,47614,51926,49420,null,null,0,0,0]
["o/w VFA Gross of reinsurance",null,243037,251273,244964,null,null,116132,117942,116770,null,null,100727,103800,99267,null,null,0,0,0,null,null,26178,29530,28928,null,null,0,0,0]
["o/w BBA Gross of reinsurance",null,50917,52713,52731,null,null,9606,10019,9848,null,null,13770,14107,16752,null,null,1670,1659,1522,null,null,25871,26927,24608,null,null,0,0,0]
["o/w Reinsurance",null,-18679,-18595,-17381,null,null,-12790,-12682,-12093,null,null,-108,-66,39,null,null,-1346,-1315,-1212,null,null,-4435,-4532,-4116,null,null,0,0,0]
[" "]

{"sheet":"10. Health UE by Geography","index":11,"n_rows":41,"n_cols":31,"rows_kept":41,"cut":false,"hidden":false,"merged":[[1,0,1,29],[5,0,6,0],[5,27,5,30],[5,2,5,5],[5,7,5,10],[5,12,5,15],[5,17,5,20],[5,22,5,25]]}
["Back to Summary"]
["HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Health Underlying Earnings by Geography",null,"Total",null,null,null,null,"France",null,null,null,null,"Europe",null,null,null,null,"AXA XL",null,null,null,null,"Asia, Africa & \nEME-LATAM",null,null,null,null,"Transversal & \nOther"]
[0,null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25",null,"1H24","FY24","1H25","FY25"]
["Short-term Business"]
["Revenues",null,5867,11960,6300.8595524813663,null,null,2752,5661,2865,null,null,1725,3495,1997,null,null,0,0,0,null,null,1300,2629,1350,null,null,90,174,88]
["Combined Ratio",null,0.98599999999999999,0.98099999999999998,0.97799999999999998,null,null,0.97799999999999998,0.97899999999999998,0.98499999999999999,null,null,0.99399999999999999,0.97499999999999998,0.96899999999999997,null,null,0,0,0,null,null,1,1,0.98299999999999998,null,null,0.92200000000000004,0.89100000000000001,0.83599999999999997]
["Technical Margin",null,79,224,141,null,null,62,117,42,null,null,10,88,62,null,null,0,0,0,null,null,1,1,23,null,null,7,19,14]
["Long-term Business"]
["CSM Release",null,259,522,270,null,null,0,0,0,null,null,78,161,84,null,null,0,0,0,null,null,180,360,186,null,null,0,0,0]
["Technical Experience",null,7,3,-2,null,null,0,0,0,null,null,-6,-20,-5,null,null,0,0,0,null,null,14,23,3,null,null,0,0,0]
["Actual vs. Expected Cash Flows",null,13,18,2,null,null,0,0,0,null,null,1,0,0,null,null,0,0,0,null,null,12,18,2,null,null,0,0,0]
["Risk Adjustment Release",null,4,8,7,null,null,0,0,0,null,null,0,-2,1,null,null,0,0,0,null,null,5,10,5,null,null,0,0,0]
["Changes in Onerous Contracts",null,-1,-2,-2,null,null,0,0,0,null,null,-1,-2,0,null,null,0,0,0,null,null,-1,0,-1,null,null,0,0,0]
["Other Long-term",null,-8,-21,-9,null,null,0,0,0,null,null,-6,-16,-6,null,null,0,0,0,null,null,-2,-5,-3,null,null,0,0,0]
["Financial Result & Other"]
["Financial Result",null,82,176,101,null,null,-3,-1,4,null,null,35,72,37,null,null,0,0,0,null,null,51,105,60,null,null,0,0,0]
["Investment Income",null,160,317,170,null,null,26,41,24,null,null,39,77,40,null,null,0,0,0,null,null,95,198,106,null,null,0,0,0]
["Insurance Finance Expenses",null,-78,-140,-69,null,null,-29,-43,-20,null,null,-4,-5,-4,null,null,0,0,0,null,null,-45,-93,-45,null,null,0,0,0]
["Other Revenues"]
["Other Expenses"]
["Debt Financing Charges"]
["Underlying Earnings Before Tax",null,427,925,510,null,null,59,116,46,null,null,117,302,178,null,null,0,0,0,null,null,245,489,272,null,null,7,19,14]
["Tax",null,-96,-239,-133,null,null,-10,-27,-7,null,null,-31,-87,-46,null,null,0,0,0,null,null,-55,-125,-80,null,null,0,0,-1]
["Income from Affiliates & Other",null,2,4,8,null,null,0,0,0,null,null,0,0,0,null,null,0,0,0,null,null,2,4,8,null,null,0,0,0]
["Minority Interests",null,0,-4,-3,null,null,0,0,0,null,null,0,-1,0,null,null,0,0,0,null,null,0,-3,-3,null,null,0,0,0]
["Underlying Earnings Group share",null,333,687,381,null,null,49,89,39,null,null,85,213,132,null,null,0,0,0,null,null,192,366,197,null,null,7,19,14]
[]
["For short-term business"]
["Liabilities for remaining coverage net of reinsurance",null,2289,2000,2750,null,null,27,18,24,null,null,1231,981,1654,null,null,0,0,0,null,null,1022,995,1067,null,null,9,6,5]
["Best Estimate for incurred Claims net of reinsurance",null,2286,2384,2337,null,null,1240,1329,1091,null,null,698,751,898,null,null,0,0,0,null,null,336,290,334,null,null,13,14,15]
[]
["For long-term business"]
["Best Estimate Liabilities net of reinsurance",null,20066,20858,20726,null,null,0,0,0,null,null,20645,21416,21527,null,null,0,0,0,null,null,-579,-557,-800,null,null,0,0,0]
["o/w VFA Gross of reinsurance",null,20977,21821,21996,null,null,0,0,0,null,null,20896,21713,21868,null,null,0,0,0,null,null,81,109,128,null,null,0,0,0]
["o/w BBA Gross of reinsurance",null,-821,-868,-1207,null,null,0,0,0,null,null,-250,-297,-342,null,null,0,0,0,null,null,-571,-571,-866,null,null,0,0,0]
["o/w Reinsurance",null,-90,-95,-62,null,null,0,0,0,null,null,0,0,0,null,null,0,0,0,null,null,-90,-95,-62,null,null,0,0,0]
[" "]

{"sheet":"11. Asset Management","index":12,"n_rows":39,"n_cols":13,"rows_kept":39,"cut":false,"hidden":false,"merged":[[1,0,1,9],[6,11,6,12],[10,12,12,12],[5,8,5,9],[6,8,6,9],[10,9,12,9],[6,5,6,6],[10,6,12,6],[5,5,5,6],[6,2,6,3],[10,3,12,3]]}
["Back to Summary"]
["ASSET MANAGEMENT - ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD & PROFITABILITY ANALYSIS"]
[]
[null,null,null,null,null,null,null,null,null,"AXA Consolidated",null,null,"AXA Consolidated"]
["(in Euro million unless otherwise mentioned) ",null,null,null,null,null,null,null,null,"Financial Statements",null,null,"Financial Statements"]
[]
[null,null,"1H24","00:00:00",null,"FY24","00:00:00",null,"1H25","00:00:00",null,"FY25","00:00:00"]
[null,null,"Total","o/w Third Party",null,"Total","o/w Third Party",null,"Total","o/w Third Party",null,"Total","o/w Third Party"]
["Opening AUM (in Euro billion)\n",null,843,332,null,843,332,null,878.88941937000004,356]
["Net Inflows",null,7,-1,null,3,4,null,-3,-10]
["Scope & Other",null,0,10,null,2,21,null,0,-6]
["Market Effect",null,12,null,null,26,null,null,-3]
["Currency Impact",null,-4,null,null,5,null,null,-21]
["Closing AUM  (in Euro billion)\n",null,859,340,null,879,356,null,853,341]
["Alternatives",null,227,86,null,229,90,null,233,95]
["Core & Other",null,532,254,null,551,266,null,528,246]
["Asian Joint Ventures",null,101,null,null,99,null,null,92]
[]
["Gross Revenues - After Intercompany Elimination",null,787,null,null,1701,null,null,875]
[]
["Gross Revenues - Before Intercompany Elimination",null,937,null,null,2004,null,null,1018]
["Management Fees",null,679,385,null,1425,773,null,724,439]
["Performance Fees",null,18,8,null,57,21,null,16,9]
["Distribution Fees",null,205,null,null,409,null,null,231]
["Other",null,35,null,null,112,null,null,46]
[]
["General Expenses",null,-698,null,null,-1493,null,null,-793]
["Distribution Fees Retroceded",null,-205,null,null,-409,null,null,-231]
["Financial Result",null,24,null,null,35,null,null,14]
["Underlying Earnings Before Tax",null,263,null,null,546,null,null,239]
["Tax",null,-69,null,null,-160,null,null,-68]
["Income from Affiliates & Other",null,16,null,null,29,null,null,8]
["Minority Interests",null,-6,null,null,-13,null,null,-4]
["Underlying Earnings Group Share",null,204,null,null,402,null,null,175]
[]
["Average Assets under Management (€bn)",null,749,null,null,759,null,null,769]
["Asset Management Fee bps",null,18.119,null,null,18.768999999999998,null,null,18.829999999999998]
["Underlying Cost Income Ratio",null,0.67300000000000004,null,null,0.68,null,null,0.71399999999999997]
[" "]

{"sheet":"12. Holdings","index":13,"n_rows":31,"n_cols":9,"rows_kept":31,"cut":false,"hidden":false,"merged":[[1,0,1,6]]}
["Back to Summary"]
["HOLDINGS PROFITABILITY ANALYSIS & AXA SA CASH BALANCE ROLLFORWARD"]
[null,null,null,null,null,null,"AXA Consolidated",null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,"Financial Statements",null,"Financial Statements"]
[]
["Holdings Underlying Earnings¹",null,"1H24",null,"FY24",null,"1H25",null,"FY25"]
["Financial Result",null,181,null,402,null,228.26213506487571]
["Other Revenues",null,522,null,1050,null,607]
["Other Expenses",null,-925,null,-1986,null,-1075]
["Debt Financing Charges",null,-471,null,-948,null,-452]
["Underlying Earnings Before Tax",null,-693,null,-1482,null,-692]
["Tax",null,100,null,324,null,101]
["Income from Affiliates & Other",null,0,null,0,null,0]
["Minority Interests",null,0,null,0,null,0]
["Underlying Earnings Group share",null,-592,null,-1157,null,-591]
[]
[]
["Opening Cash Balance at AXA SA² (in Euro billion)",null,0,null,4]
["Net cash remittance from subsidiaries",null,0,null,7.7]
["Property & Casualty",null,0,null,4]
["Life & Health",null,0,null,3.6]
["Asset Management & Other",null,0,null,0.1]
["Dividends",null,0,null,-4.4000000000000004]
["Share buy-backs",null,0,null,-1.8]
["Holding costs and interests",null,0,null,-1.3]
["Debt issuance",null,0,null,0.1]
["M&A and disposals",null,0,null,0]
["Other",null,0,null,-0.3]
["Closing Cash Balance at AXA SA²",null,0,null,4]
["¹ Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24 and -24 million as of 1H25."]
["² Includes liquid invested assets"]

{"sheet":"13. Activity indicators","index":14,"n_rows":28,"n_cols":37,"rows_kept":28,"cut":false,"hidden":false,"merged":[[1,0,1,27],[26,0,26,1],[5,0,6,0],[5,20,5,27],[16,20,16,26],[5,29,5,36],[16,29,16,35],[16,0,17,0],[5,2,5,9],[16,2,16,8],[5,11,5,18],[16,11,16,17]]}
["Back to Summary"]
["GROSS WRITTEN PREMIUMS & OTHER REVENUES, NEW BUSINESS VALUE & PRESENT VALUE OF EXPECTED PREMIUMS"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated",null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro million)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Statements",null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Activity Indicators by Line of Business",null,"1H24","00:00:00","00:00:00","00:00:00","00:00:00",null,"00:00:00","00:00:00",null,"FY24","00:00:00","00:00:00","00:00:00","00:00:00",null,"00:00:00","00:00:00",null,"1H25","00:00:00","00:00:00","00:00:00","00:00:00",null,"00:00:00","00:00:00",null,"FY25","00:00:00","00:00:00","00:00:00","00:00:00",null,"00:00:00","00:00:00"]
[0,null,"Total","P&C","Life & Health","o/w Employee Benefits**","Life","Health","Asset Management","Bank",null,"Total","P&C","Life & Health","o/w Employee Benefits**","Life","Health","Asset Management","Bank",null,"Total","P&C","Life & Health","o/w Employee Benefits**","Life","Health","Asset Management","Bank",null,"Total","P&C","Life & Health","o/w Employee Benefits**","Life","Health","Asset Management","Bank"]
["Gross Written Premiums & Other Revenues",null,59872,32522,26505,6673,17419,9086,787,57,null,110316,56514,51983,12167,34497,17486,1701,118,null,64250.723032802358,34097.223666684185,29230,7223,19081,10149,875,49]
[]
["IFRS17/9 New Business Value (NBV) (a)",null,1206,null,1206,null,953,253,null,null,null,2264,null,2264,null,1792,473,null,null,null,1189,null,1189,null,928,260]
["New Business Contractual Service Margin (NB CSM)",null,1131,null,1131,null,919,213,null,null,null,2169,null,2169,null,1770,399,null,null,null,1184,null,1184,null,950,234]
["Other NBV *",null,456,null,456,null,333,123,null,null,null,824,null,824,null,594,231,null,null,null,382,null,382,null,270,113]
["Tax",null,-381,null,-381,null,-299,-83,null,null,null,-729,null,-729,null,-572,-158,null,null,null,-378,null,-378,null,-292,-86]
["Present Value of Expected Premiums (PVEP) (b)",null,25588,null,25588,null,18234,7354,null,null,null,50896,null,50896,null,36860,14036,null,null,null,25918,null,25918,null,19487,6430]
["IFRS17/9 NBV Margin (a)/(b)",null,4.7E-2,null,4.7E-2,null,5.1999999999999998E-2,3.4000000000000002E-2,null,null,null,4.3999999999999997E-2,null,4.3999999999999997E-2,null,4.9000000000000002E-2,3.4000000000000002E-2,null,null,null,4.5999999999999999E-2,null,4.5999999999999999E-2,null,4.8000000000000001E-2,0.04]
[]
["Activity Indicators by Geography",null,"1H24",null,null,null,null,null,null,null,null,"FY24",null,null,null,null,null,null,null,null,"1H25",null,null,null,null,null,null,null,null,"FY25"]
[0,null,"Total","France","Europe","AXA XL","Asia, Africa &\n EME-LATAM","AXA IM","Transversal & Other",null,null,"Total","France","Europe","AXA XL","Asia, Africa &\n EME-LATAM","AXA IM","Transversal & Other",null,null,"Total","France","Europe","AXA XL","Asia, Africa &\n EME-LATAM","AXA IM","Transversal & Other",null,null,"Total","France","Europe","AXA XL","Asia, Africa &\n EME-LATAM","AXA IM","Transversal & Other"]
["Gross Written Premiums & Other Revenues",null,59872,14719,22579,11220,9571,787,995,null,null,110316,28996,39298,19383,19083,1701,1856,null,null,64251,15670,24649,11749,10302,875,1006]
[]
["IFRS17/9 New Business Value (NBV) (a)",null,1206,354,348,null,504,null,null,null,null,2264,682,597,null,986,null,null,null,null,1189,315,364,null,510]
["New Business Contractual Service Margin (NB CSM)",null,1131,203,398,null,531,null,null,null,null,2169,391,731,null,1047,null,null,null,null,1184,199,443,null,541]
["Other NBV *",null,456,275,50,null,131,null,null,null,null,824,528,49,null,247,null,null,null,null,382,225,28,null,129]
["Tax",null,-381,-123,-100,null,-158,null,null,null,null,-729,-237,-184,null,-309,null,null,null,null,-378,-109,-107,null,-161]
["Present Value of Expected Premiums (PVEP) (b)",null,25588,12301,6317,null,6971,null,null,null,null,50896,25370,11831,null,13695,null,null,null,null,25918,11662,6843,null,7413]
["IFRS17/9 NBV Margin (a)/(b)",null,4.7E-2,2.9000000000000001E-2,5.5E-2,null,7.1999999999999995E-2,null,null,null,null,4.3999999999999997E-2,2.7E-2,0.05,null,7.1999999999999995E-2,null,null,null,null,4.5999999999999999E-2,2.7E-2,5.2999999999999999E-2,null,6.9000000000000006E-2]
["*Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.",0]
["** Employee Benefits include Group Protection and Group Health contracts."]

{"sheet":"14. Balance Sheet","index":15,"n_rows":24,"n_cols":11,"rows_kept":24,"cut":false,"hidden":false,"merged":[[1,0,1,9]]}
["Back to Summary"]
["BALANCE SHEET"]
[null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro billion) ",null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["Assets",null,"FY24","1H25","FY25",null,"Liabilities, Non-controlling Interests & Shareholders' Equity",null,"FY24","1H25","FY25"]
[]
["Goodwill",null,18.141121127442858,17.073988278410891,null,null,"Shareholders' Equity group share",null,49.942617323598576,45.491273713101442]
["Other intangible assets",null,4.4226581657503008,4.3138342693999947,null,null,"Non-controlling Interests",null,2.5351520529141069,2.4092285498809662]
["Total Intangible assets",null,22.563779293193154,21.387822547810881,null,null,"Shareholders’ equity ",null,52.47776937651269,47.900502262982556]
["Investments in real estate properties",null,29.170974828969964,29.608199782329141,null,null,"Financing debt",null,14.416102696420122,15.025794768338066]
["Financial investments",null,418.19497670434134,408.77359381145817,null,null,"Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts",null,477.04241313213714,468.0254468193055]
["Unit-linked Assets",null,90.094633999222253,90.924326046294325,null,null,"Present Value of Future Cash Flows",null,438.44396942430171,430.36207398945777]
["Total Investments from Insurance activities",null,537.46058553253374,529.30611964008165,null,null,"Contractual Service Margin ",null,35.297617825896538,34.501137793600577]
["Investments from Non-Insurance Activities",null,18.475507070489783,19.208459037918935,null,null,"Risk Adjustment ",null,3.3008258819389398,3.1622350362471492]
["Equity Method investments",null,1.5316903965197588,1.4224473919137479,null,null,"Other Investment Contract Liabilities",null,12.573376282236811,12.274764576652011]
["Assets Arising from Insurance and Reinsurance Contracts Held",null,26.085912218967568,23.730260300814184,null,null,"Liabilities arising from insurance, reinsurance and investment contracts",null,489.61578941437392,480.30021139595749]
["Present Value of Future Cash Flows",null,24.108997863431842,21.893140739578502,null,null,"Liabilities Arising from Non-Insurance Activities",null,10.092674000000001,10.325851462999999]
["Contractual Service Margin",null,1.4448708810496573,1.3370605483010076,null,null,"Provisions for risks and charges",null,4.8748654894596513,4.7900903370778529]
["Risk Adjustment",null,0.53204347448607003,0.50005901293467436,null,null,"Payables and Other liabilities ",null,80.895763313849741,86.072637568374901]
["Receivables and Other Assets ",null,24.109358488892255,23.776495289704478,null,null,"Liabilities held for sale ",null,1.388877140569895,1.1547680299394654]
["Assets held for sale",null,4.5473097579064223,4.2831850387394432,null,null,"Total Liabilities, Non-controlling Interests and Shareholders' Equity",null,653.7618414311861,645.56985582567029]
["Cash and cash equivalents",null,18.987705624192937,22.455078993723241]
["Total Assets",null,653.76184838269558,645.56986824070646]

{"sheet":"15.CSM Rollforward","index":16,"n_rows":22,"n_cols":9,"rows_kept":22,"cut":false,"hidden":false,"merged":[[1,0,1,8],[12,0,12,8],[21,0,21,4]]}
["Back to Summary"]
["CONTRACTUAL SERVICE MARGIN ROLLFORWARD (Net of R/I)","","","","","","","",""]
[" "," "," "," "," "," "," "," ","AXA Consolidated"]
["(in Euro million)"," "," "," "," "," "," "," ","Financial Statements"]
[" "," "," "," "," "," "," "," "," "]
["Contractual Service Margin (CSM)","FY23 Restated**","New Business CSM","Underlying Return on inforce","CSM Release","Economic Variance","Operating Variance ","Other*","FY24"]
[]
["Total Group (pre-tax)",34187,2169,1383,-2775,-998,432,-545,33853]
["P&C",206,0,0,0,0,0,76,282]
["Life",26200,1770,1172,-2253,-890,363,-534,25826]
["Health",7782,400,211,-522,-108,69,-87,7744]
["Total Group (post-tax)",26777,null,null,null,null,null,null,26320]
["*Including scope changes and FX\n** Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023."]
[]
["Contractual Service Margin (CSM)","FY24","New Business CSM","Underlying Return on inforce","CSM Release","Economic Variance","Operating Variance ","Other*","1H25"]
[]
["Total Group (pre-tax)",33852.73828328021,1183.9257634893322,683.44241350342099,-1427.8891219125671,-64.4445778001582,-94.908316239054642,-968.78748698409618,33164.076957337085]
["P&C",282.22693011732997,0,0,0,0,0,-49.083059253189958,233.14387086414001]
["Life",25826.056695448897,950.16867151050258,593.75082276215403,-1157.8695286933041,-94.220262780357501,-254.06633008468501,-646.70274982741466,25217.117318335793]
["Health",7744.4546577139836,233.75709197882958,89.691590741266964,-270.01959321926313,29.775684980199301,159.15801384563036,-273.0016779034986,7713.8157681371476]
["Total Group (post-tax)",26320,null,null,null,null,null,null,25513]
["*Including scope changes and FX\n"]

{"sheet":"16. Invested Assets","index":17,"n_rows":26,"n_cols":13,"rows_kept":26,"cut":false,"hidden":false,"merged":[[25,0,25,12],[1,0,1,12],[5,0,6,0],[5,1,6,1],[5,2,6,2],[5,3,6,3],[5,4,6,4],[5,6,5,12],[20,0,21,4],[20,6,21,12],[22,0,22,5],[23,0,23,5],[24,0,24,5]]}
["Back to Summary"]
["ECONOMIC VIEW OF INVESTED ASSETS"]
[null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro billion)",null,null,null,null,null,null,null,null,null,null,null,"Financial Statements"]
[]
["General Account Invested Assets as of HY25","Fair value","Asset \nAllocation \n%","o/w Participating","Duration gap",null,"Fair Value by Rating"]
[null,null,null,null,null,null,"Average \nrating1","AAA","AA","A","BBB","Below Investment Grade","Non Rated"]
["General Account Invested Assets1",453,null,0.60340000000000005,"-0.3 yr"]
["Fixed Income",348,0.76676963812886145,0.59763461870503598]
["Government Bonds",173,0.38239187996469554,0.65190000000000003,null,null,"AA",0.25900000000000001,0.42299999999999999,0.183,9.7000000000000003E-2,1.9E-2,1.9E-2]
["Corporate Bonds and Loans",122,0.26875551632833189,0.55189999999999995,null,null,"A",0.159,6.3E-2,0.371,0.29599999999999999,0.11]
["Other Fixed Income",52,0.11562224183583407,0.52447213740458021]
["        Asset Backed Securities2",23,5.0088261253309799E-2,0.47039999999999998,null,null,null,0.55700000000000005,0.26,0.106,1.9E-2,1.4999999999999999E-2,4.2999999999999997E-2]
["        Mortgage Loans3",30,6.553398058252427E-2,0.56579999999999997]
["Real Estate",41,9.0247131509267428E-2,0.64]
["Infrastructure Equity",11,2.2506619593998235E-2,0.63619999999999999]
["Listed Equities4",8,1.8534863195057372E-2,0.78890000000000005]
["Private Equity & Hedge Funds5",22,4.8764342453662846E-2,0.56869999999999998]
["Cash",22,4.9547661076787285E-2,0.495]
["Policy Loans",2,3.5061782877316857E-3,0.51]
["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.",null,null,null,null,null,"1 Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.02billion, AA: Euro 0.4 billion, A: Euro 1 billion, BBB: Euro 3.7 billion, Below investment grade: Euro 5 billion."]
[]
["2 Includes 93% of CLOs."]
["3 Residential loans (Euro 16 billion), commercial & agricultural loans (Euro 7 billion) and Agency Pools (Euro 7 billion)."]
["4 Includes hedges. Listed equities excluding hedges at €13bn (basis for % of participating)"]
["5 Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion)."]

{"sheet":"17. Supplementary Info on Asset","index":18,"n_rows":56,"n_cols":14,"rows_kept":56,"cut":false,"hidden":false,"merged":[[31,0,32,0],[1,0,1,13],[8,0,9,0],[13,0,14,0],[22,0,22,1],[27,0,28,0],[37,0,38,0],[41,0,42,0],[47,0,48,0],[52,0,53,0],[54,0,54,7]]}
["Back to Summary"]
["SUPPLEMENTARY INFORMATION ON ECONOMIC VIEW OF INVESTED ASSETS AS OF HY25"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"AXA Consolidated"]
["(in Euro billion)",null,null,null,null,null,null,null,null,null,null,null,null,"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"]
[null,173.31899999999999,6.0600000000000001E-2,0.1275,6.2600000000000003E-2,5.1499999999999997E-2,9.1899999999999996E-2,2.7099999999999999E-2,6.0100000000000001E-2,8.5199999999999998E-2,9.4E-2,7.6899999999999996E-2,0.12570000000000001,0.13669999999999999]
[]
["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"]
[null,121.81399999999999,2.2599999999999999E-2,5.7500000000000002E-2,3.73E-2,0.1143,0.27,1.7399999999999999E-2,0.28149999999999997,0.06,1.9199999999999998E-2,7.7399999999999997E-2,4.2900000000000001E-2]
[]
[]
["Exposure to the Financials","Total","Banks","Non-Banks1"]
["Total",34,27.700000000000003,6.2]
["Senior Unsecured Bonds",30,23.8,5.7]
["Subordinated Bonds2",3,3.1,0.4]
["Other",1,0.8,0.1]
["1  Includes REITS corporate bonds (Euro 3 billion)."]
["2  Includes AT1 (Euro 0.3 billion)."]
[]
["Listed Equities1"]
[]
["Breakdown By Asset Domiciliation","Fair Value","Belgium","France","Germany","Japan","Netherlands","Switzerland","United States","Other EU countries","Rest of the World"]
[null,8.4009999999999998,3.6600000000000001E-2,9.7799999999999998E-2,4.1099999999999998E-2,6.4500000000000002E-2,2.7199999999999998E-2,4.3499999999999997E-2,0.3367,9.1800000000000007E-2,0.2606]
[]
[]
["Breakdown By Industry","Fair Value","Basic Materials","Communications","Consumer, Cyclical","Consumer, Non-Cyclical","Diversified","Energy","Financials","Funds","Industrial","Technology","Utilities","Other"]
[null,8.4009999999999998,4.8300000000000003E-2,0.1026,0.1072,0.14949999999999999,2.63E-2,2.0999999999999999E-3,0.2014,6.0100000000000001E-2,0.1211,0.16370000000000001,1.2500000000000001E-2,5.1000000000000004E-3]
["1 Including hedges"]
[]
["Real Estate"]
[]
["Breakdown By Geographical Exposure","Fair Value","Belgium","France","Germany","Italy","Japan","Spain","Switzerland","United Kingdom","United States","Other EU countries","Rest of the World"]
[null,40.9,4.4699999999999997E-2,0.26529999999999998,0.1072,2.69E-2,6.25E-2,4.0149999999999998E-2,0.13150000000000001,6.9000000000000006E-2,0.1162,5.2900000000000003E-2,8.3599999999999994E-2]
[]
[]
["Breakdown By Type","Fair Value","Office","Residential","Industrial-Logistic","Retail","Others"]
[null,40.9,0.32750000000000001,0.22739999999999999,0.1565,0.1143,0.1744]
[]
[]
["Private Equities1"]
[]
["Breakdown By Asset Domiciliation","Fair Value","Europe","Japan","United States","Other"]
[null,17.283000000000001,0.45100000000000001,3.9E-2,0.45,6.0999999999999999E-2]
["1 Excluding Non-listed Equity"]
["Mortgage Loans1,2"]
[]
["Breakdown by Type","Fair Value","Residential","Commercial"]
[null,23.135999999999999,0.70399999999999996,0.29599999999999999]
["1 Excludes banking operations and Euro 7 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises)."]
["2 Loan to Value: 46%."]

{"sheet":"18. Shareholders Equity","index":19,"n_rows":52,"n_cols":4,"rows_kept":52,"cut":false,"hidden":false,"merged":[[1,0,1,3],[39,0,39,3]]}
["Back to Summary"]
["SHAREHOLDERS' EQUITY ",0,0,0]
[null,null,null,"AXA Consolidated "]
[null,null,null,"Financial Statements "]
[]
["Change in Group Share Consolidated Shareholders' Equity",null,null,"1H25"]
["Shareholders' Equity at Beginning of the Period",null,null,49.942617323598562]
["Paid-in Capital",null,null,8.2586892999999967E-2]
["Treasury Shares",null,null,-1.8349193109999997]
["Other Comprehensive Income Arising from Defined Benefit Plans",null,null,-0.25733189360031528]
["Fair Value Recorded in Shareholders' Equity",null,null,0.88329073314554396]
["Other Comprehensive Income Related to Invested Assets",null,null,-2.5787275335452309]
["Other Comprehensive Income Related to (re) Insurance Contracts",null,null,3.4620182666907775]
["Impact of Currency Fluctuations",null,null,-3.4261577051515513]
["Undated Subordinated Debt (including interest charges)",null,null,0.914570047]
["Realized Gains on Equity through Retained Earnings",null,null,-3.7598983616536172E-2]
["Dividends",null,null,-4.6287159805436229]
["Net Income for the Period",null,null,3.9216129243259839]
["Other",null,null,-6.8680334056487879E-2]
["Shareholders' Equity at End of the Period",null,null,45.49127371310157]
[]
[]
[]
["Group Share Consolidated Shareholders' Equity",null,"FY24","1H25"]
["Paid-in Capital",null,21.8,21.84943266599991]
["Treasury Shares",null,-1.5,-3.3264964768487943]
["Other Comprehensive Income",null,-8.1,-7.2163082436748045]
["Other Comprehensive Income Related to Invested Assets",null,-13.1,-15.726525835157737]
["Other Comprehensive Income Related to (re) Insurance Contracts",null,5,8.510217591482931]
["Other Comprehensive Income Arising from Defined Benefit Plans",null,-2.4,-2.6791442330413027]
["Translation Reserves",null,-1.1000000000000001,-4.4760119089631445]
["Undated Subordinated Debt",null,4.8,5.7575339950000002]
["Retained Earnings",null,36.5,35.582267914629597]
["Total Shareholders' Equity at the End of the Period",null,49.9,45.49127371310157]
[]
[]
["Book Value per Share (a)",null,24.5,22.007456728920143]
["Shareholders' Equity + CSM per Share (b)",null,32.700000000000003,30.470448032034565]
["(a) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt."]
["(b) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.\n"]
[]
["Unrealized Gains and Losses on Invested Assets (Net of Tax)",null,"FY24","1H25"]
["Government Bonds (recyclable)",null,-7.5,-10.6]
["Corporate Bonds (recyclable)",null,-4.0999999999999996,-3.2]
["Cash Flow hedges (recyclable)",null,-3.5,-3.4]
["Equities (non-recyclable)",null,2.2999999999999998,2.2999999999999998]
["Others (recyclable)",null,-0.3,-0.8]
["Total Other Comprehensive Income Related to Invested Assets",null,-13.1,-15.7]
["Real Estate",null,6.7,6.7]
["Other Invested Assets Not Included in Shareholders' Equity",null,-0.6,-0.4]
["Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)",null,6.1,6.3]
["Total Unrealized Gains and Losses on Invested Assets (Net of Tax)",null,-7,-9.4]

{"sheet":"19. ROE&Gearing","index":20,"n_rows":36,"n_cols":7,"rows_kept":36,"cut":false,"hidden":false,"merged":[[1,0,1,6],[34,0,34,6]]}
["Back to Summary"]
["RETURN ON EQUITY, CONSOLIDATED FINANCIAL STRUCTURE & DEBT GEARING","",null,null,null,null,""]
[" "," ",null,null,null,null,"AXA Consolidated"]
["(in Euro billion)"," ",null,null,null,null,"Financial Statements"]
[" "," ",null,null,null,null," "]
["Return on Equity (ROE) "," ","1H24","FY24","1H25","FY25","Change in % points\n (1H25 vs 1H24)"]
["Net Income ROE"," ",0.15738982141542998,0.14799999999999999,0.15319930967231152,null,-0.41899999999999998]
["Net Income (a)"," ",3.9,7.7,3.8357849243259934]
["Average Adjusted Shareholders' Equity (b)"," ",49.7,51.8,50.075746849390065]
[" "," "]
["Underlying ROE"," ",0.16600000000000001,0.152,0.17488670889807295,null,0.84899999999999998]
["Underlying Earnings (a)"," ",4.0999999999999996,7.9,4.3787912810514369]
["Average Adjusted Shareholders' Equity (b)"," ",49.7,51.8,50.075746849390065]
["(a) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity)."]
["(b) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity)."]
[" "," ",null,null,null,null," "]
["Consolidated Financial Structure & Debt Gearing\n (in Euro billion) "," ","1H24","FY24","1H25","FY25","Financial interest treatment"]
[" "," ",null,null,null,null," "]
["Financing Debt "," ",3.2,3.2,3.1840508112769665]
["Financing Debt Instrument Issued "," ",3.2,3.2,3.1840508112769665]
["Financing Debt Owed to Credit Institutions "," ",0,0,0]
["Dated Subordinated Debt "," ",11.1,11.2,11.8417439570611]
["Reversal of mark-to-market of interest rates derivatives"," ",-0.1,-0.1,-7.7060000000000003E-2]
["Total Gross Debt (A) "," ",14.2,14.3,14.948734768338067,null,"P&L "]
["Undated Deeply Subordinated Notes (TSS)"," ",3.9,2.9,3.8487896340000001,null,"Equity "]
["Deeply Subordinated Notes (TSDI)"," ",1.9,1.9,1.9087443610000001,null,"Equity"]
["Total Gross Debt incl. Undated and Deeply Subordinated Notes (B) "," ",20,19.2,20.706268763338066,null," "]
[" "," ",null,null,null,null," "]
["Shareholders' Equity (Including Non-Controlling Interests) (a) (C) "," ",50.1,52.5,47.900171387204303,null," "]
["Contractual Service Margin net of tax  (D) "," ",26.2,26.3,25.5125590662538,null," "]
[" "," ",null,null,null,null," "]
["Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A) "," ",90.5,93.1,88.361465221796166,null," "]
[" "," ",null,null,null,null," "]
["Debt Gearing (G) = (B) / (E) "," ",0.221,0.20599999999999999,0.23433595981419331,null," "]
["(a) Shareholders' equity includes undated and deeply subordinated debts;"]
[" "]

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["Back to Summary"]
["ELIGIBLE OWN FUNDS, SOLVENCY CAPITAL REQUIREMENT & SOLVENCY II RATIO","","","","","","","","",""]
[" "," "," "," "," "," "," "," "," "," "]
[" "," "," "," "," "," "," "," "," AXA Consolidated"]
["(in Euro billion)"," "," "," "," "," "," "," ","Financial Statements"]
[" "," "," "," "," "," "," "," "," "," "]
["Solvency II Rollforward","FY24","Regulatory & model changes","Normalized Capital Generation","Operating variance","Economic variance (incl. FX)","Dividend & \nshare buy-backs","Debt","M&A, \nIn-force and Other","1H25"]
["Eligible Own Fund (EOF)",55.92742051239162,-0.34126896294312087,4.8240976294182865,-0.17715403010543937,-3.2875803573362314,-2.9475297999999999,1.9959771242842892,-0.61004626773718851,55.383915847972204]
["Solvency Capital Requirement (SCR)",25.942409225244305,2.0399999999999932E-3,0.35876356375544927,4.182577042432889E-2,-1.3835647546669918,0,0,0.26540804378241489,25.226881848539506]
["Solvency II Ratio",2.1558298624774292,-1.3323345308338119E-2,0.15418057058206402,-1.037063340628519E-2,-4.9802144721828867E-3,-0.11808316380093986,7.9962310715159024E-2,-4.7782904068926602E-2,2.1954324827179788]
[" "," "," "," "," "," "," "," "," "," "]
["EOF Tiering","Total","Unrestricted \nTier 1","Restricted Tier 1","Tier 2","Tier 3"," "," "," "," "]
["EOF as of 1H25",55.383915847972204,37.540306889116515,5.926273567,11.180593049000001,0.73674234285568707," "," "," "," "]
["Insurance Sector",52.868325640232648,35.024716681376958,5.926273567,11.180593049000001,0.73674234285568707," "," "," "," "]
["Ancillary",null,null,null,null,null," "," "," "," "]
["Subject to Transitional Measures*",4.3222770000000006,"",3.3419630000000002,0.98031400000000002,null," "," "," "," "]
["Other Financial Sectors",2.5155902077395549,2.5155902077395549,null,null,null," "," "," "," "]
["EOF as of FY24",55.92742051239162,39.982368186993369,4.9218660740000004,10.207633357999999,0.81555289339825099," "," "," "," "]
["Insurance Sector",53.464714562020298,37.519662236622054,4.9218660740000004,10.207633357999999,0.81555289339825099," "," "," "," "]
["Ancillary",null,null,null,null,null," "," "," "," "]
["Subject to Transitional Measures*",4.4719850000000001,"",3.3924660000000002,1.0795189999999999,null," "," "," "," "]
["Other Financial Sectors",2.4627059503713218,2.4627059503713218,null,null,null," "," "," "," "]
["*Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.","","","","",""," "," "," "," "]
["","","","","",""," "," "," "," "]
[" "," "," "," "," "," "," "," "," "," "]
["Solvency II Key Sensitivities (in pts)","FY24","1H25"," "," "," "," "," "," "," "]
["Interest Rate +50bps","+2 pts","+2 pts"," "," "," "," "," "," "," "]
["Interest Rate -50bps","-4 pts","-4 pts"," "," "," "," "," "," "," "]
["Corporate Spread +50bps","-1 pts","-1 pts"," "," "," "," "," "," "," "]
["Euro Government Spreads +50bps","-10 pts","-7 pts"," "," "," "," "," "," "," "]
["Credit Migration +20%","-4 pts","-4 pts"," "," "," "," "," "," "," "]
["Listed Equities +25%","+0 pt","+0 pt"," "," "," "," "," "," "," "]
["Listed Equities -25%","-3 pts","-0 pt"," "," "," "," "," "," "," "]
["Private and Infrastructure Equity +25%","+13 pts","+13 pts"]
["Private and Infrastructure Equity -25%","-15 pts","-15 pts"]

{"sheet":"21. IFRS17 SHE to Group EOF","index":22,"n_rows":26,"n_cols":2,"rows_kept":26,"cut":false,"hidden":false,"merged":[[1,0,1,1],[25,0,25,1]]}
["Back to Summary"]
["RECONCILIATION FROM IFRS17/9 SHAREHOLDERS' EQUITY TO SOLVENCY II ELIGIBLE OWN FUNDS",""]
[" "," "]
[" ","AXA Consolidated"]
["(in Euro billion)","Financial Statements"]
[" "," "]
["Reconciliation IFRS17/9 Shareholders' Equity to Solvency II Eligible Own Funds ","1H25"]
["IFRS SHAREHOLDERS' EQUITY",47.929907358801799]
["Contractual Service Margin (net of tax)",25.512721004896473]
["IFRS SHAREHOLDERS' EQUITY inc. CSM",73.442628363698276]
["Net URCG not included in Shareholders' Equity",6.2873299239293106]
["Elimination Undated Subordinated Debts",-5.7575339950000002]
["Elimination Intangibles",-21.6364954849269]
[" Goodwill",-17.9485651871409]
[" others",-3.6879302977860799]
["IFRS TANGIBLE NET ASSET VALUE",52.335928807700682]
["Foreseeable dividends and distribution",-2.9475297999999999]
["Technical provision adjustments",-10.617732351995585]
[" Risk Margin vs Risk Adjustment",-6.8309151207302063]
[" BEL adjustment",-3.7868172312653789]
["Other adjustments",-1.2303597665885762]
["UNRESTRICTED TIER 1",37.540306889116522]
["Restricted Tier 1 + Tier 2",17.106866616000001]
["Tier 3 ",0.73674234285568707]
["GROUP ELIGIBLE OWN FUNDS",55.383915847972204]
[null,""]

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