Half Year Financial Report

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June 30, 2025
TABLE OF CONTENTS




I. Activity Report……………………………………... 3


II. Consolidated interim financial statements……... 29


III. Statutory auditors’ review report
on the 2025 Half Year Financial Information ……... 85


IV. Statement of the person responsible for the Half Year
Financial Report …………….………………….… 89
Activity Report


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June 30, 2025
I
ACTIVITY REPORT – HALF YEAR 2025

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
Certain statements contained herein may be forward-looking statements including, but not limited to,
statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and
other information that is not historical information. Forward-looking statements are generally identified
by words and expressions such as “expects”, “anticipates”, “may”, “plan” or any variations or similar
terminology of these words and expressions, or conditional verbs such as, without limitations, “would”
and “could”. In particular, the statements in the “Outlook” section of this report, including the capital
management and distribution policy, are based on the current views and intentions of the Board of
Directors and are subject to change. Undue reliance should not be placed on such statements because, by
their nature, they are subject to known and unknown risks and uncertainties, many of which are outside
AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially
from those expressed in, or implied or projected by, such forward-looking statements. Each forward-
looking statement speaks only at the date of this report. Please refer to Part 5 - “Risk Factors and Risk
Management” of AXA’s Universal Registration Document for the year ended December 31, 2024 (the “2024
Universal Registration Document”) for a description of certain important factors, risks and uncertainties
that may affect AXA’s business and/or results of operations.
AXA specifically disclaims and undertakes no obligation to publicly update or revise any of these forward-
looking statements, whether to reflect new information, future events or circumstances or otherwise,
except as required by applicable laws and regulations.

USE OF NON-GAAP AND ALTERNATIVE PERFORMANCE MEASURES
This report refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”),
used by Management in analysing AXA’s operating trends, financial performance and financial position
and providing investors with additional information that Management believes to be useful and relevant
regarding AXA’s results. These non-GAAP financial measures generally have no standardized meaning and
therefore may not be comparable to similarly labelled measures used by other companies. As a result,
none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for,
the financial measures and information in the Group’s Consolidated Interim Financial Statements and
related notes contained herein, prepared in accordance with IFRS (the “Consolidated Interim Financial
Statements”). Underlying Earnings, Underlying Earnings per Share, Underlying Return on Equity,
Combined Ratio and Debt Gearing are APMs as defined in ESMA’s guidelines and the AMF’s related position
statement issued in 2015. AXA defines these APMs and provides their reconciliation to the most closely
related line item, subtotal, or total in the Consolidated Interim Financial Statements on the pages
indicated in the section “Alternative Performance Measures” of this report. For further information on any
of the above-mentioned APMs, please see the definitions in the section “Alternative Performance
Measures” on pages 565 to 566 in the 2024 Universal Registration Document, in its Appendix IV “Glossary”.

CERTAIN TERMS AND OTHER INFORMATION
In this report, unless provided otherwise or unless the context otherwise requires, (i) the “Company”,
“AXA” and “AXA SA” refer to AXA, a “société anonyme” (a public limited company) organized under the
laws of France, which is the publicly traded parent company of the AXA Group, and (ii) the “AXA Group”,
the “Group” and “we” refer to AXA SA together with its direct and indirect consolidated subsidiaries.
This is a translation into English of the Half Year Financial Report of the Company issued in French and
available on the Company’s website (www.axa.com).




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Half Year 2025 Financial Report
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ACTIVITY REPORT – HALF YEAR 2025

Operating Highlights

GOVERNANCE

AXA’s Board of Directors announces its decision to propose the renewal of Thomas Buberl’s
mandate in 2026

AXA announced on April 23, 2025, the decision of the Board of Directors to propose the renewal of Thomas
Buberl’s mandate as a director for a four-year term at the Annual Shareholders’ Meeting to be held in 2026,
with the intention of reappointing him as Chief Executive Officer.

Composition of the Board of Directors and Committees following the Shareholders’ Meeting

Following its Annual Shareholders’ Meeting held on April 24, 2025, AXA’s shareholders approved all the
resolutions submitted to them, including: (i) the renewal of the Board mandates of Guillaume Faury and
Ramon Fernandez, and (ii) the ratification of the co-optation of Ewout Steenbergen as a director.
Additionally, as announced, Ramon de Oliveira’s directorship term ended following the shareholders’
meeting.
The composition of the Committees is detailed in section 3.2.7 of the 2024 Universal Registration
Document.

SIGNIFICANT TRANSACTIONS

AXA completed the acquisition of Nobis Group

On April 1, 2025, AXA announced that it had completed the acquisition of Gruppo Nobis (“Nobis”).
Under the terms of the transaction, the upfront consideration for the acquisition amounted to Euro 423
million, with a potential earn-out(1) of up to Euro 55 million, in line with the announcement made upon
signing(2) of the agreement.
The completion of the transaction resulted in an impact of -1 point on AXA Group’s Solvency II ratio in the
second quarter of 2025, in line with the expected impact announced at signing.

CAPITAL / DEBT OPERATIONS

Execution of a share repurchase agreement in relation to AXA’s share buy-back program of up to
Euro 1.2 billion

On February 28, 2025, AXA executed a share repurchase agreement with an investment services provider,
in order to buy back its own shares for a maximum amount of Euro 1.2 billion, aligned with the current
capital management policy and as previously announced on February 27, 2025.




(1) The earn-out payments are conditional on the achievement of revenue targets, over the five-year period after closing of the
transaction.
(2) Announcement made on August 1, 2024.


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Under the share repurchase agreement(1), shares were bought back commencing on March 3, 2025. The
share buy-back was completed on May 19, 2025, for an amount of Euro 1.2 billion(2), having been carried
out in accordance with the terms of the applicable Shareholders’ Meeting authorization(3). On each day
during the purchase period, the price per share paid by AXA(4) was determined based on the volume-
weighted average share price.
AXA has cancelled all shares repurchased pursuant to this share buy-back program.

AXA announced the placement of Euro 1 billion Restricted Tier 1 Notes and Euro 1 billion Tier 2
Notes

On May 28, 2025, AXA announced the placement of Euro 1 billion of Reg S perpetual deeply subordinated
notes (the “Restricted Tier 1 Notes”) and Euro 1 billion of Reg S subordinated notes due 2055 (the “Tier 2
Notes” and together with the Restricted Tier 1 Notes, the “Notes”) with institutional investors. These
issuances are part of AXA Group’s funding plan for 2025, and the proceeds will be used for general
corporate purposes, including the refinancing of part of AXA Group’s outstanding debt. The settlement of
the Notes took place on June 2, 2025.
Restricted Tier 1 Notes:
The Restricted Tier 1 Notes have a fixed annual interest rate of 5.750% until December 2, 2030, the last day
of the 6-month call window period, following which the interest rate will reset and every five years
thereafter at the prevailing Euro 5-year Mid Swap rate plus a margin of 359.9 basis points.
The Restricted Tier 1 Notes qualify as Restricted Tier 1 capital under Solvency II. In line with the Solvency
II requirements, they feature a loss absorption mechanism in the form of a write-down(5) of the nominal
amount of the Restricted Tier 1 Notes in the event that one of the solvency-related triggers(6) is breached(7).
Interest payments are at the full discretion of AXA unless they are mandatorily prohibited. The Restricted
Tier 1 Notes will be treated as capital from a regulatory and rating agency perspective within applicable
limits.
They are rated BBB+ by Standard & Poor’s and Baa1(hyb) by Moody’s.
Tier 2 Notes:
The Tier 2 Notes have a fixed annual interest rate of 4.375% until July 24, 2035, the last day of the 6-month
call window period, following which the interest rate will be a floating rate based on 3-month EURIBOR
plus a margin of 290 basis points.
The Tier 2 Notes qualify as Tier 2 capital under Solvency II. They will be treated as capital from a regulatory
and rating agency perspective within applicable limits.
They are rated A- by Standard & Poor’s and A2 (hyb) by Moody’s.




(1) On February 28, 2025, it was indicated that the Euro 1.2 billion share buy-back program would be executed in addition to any
other share buy-backs launched by AXA consistent with its capital management policy, including the share buy-back of Euro 3.8
billion that AXA had previously announced that it would launch following the closing of the sale of AXA Investment Managers to BNP
Paribas.
(2) AXA bought back its own shares for an exact amount of Euro 1,199,999,980.
(3) The Shareholders’ Meeting authorization granted on April 23, 2024 and, as applicable, the authorization which was approved by
the Shareholders’ Meeting held on April 24, 2025.
(4) The purchase price per share did not exceed the maximum purchase price approved at the applicable Shareholders’ Meeting.
(5) With discretionary reinstatement subject to certain conditions.
(6) As defined in the Prospectus dated May 28, 2025.
(7) Either at AXA Group level or at AXA SA solo level.


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ACTIVITY REPORT – HALF YEAR 2025

Execution of a share repurchase agreement in relation to AXA’s Shareplan and certain stock-
based compensation

On June 2, 2025, AXA executed a share repurchase agreement with an investment services provider, under
which AXA carried out a program to buy back its own shares for a maximum amount of Euro 724.6 million.
In line with AXA’s current practice, the purpose of this share buy-back program was to:
• Eliminate the expected dilutive impact relating to AXA Group’s employee share offering
(Shareplan 2025); and
• Cover the expected future delivery of shares under certain stock-based compensation schemes(1).
The size of this share buy-back program was based on the expected number of shares to be issued under
Shareplan 2025 and to be delivered under the relevant stock-based compensation schemes. The share
buy-back program was carried out in accordance with and subject to the terms of the applicable
Shareholders’ Meeting authorization(2).
Under the share repurchase agreement(3), the share buy-back commenced on June 3, 2025, and ended on
June 30, 2025. On each day during the purchase period, the price per share paid by AXA(4) was determined
on the basis of the volume-weighted average share price.
The shares repurchased are to be either cancelled or delivered to the beneficiaries of the relevant stock-
based compensation schemes.

RISK FACTORS
The principal risks and uncertainties faced by the Group are described in detail in Section 5.1 “Risk Factors”
and Section 7.3 “General Information” of the 2024 Universal Registration Document (on pages 288 to 310
and pages 510 to 520, respectively). The 2024 Universal Registration Document was filed with the Autorité
des Marchés Financiers (the “AMF”) on March 18, 2025, and is available on the AMF’s website
(https://www.amf-france.org/fr) as well as on AXA's website (www.axa.com). The descriptions contained
in these sections of the 2024 Universal Registration Document remain valid in all material respects at the
date of the publication of this report regarding the evaluation of the major risks and uncertainties affecting
the Group as of June 30, 2025, or which Management expects could affect the Group during the remainder
of 2025.

RELATED PARTY TRANSACTIONS

During the first half of 2025, there were (i) no modifications to the related-party transactions described in
Note 25 “Related-party transactions” to the audited Consolidated Financial Statements for the fiscal year
ended December 31, 2024, included in the 2024 Universal Registration Document (page 487) filed with the
AMF and available on its website (https://www.amf-france.org/fr) as well as on the Company's website
(www.axa.com), which significantly influenced the financial position or the results of the Company during
the first six months of the fiscal year 2025, and (ii) no new transactions concluded between AXA SA and
related parties that significantly influenced the financial position or the results of the Company during the
first six months of the fiscal year 2025.



(1) Performance shares plans.
(2) The Shareholders’ Meeting authorization granted on April 24, 2025.
(3) On June 2, 2025, it was indicated that the up to Euro 724.6 million share buy-back program would be executed in addition to any
other share buy-backs launched by AXA consistent with its capital management policy, including the share buy-back of Euro 3.8
billion that AXA launched following the closing of the sale of AXA Investment Managers to BNP Paribas.
(4) The purchase price per share did not exceed the maximum purchase price approved at the applicable Shareholders’ Meeting.


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Events subsequent to June 30, 2025

AXA completed the sale of AXA Investment Managers to BNP Paribas

On July 1, 2025, AXA announced that it completed the sale of AXA Investment Manager (“AXA IM”) to BNP
Paribas for cash proceeds(1) of Euro 5.1 billion. AXA also closed the sale of Select to AXA IM for a
consideration of Euro 0.3 billion, bringing the total transaction value to the previously announced amount
of Euro 5.4 billion(2)(3).
AXA and BNP Paribas also entered into a long-term partnership under which BNP Paribas provides
investment management services to AXA. AXA retains full authority over product design, asset allocation
and asset-liability management decisions. The combination of AXA IM and BNP Paribas creates a leading
European asset manager, with total assets under management of Euro 1.5 trillion(4).
Expected financial impacts of the transaction:
• The transaction results in a one-off net income gain of ca. Euro 2.2 billion, as well as an expected
reduction in underlying earnings of ca. Euro 0.4 billion on an annualized basis for the Group.
• The transaction and the associated share buyback program are expected to have an impact of ca.
+2 points on AXA’s Solvency II ratio.
• The transaction is expected to have no material impact on the key financial targets (5) that were
communicated as part of the “Unlock the Future” plan.

Execution of a share repurchase agreement of up to Euro 3.8 billion following the sale of AXA IM

On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider,
whereby AXA is carrying out a program to buy back its own shares for a maximum amount of Euro 3.8
billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as
announced on August 1, 2024.
The share repurchase agreement will be executed in accordance with the terms of the applicable
Shareholders’ Meeting authorization.
Under the share repurchase agreement, the buy-back commenced on July 2, 2025, and will end at the
latest on February 26, 2026. On each day during the purchase period, the price per share to be paid by
AXA(6) will be determined on the basis of the volume-weighted average share price.
AXA will progressively cancel all shares repurchased thereunder.




(1) For 100% share capital of AXA IM, of which 98% is owned by the AXA Group.
(2) Completed in two tranches: €0.1bn in March 2024 and €0.2bn in March 2025.
(3) Select (formerly named ‘Architas’) was, before the sale of AXA IM to BNP Paribas, an AXA company offering investment solutions,
including management of funds, investment management services, advisory services, and investment related services, to retail
customers in France, Belgium, Hong Kong, and Indonesia.
(4) As of December 31, 2024, based on companies’ financial disclosures.
(5) Underlying earnings per share CAGR 2023-2026E between 6% and 8%, Underlying return on equity between 14% and 16% over
2024 to 2026E, and over Euro 21 billion cumulative organic cash upstream over 2024 to 2026E.
(6) The purchase price will not exceed the maximum purchase price approved at the applicable Shareholders’ Meeting.


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ACTIVITY REPORT – HALF YEAR 2025

AXA announced the acquisition of Prima, the leading direct insurance player in Italy

On August 1, 2025, AXA announced it had entered into an agreement to acquire Prima. Since its launch in
2015, Prima, which operates as a Managing General Agent (“MGA”), has emerged as the leading direct
insurance player in Italy, achieving a top position with Euro 1.2 billion of premiums, ca. 10%(1) overall
market share in Retail Motor and a combined ratio of 90%(2) in 2024.
The acquisition of Prima is expected to strengthen AXA’s position in Italy by almost doubling the size of its
Motor business. Furthermore, the acquisition of Prima would bolster AXA's position in the direct
distribution channel which generated Euro 3.5 billion in premiums for the Group in 2024, across eight
geographies, with leading positions in four.
Under the terms of the agreement, AXA will acquire 51% of the company (3) for a consideration of Euro 0.5
billion. Call/put options(4) with an exercise price tied to Prima’s earnings have been granted respectively to
AXA and minority stakeholders for the remaining 49%. Taking into account the capital required to back the
planned re-capture of premiums and underwriting margin currently earned by third party insurance
carriers, the total consideration represents an expected price-to-earnings multiple of ca. 11x.
Including the re-capture of the business currently written by third party insurance carriers, the transaction
is expected to result in an impact of -6 points(5) on AXA Group’s Solvency II ratio.
Completion of the transaction is subject to customary closing conditions, including the receipt of
regulatory approvals, and is expected to take place by the end of 2025.




(1) Estimate based on 2024 policy count.
(2) Estimated 2024 all-year discounted combined ratio, combining Prima and third-party insurance carriers' margins.
(3) AXA will own 51% of the MGA but expects to recapture 100% of the premiums currently written in Italy and Spain by third party
insurers.
(4)To be exercised in 2029 or 2030.
(5)The -6 points impact consists of (i) a -4 points impact upon closing, related to the €0.5 billion cost for a 51% share, plus net present
value of the cost of acquiring the 49% minority stake in Prima in 2029 or 2030 through the put/call option agreements, in accordance
with Solvency II requirements, and (ii) an estimated -2 points impact from the planned progressive re-capture of the premiums
underwritten by third-party insurers, starting in the second half of 2026.


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Market Environment

FINANCIAL MARKET CONDITIONS


STOCK MARKETS


June 30, 2025 / June 30, 2024 /
(main indices, in pts) June 30, 2025 June 30, 2024
December 31, 2024 December 31, 2023

CAC 40 7,666 4% 7,479 -1%

Eurostoxx 50 5,303 8% 4,894 8%

FTSE 100 8,761 7% 8,164 6%

Nikkei 40,487 1% 39,583 18%

S&P 500 6,205 5% 5,460 14%

MSCI World 4,026 9% 3,512 11%

MSCI Emerging 1,223 14% 1,086 6%

Source: Bloomberg.



Despite ongoing geopolitical and macroeconomic uncertainty, global equity markets continued their
upward trajectory, supported by robust earnings, sustained resilience of economic indicators, but with a
cautious wait-and-see stance from investors.
The MSCI global equity index posted a 9% increase despite a turbulent first six months shaped by shifting
monetary expectations, renewed geopolitical frictions, and increasing signs of a global growth slowdown.
In the United States, the S&P 500 rose by 5%. Following a strong start to the year, markets faced a sharp
decline in April due to uncertainty surrounding U.S trade tensions, with a rebound in May when initially
proposed U.S. tariff increases were paused. However, the recovery remains volatile in an uncertain
economic context.
In Europe, the Eurostoxx 50 index rose by 8% in the first half of the year supported by fiscal stimulus in
Germany and cheaper energy prices. In France, the CAC 40 gained a modest 4%, reflecting ongoing investor
concerns over debt sustainability, which weighed on rate-sensitive sectors. In the United Kingdom, the
FTSE 100 rose by 7%, thanks to energy sector performance and improving inflation dynamics, despite
ongoing weak consumer demand and economic indicators.
In Asia, Japan’s stock markets increased by 1%, helped by a weaker Yen and strong corporate share
buybacks. While the markets demonstrated strong performance earlier in the year, the recent correction
highlights investor apprehension regarding the sustainability of growth and challenges in export-oriented
sectors due to slowing global trade and softer demand from China.




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BOND MARKETS


June 30, 2025 / June 30, 2024 /
(Government bonds in % or basis points (bps)) June 30, 2025 June 30, 2024
December 31, 2024 December 31, 2023

10Y French bond 3.29% +9 bps 3.30% +74 bps

10Y German bond 2.61% +24 bps 2.50% +48 bps

10Y Swiss bond 0.44% +11 bps 0.60% -10 bps

10Y Italian bond 3.48% -5 bps 4.07% +37 bps

10Y UK bond 4.49% -8 bps 4.17% +64 bps

10Y Japanese bond 1.43% +33 bps 1.06% +44 bps

10Y US bond 4.23% -34 bps 4.40% +52 bps

Source: Bloomberg.



After a relatively contained year in 2024, bond markets entered 2025 under renewed upward pressure,
driven by persistent inflation and delayed monetary easing, as well as growing fiscal concerns in key
economies. However, yield performance has varied across the United States, Europe and Asia.
In the United States, having started the year at 4.57%, yields peaked in January supported by
macroeconomic figures and an expected gradual rate-cut by the Federal Reserve. However, with increased
economic uncertainty and escalating trade tensions, yields decreased to 4.23% by the end of June despite
the Federal Reserve’s position to leave rates unchanged.
In Europe, yields rose broadly as investors reassessed fiscal risks and interest rate paths. The German Bund
increased by 24bps to 2.61%, reflecting uncertainty around Germany’s debt brake, military spending
commitments, and weaker growth data. French OAT yields rose by 9bps to 3.29%, due to concerns about
public finances in the context of an expected deficit exceeding 5%. The UK gilt yields fell by 8bps to 4.49%,
but doubts persisted over the sustainability of Labour’s fiscal program. The Italian BTP yields fell by 5bps
to 3.48%, benefiting from fiscal prudence and a relatively calmer political landscape, narrowing the spread
with France and Germany. Swiss yields increased by 11bps to 0.44% in line with shifting global rate
expectations and renewed eurozone fiscal concerns.
In Japan, yields surged by 33bps reaching 1.43%. The Bank of Japan stepped up its normalization process
in a context of higher than-targeted inflation and rising wages, marking a structural shift in Japanese rate
expectations.
Corporate spreads have modestly widened in the first half of 2025, following two years of sustained
tightening. This shift reflects renewed macroeconomic uncertainty, delayed interest rate cuts by the
Federal Reserve, and a temporary increase in risk aversion related to U.S. trade tensions. In both the
United States and Europe, spreads have followed a similar trend, reaching a peak in April but concluding
June at a narrower level.




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EXCHANGE RATES
End of Period Exchange rate Average Exchange rate

June 30, 2025 / June 30, 2025 /
(for €1) June 30, 2025 June 30, 2025
December 31, 2024 June 30, 2024

US Dollar 1.17 13% 1.09 1%

British Pound Sterling 0.86 4% 0.84 -1%

Swiss Franc 0.93 -0% 0.94 -2%

Japanese Yen 170 4% 162 -1%

Source : WM/Refinitiv



The first half of 2025 witnessed a significant decline of the US Dollar against major currencies as markets
repriced the trajectory of U.S. monetary and fiscal policy in the context of delayed Federal Reserve interest
rate cuts, a widening U.S. fiscal deficit and international trade-related uncertainty. Despite persistently
elevated yields, the US Dollar began to weaken as expectations of a soft landing shifted toward indications
of slowing growth and inflation fatigue. The Euro appreciated against the US Dollar rising to USD 1.17 by
end of June.
The Euro appreciated against the British Pound Sterling (at GBP 0.86), as the Bank of England maintained
its cautious tone. However, it depreciated slightly versus the Swiss Franc (to CHF 0.93). Versus the
Japanese Yen, the Euro rose to JPY 170 as the Bank of Japan’s tightening, though gradually priced in, was
not enough to fully reverse the effects of the Euro’s appreciation resulting from U.S. economic uncertainty.




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Activity and Earnings Indicators

ACTIVITY INDICATORS


June 30, June 30, June 30, 2025 /
(in Euro million, except percentages)
2025 2024 June 30, 2024 (a)


Gross Written Premiums & Other Revenues (b) 64,251 59,872 6.8%
Property & Casualty 34,097 32,522 6.0%
Life & Health 29,230 26,505 7.8%
o/w Life 19,081 17,419 9.0%
o/w Health 10,149 9,086 5.7%
Asset Management 875 787 4.3%
Banking 49 57 -15.0%
New Business Value (NBV) (1) 1,189 1,206 -2.1%
Present Value of Expected Premiums (PVEP) (2) 25,918 25,588 0.6%
NBV Margin (1)/(2) 4.6% 4.7% -0.1 pt
(a) Changes are on comparable basis.
(b) Net of Intercompany eliminations.




June 30, June 30, June 30, 2025 /
(in Euro million, except percentages)
2025 2024 June 30, 2024 (a)


Gross Written Premiums & Other Revenues (b) 64,251 59,872 6.8%
France 15,670 14,719 5.8%
Europe 24,649 22,579 5.2%
AXA XL 11,749 11,220 6.5%
Asia, Africa & EME-LATAM 10,302 9,571 13.5%
AXA IM 875 787 4.3%
Transversal & Other 1,006 995 -0.1%
(a) Changes are on comparable basis.
(b) Net of Intercompany eliminations.




Consolidated Gross Written Premiums and Other Revenues amounted to €64,251 million as of June 30,
2025, up 7.3% on a reported basis, and up 6.8% on a comparable basis compared to June 30, 2024.
The comparable basis restatements were €-0.3 billion (or -0.5 point), related to both scope and foreign
exchange. This mainly reflected (i) the impact of the acquisition of Nobis as well as of Laya business being
underwritten on AXA Ireland’s balance sheet starting from January 2025, and (ii) the neutralization of the
foreign exchange rate movements due to the appreciation of the average Euro exchange rate, mainly
against the Mexican Peso, the Turkish Lira and the US Dollar, partly offset by the depreciation against the
Swiss Franc and the Japanese Yen.




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GROSS WRITTEN PREMIUMS & OTHER REVENUES
Property & Casualty gross written premiums were up 6% (or €+1,966 million) on a comparable basis to
€34,097 million:
• Commercial lines grew by 5% (or €+1,001 million) primarily driven by (i) AXA XL Insurance (+6%)
mainly from volume growth mostly driven by Property and Casualty, including the impact of a
large multi-year contract with limited risk retention, partly offset by Financial Lines, while strong
price effects in Casualty were partly offset by softening in other lines, (ii) Asia, Africa & EME-LATAM
(+15%) mainly driven by Türkiye mostly from higher average premiums in Property and Motor in
a hyperinflationary context, along with favorable volume and price effects most notably in Mexico
and Brazil, and (iii) France (+6%) reflecting price increases, notably in Property and Motor, as well
as higher volumes;
• Personal lines grew by 7% (or €+754 million) driven by (i) Motor (+7%), in particular in Europe
(+5%) driven by strong price effects across geographies except United Kingdom where pricing
softened following strong repricing in 2024, in Asia, Africa & EME-LATAM (+14%) mainly driven by
Türkiye from higher average premiums in a hyperinflationary context along with favorable
volume effects in Mexico, France (+8%), from strong price increases combined with strong new
business growth from both direct business and proprietary agent networks, and (ii) Non-Motor
(+7%) primarily in Europe (+5%) mostly in Germany, and United Kingdom & Ireland from strong
price increases, partly offset by lower volumes with a focus on profitability, in France (+10%),
stemming from business growth and in Asia, Africa & EME-LATAM (+19%), notably in Colombia
from higher volumes in Compulsory accident insurance; and
• AXA XL Reinsurance increased by 11% (or €+212 million) driven by higher volumes notably thanks
to business ceded via Alternative Capital, combined with price increases in Casualty lines.


Life & Health gross written premiums were up 8% (or €+2,136 million) on a comparable basis to €29,230
million.
Life gross written premiums were up 9% (or €+1,580 million) on a comparable basis to €19,081 million:
• Unit-Linked increased by 9% (or €+380 million), driven by most geographies including (i) France
(+6%) from higher sales in Individual savings, (ii) Asia, Africa & EME-LATAM (+89%), from good
sales momentum of a new product in Japan, and (iii) Europe (+5%) mainly in Germany.
• General Account Savings increased by 9% (or €+451 million) mainly driven by (i) Europe (+22%)
reflecting elevated sales of a capital-light product in Italy, and (ii) France (+10%), notably from
new business in Group pension, partly offset by (iii) Asia, Africa & EME-LATAM (-24%), mainly from
Hong Kong and Japan from the lower sales of respectively a term product and a Single Premium
Whole Life product; and
• Protection increased by 9% (or €+748 million) mainly driven by (i) Asia, Africa & EME-LATAM
(+17%), notably from a commercial campaign in 1H25 on a Protection with G/A product in Hong
Kong, and (ii) Europe (+5%), mainly from the sales of a new Protection with Unit-Linked product
in Switzerland.
Health gross written premiums were up 6% (or €+556 million) on a comparable basis to €10,149 million:
• Group business increased by 4% (or €+196 million), driven by favorable price effect mainly in
France, in Europe notably in United Kingdom & Ireland, and in Asia, Africa & EME-LATAM mainly in
Mexico and Hong Kong, partly offset by lower volumes;




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• Individual business grew by 7% (or €+360 million), primarily from price increases, driven by
Europe notably in Germany, and in Asia, Africa & EME-LATAM mostly in Türkiye and Mexico.
Banking revenues decreased by 15% (or €-9 million) on a comparable basis to €49 million as a result of
lower volumes in the context of the French real estate market slowdown.

NEW BUSINESS PERFORMANCE
Present Value of Expected Premiums (“PVEP”)
PVEP increased by 1% on a reported basis and 1% on a comparable basis to €25,918 million driven by Life
(+6%), from higher volumes in Savings and Protection, partly offset by Health (-13%), mainly from France
reflecting lower new business volumes in domestic business.


New Business Value (“NBV”)
NBV decreased by 1% on a reported basis and 2% on a comparable basis to €1,189 million as strong sales
in Savings notably in Europe and Japan, Protection mainly in Hong Kong, and Health in Asia were offset
by unfavorable actuarial changes implemented in the second half of 2024 in Japan and by a negative mix
effect in multinational Employee Benefits contracts.


New Business Value Margin (“NBV margin”)
As a result, NBV margin decreased by 0.1 point on a reported basis and 0.1 point on a comparable basis to
4.6%.




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UNDERLYING EARNINGS AND NET INCOME GROUP SHARE
JUNE 30, 2025
June 30, Property & Asset
(in Euro million) Life & Health Holdings (a)
2025 Casualty Management

Short-term Business
Revenues 37,209 28,697 8,512
Combined Ratio 90.0% 97.1%
Technical Margin 3,107 2,859 248
Long-term Business
CSM Release 1,428 1,428
Technical Experience -30 -30
Financial Results & Other
Financial Results 2,148 1,343 563 14 228
Other Revenues 1,625 1,018 607
Other Expenses -1,868 -793 -1,075
Debt Financing Charges -452 -452
Underlying Earnings Before Tax 5,958 4,202 2,209 239 -692
Income Tax -1,503 -1,074 -462 -68 101
Minority interests, Income from Affiliates & Other 10 -62 67 4 0
UNDERLYING EARNINGS GROUP SHARE 4,465 3,067 1,814 175 -591

Contractual Service Margin 33,164 233 32,931
(a) Holdings segment includes banking and holding activities.




Asia,
June 30, Africa & Transversal &
(in Euro million, except percentages) France Europe AXA XL AXA IM
2025 EME- Other
LATAM

Short-term Business
Revenues 37,209 9,567 12,661 9,428 4,478 1,075
Combined Ratio
Technical Margin 3,107 658 1,176 1,074 150 49
Long-term Business
CSM Release 1,428 419 471 0 538 0
Technical Experience -30 -37 8 0 -1 0
Financial Results & Other
Financial Results 2,148 380 765 308 425 14 255
Other Revenues 1,625 44 -8 0 -2 1,018 573
Other Expenses -1,868 -79 -6 0 -14 -793 -976
Debt Financing Charges -452 0 -1 -16 -4 0 -431
Underlying Earnings Before Tax 5,958 1,384 2,406 1,366 1,093 239 -530
Income Tax -1,503 -308 -568 -342 -294 -68 76
Minority interests, Income from Affiliates & Other 10 0 -56 0 64 4 -1
UNDERLYING EARNINGS GROUP SHARE 4,465 1,076 1,782 1,024 862 175 -455

Net Realized Capital Gains & Losses 66
Fair Value of Funds & Derivatives -467
Amortization of Intangibles -48
Integration and Restructuring costs -63
Exceptional Items -30
NET INCOME GROUP SHARE 3,922

Property & Casualty Combined Ratio 90.0% 88.6% 89.6% 88.6% 96.2% 96.5%
Life & Health Short-Term Combined Ratio 97.1% 97.4% 96.4% 97.6% 83.6%




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JUNE 30,2024

June 30, Property & Asset
(in Euro million) Life & Health Holdings(a)
2024 Casualty Management

Short-term Business
Revenues 35,273 27,294 7,979
Combined Ratio 90.2% 97.6%
Technical Margin 2,877 2,682 195
Long-term Business
CSM Release 1,395 1,395
Technical Experience -64 -64
Financial Results & Other
Financial Results 2,064 1,324 536 24 181
Other Revenues 1,459 937 522
Other Expenses -1,624 -698 -925
Debt Financing Charges -471 -471
Underlying Earnings Before Tax 5,638 4,006 2,061 263 -693
Income Tax -1,427 -1,046 -412 -69 100
Minority interests, Income from Affiliates & Other 33 -54 76 10 0
UNDERLYING EARNINGS GROUP SHARE 4,244 2,908 1,725 204 -592

Contractual Service Margin 33,564 230 33,333
(a) Holdings segment includes banking and holding activities.




Asia, Africa
Transversal &
(in Euro million, except percentages) June 30, 2024 France Europe AXA XL & EME- AXA IM
Other
LATAM


Short-term Business
Revenues 35,273 9,046 11,839 9,022 4,312 1,053
Combined Ratio
Technical Margin 2,877 692 998 1,111 70 6
Long-term Business
CSM Release 1,395 407 468 4 516 0
Technical Experience -64 -40 -11 3 -17 0
Financial Results & Other
Financial Results 2,064 350 784 283 382 24 241
Other Revenues 1,459 53 -18 0 0 937 488
Other Expenses -1,624 -83 -10 0 -9 -698 -823
Debt Financing Charges -471 0 -1 -16 -7 0 -447
Underlying Earnings Before Tax 5,638 1,380 2,210 1,385 935 263 -535
Income Tax -1,427 -350 -536 -355 -205 -69 88
Minority interests, Income from Affiliates & Other 33 4 -49 0 68 10 0
UNDERLYING EARNINGS GROUP SHARE 4,244 1,034 1,626 1,030 798 204 -447

Net Realized Capital Gains & Losses 93
Fair Value of Funds & Derivatives -43
Amortization of Intangibles -50
Integration and Restructuring costs -78
Exceptional Items -147
NET INCOME GROUP SHARE 4,020

Property & Casualty Combined Ratio 90.2% 87.8% 90.3% 87.7% 98.0% 100.1%
Life & Health Short-Term Combined Ratio 97.6% 96.7% 98.8% 99.1% 92.2%




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Alternative Performance Measures

Underlying Earnings, Underlying Earnings per Share, Combined Ratio, Underlying Return on Equity and Debt
Gearing are Alternative Performance Measures (“APMs”) as defined in ESMA’s guidelines and the AMF’s related
position statement issued in 2015. A reconciliation from Underlying Earnings and Combined Ratio to the most
directly reconcilable line item, subtotal, or total in the Consolidated Interim Financial Statements of the
corresponding period is provided in the above tables. Underlying Return on Equity and Underlying Earnings per
Share are reconciled to the Consolidated Interim Financial Statements in the table set forth on page 25 of this
report. For further information on any of the above-mentioned APMs, please see the definitions in the section
“Alternative Performance Measures” on pages 565 to 566 of the 2024 Universal Registration Document, in its
Appendix IV “Glossary”.

COMMENTARY ON GROUP EARNINGS

On a reported basis, Underlying Earnings amounted to €4,465 million, up €220 million (+5%).

On a constant exchange rate basis, Underlying Earnings increased by €263 million (+6%), stemming from Property
and Casualty (€+200 million or +7%) and Life & Health (€+91 million or +5%), partly offset by Asset Management
(€-29 million or -14%) while the Holdings segment remained stable.




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PROPERTY & CASUALTY EARNINGS



June 30, AXA XL Intercompany
(in Euro million, except percentages) Commercial lines Personal lines
2025 Reinsurance eliminations


Short-term Business
Revenues 28,697 19,575 9,513 1,299 -1,689
Combined Ratio 90.0% 89.9% 93.3% 79.6%
Technical Margin 2,859 1,968 638 265 -12
Financial Results & Other 1,343 1,004 275 85 -20
Underlying Earnings Before Tax 4,202 2,973 913 349 -33
Income tax -1,074
Minority interests, Income from Affiliates & Other -62
UNDERLYING EARNINGS GROUP SHARE 3,067

Contractual Service Margin 233



June 30, AXA XL Intercompany
(in Euro million, except percentages) Commercial lines Personal lines
2024 Reinsurance eliminations


Short-term Business
Revenues 27,294 18,657 9,144 1,155 -1,662
Combined Ratio 90.2% 90.1% 92.9% 78.7%
Technical Margin 2,682 1,850 645 246 -60
Financial Results & Other 1,324 993 240 119 -28
Underlying Earnings Before Tax 4,006 2,843 886 365 -87
Income tax -1,046
Minority interests, Income from Affiliates & Other -54
UNDERLYING EARNINGS GROUP SHARE 2,908

Contractual Service Margin 230




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Asia,
o/w AXA
June 30, Africa & Transversal
(in Euro million, except percentages) France Europe AXA XL XL
2025 EME- & Other
Insurance
LATAM

Short-term Business
Revenues 28,697 4,697 10,610 9,428 8,129 2,975 987
Combined Ratio 90.0% 88.6% 89.6% 88.6% 90.0% 96.2% 96.5%
Technical Margin 2,859 533 1,104 1,074 809 114 35
Financial Results & Other 1,343 261 461 298 213 261 62
Underlying Earnings Before Tax 4,202 794 1,564 1,372 1,022 375 97
Income Tax -1,074 -220 -384 -339 -252 -110 -21
Minority interests, Income from Affiliates & Other -62 0 -28 0 0 -32 -1
UNDERLYING EARNINGS GROUP SHARE 3,067 574 1,152 1,032 770 233 75




Asia,
o/w AXA
June 30, Africa & Transversal
(in Euro million, except percentages) France Europe AXA XL XL
2024 EME- & Other
Insurance
LATAM
Short-term Business
Revenues 27,294 4,393 10,060 9,022 7,867 2,855 963
Combined Ratio 90.2% 87.8% 90.3% 87.7% 89.0% 98.0% 100.1%
Technical Margin 2,682 538 977 1,111 865 57 -1
Financial Results & Other 1,324 251 473 273 159 242 86
Underlying Earnings Before Tax 4,006 788 1,450 1,384 1,024 299 85
Income Tax -1,046 -249 -352 -352 -257 -77 -15
Minority interests, Income from Affiliates & Other -54 0 -25 0 0 -28 0
UNDERLYING EARNINGS GROUP SHARE 2,908 539 1,073 1,032 767 194 70



On constant exchange rate basis, the Property & Casualty all year combined ratio improved by -0.1 point to 90.0%.
• Current year combined ratio was lower -0.5 point mainly driven by (i) a more favorable undiscounted
current year loss ratio excluding Natural Catastrophe charges (-0.2 point) from the continued
improvement in attritional claims in Personal Lines (-1.1 points) in a conducive pricing environment,
partly offset by Commercial Lines (+0.2 point) reflecting a deterioration at AXA XL Insurance where
margins remain at attractive levels, (ii) lower expenses (-0.1 point) driven by a lower non-commission
ratio from efficiency measures, while the commission ratio remained stable, and (iii) lower Natural
Catastrophe charges (-0.1 point to 3.5%) driven by the non-repeat of elevated natural catastrophes
experienced in Europe in H1 2024, partly offset by claims in France due to hailstorms and AXA XL due to
California wildfires in H1 2025;
• Prior year reserve development was at -1.1%, 0.4 points less favorable than the first half of last year.
On a reported basis, Property & Casualty Underlying Earnings amounted to €3,067 million, up €159 million (+5%).
On a constant exchange rate basis, Property & Casualty Underlying Earnings increased by €200 million (+7%),
fueled by (i) strong growth in gross written premiums across business lines, combined with an improvement of
technical profitability, leading to an increase of the technical result (€+196 million), (ii) higher financial result
(€+66 million) driven by the increase in investment income (€+181 million), thanks to higher volumes and
reinvestment yields on fixed income assets, more than compensating the increase in the unwind of the discount
of claims reserves (€-114 million). This was partly offset by (iii) higher income taxes (€-49 million) due to higher
pre-tax Underlying Earnings.




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LIFE & HEALTH EARNINGS


(in Euro million, except percentages) June 30, 2025 Life Health


Short-term Business
Revenues 8,512 2,211 6,301
Combined Ratio 97.1% 95.2% 97.8%
Technical Margin 248 107 141
Long-term Business
CSM Release 1,428 1,158 270
Technical Experience -30 -28 -2
Financial Result & Other
Financial Result 563 462 101
Underlying Earnings Before Tax 2,209 1,699 510
Income Tax -462 -329 -133
Minority interests, Income from Affiliates & Other 67 63 5
UNDERLYING EARNINGS GROUP SHARE 1,814 1,433 381

Contractual Service Margin 32,931 25,217 7,714



(in Euro million, except percentages) June 30, 2024 Life Health


Short-term Business
Revenues 7,979 2,112 5,867
Combined Ratio 97.6% 94.5% 98.6%
Technical Margin 195 116 79
Long-term Business
CSM Release 1,395 1,136 259
Technical Experience -64 -71 7
Financial Result & Other
Financial Result 536 454 82
Underlying Earnings Before Tax 2,061 1,634 427
Income Tax -412 -316 -96
Minority interests, Income from Affiliates & Other 76 74 2
UNDERLYING EARNINGS GROUP SHARE 1,725 1,392 333


Contractual Service Margin 33,333 25,939 7,395




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June 30, Asia, Africa & Transversal &
(in Euro million, except percentages) France Europe AXA XL
2025 EME-LATAM Other
Short-term Business
Revenues 8,512 4,870 2,051 0 1,503 88
Combined Ratio 97.1% 97.4% 96.4% 0.0% 97.6% 83.6%
Technical Margin 248 124 73 0 36 14
Long-term Business
CSM Release 1,428 419 471 0 538 0
Technical Experience -30 -37 8 0 -1 0
Financial Result & Other
Financial Result 563 118 269 10 165 0
Underlying Earnings Before Tax 2,209 624 821 10 739 14
Income Tax -462 -100 -176 -2 -182 -1
Minority interests, Income from Affiliates & Other 67 0 -28 0 96 0
UNDERLYING EARNINGS GROUP SHARE 1,814 524 616 8 653 14




June 30, Asia, Africa & Transversal &
(in Euro million, except percentages) France Europe AXA XL
2024 EME-LATAM Other
Short-term Business
Revenues 7,979 4,654 1,778 0 1,457 90
Combined Ratio 97.6% 96.7% 98.8% 0.0% 99.1% 92.2%
Technical Margin 195 155 21 0 13 7
Long-term Business
CSM Release 1,395 407 468 4 516 0
Technical Experience -64 -40 -11 3 -17 0
Financial Result & Other
Financial Result 536 100 284 10 142 0
Underlying Earnings Before Tax 2,061 622 762 17 654 7
Income Tax -412 -106 -180 -3 -123 0
Minority interests, Income from Affiliates & Other 76 4 -23 0 96 0
UNDERLYING EARNINGS GROUP SHARE 1,725 519 559 14 627 7



On a reported basis, Life & Health Underlying Earnings amounted to €1,814 million, up €+89 million (+5%).
On a constant exchange rate basis, Life & Health Underlying Earnings increased by €91 million (or +5%) driven by
(i) increased short-term business technical margin by €56 million reflecting a 0.4 point improvement of the
combined ratio, from pricing, underwriting and claims management actions. (ii) Long-term business technical
result increased by €58 million thanks to an increase in the release of Contractual Service Margin by €28 million
from improved profitability recognition combined with in-force and new business growth in Japan as well as
thanks to an improvement of technical experience as a result of the non-repeat of the recognition of a loss
component in Italy last year. (iii) Financial result increased by €38 million reflecting a higher investment income
in Asia, Africa & EME-LATAM, combined with a lower unwind. This was partly offset by (iv) higher income taxes of
€-51 million mainly from higher pre-tax Underlying Earnings as well as an unfavorable tax one-off in Japan, and a
lower contribution from (v) minority interests and affiliates by €-10m.




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ASSET MANAGEMENT EARNINGS
On a reported basis, Asset Management Underlying Earnings amounted to €175 million, down €-29 million.
On a constant exchange rate basis, Asset Management Underlying Earnings decreased by €-29 million (-14%)(1).

HOLDINGS EARNINGS
On a reported basis, Holdings Underlying Earnings amounted to €-591 million, stable compared to the previous
period.
On a constant exchange rate basis, Holdings Underlying Earnings remained stable.


Net income

On a reported basis, Net Income amounted to €3,922 million, down €99 million (-2%).
On a constant exchange rate basis, Net Income decreased by €63 million (-2%) as:
• the increase in Underlying Earnings, up €263 million (+6%) to €4,465 million;
• lower negative impact of exceptional items, up €118 million to €-30 million, notably from Reso, driven by
the earnings of the period as well as the impairment of AXA's receivable on dividends declared by Reso
over the period;
• lower integration and restructuring costs, improving by €14 million to €-63 million, mainly consisting of
costs relating to (i) operational efficiency programs (€-34 million), including IT productivity and
automation, mainly at AXA XL and in the United Kingdom & Ireland, and (ii) integration costs (€-29
million) mostly related to recent acquisitions in Italy and Spain; and
• stable negative impact of goodwill and other related intangibles, at €-48 million, from the amortization
of intangibles at AXA XL and in Switzerland;
were more than offset by:
• a negative change in the fair value of assets and derivatives, down €432 million to €-467 million driven
by (i) an unfavorable change in the fair value of foreign assets and liabilities (€-358 million) notably
following US dollar depreciation against the Euro, as well as (ii) the unfavorable change in the fair value
of derivatives (€-126m), mainly equity hedging (€-74 million), and interest rates (€-31 million), mainly in
France, while (iii) the change in the fair value of mutual funds remained broadly stable;
• lower net realized capital gains, down €27 million to €66 million, primarily on investment properties
notably in France.




(1) Please refer to the section “Events subsequent to June 30, 2025” regarding the sale of AXA IM which was completed on July 1, 2025.


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Shareholders’ equity Group share

As of June 30, 2025, Shareholders' equity Group share totaled €45.5 billion. The movements in Shareholders'
equity Group share since December 31, 2024, are presented in the table below:
(in Euro million) Shareholders’ equity Group share

At December 31, 2024 49,943

Paid-in Capital 83

Treasury Shares -1,835

Other Comprehensive Income Arising from Defined Benefit Plans -257

Fair Value Recorded in Shareholders' Equity 883

Other Comprehensive Income Related to Invested Assets -2,579

Other Comprehensive Income Related to (re) Insurance Contracts 3,462

Impact of Currency Fluctuations -3,426

Realized Gains on Equity through Retained Earnings -38

Undated Subordinated Debt (including interest charges) 915

Dividends -4,629

Net Income for the Period 3,922

Other -69

At June 30, 2025 45,491




Solvency information(1)

As of June 30, 2025, the Group’s Eligible Own Funds (“EOF”) amounted to €55.4 billion and the Solvency II ratio
was 220%, compared to €55.9 billion and 216%, respectively as of December 31, 2024.




(1) Solvency-related information included in this section, including the Solvency II ratio and the Eligible Own Funds (“EOF”), is not subject to
the review of the Half Year 2025 Consolidated Interim Financial Statements included in this report, nor the verification of the information
otherwise included therein, performed by the Group’s statutory auditors.


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Shareholder value

EARNINGS PER SHARE (“EPS”)
Underlying Earnings Per Share on a fully diluted basis amounted to €2.03, up 8%.
June 30, 2025 /
June 30, 2025 June 30, 2024
June 30, 2024

Fully
(in Euro, except ordinary shares in million) Basic Fully diluted Basic Fully diluted Basic
diluted
Weighted average number of shares 2,157 2,162 2,209 2,215 -2% -2%

Net income (Euro per ordinary share) 1.78 1.77 1.77 1.77 0% 0%

Underlying earnings (Euro per ordinary share) 2.03 2.03 1.87 1.87 8% 8%



RETURN ON EQUITY (“ROE”)




June 30, 2025 /
June 30, 2025 June 30, 2024
(in Euro billion) June 30, 2024



Net Income ROE 15.3% 15.7% (0.4 pts)
Net Income ⁽ᵃ⁾ 3.8 3.9
Average Adjusted Shareholders' Equity ⁽ᵇ⁾ 50.1 49.7
Underlying ROE 17.5% 16.6% 0.8 pts
Underlying Earnings ⁽ᵃ⁾ 4.4 4.1
Average Adjusted Shareholders' Equity ⁽ᵇ⁾ 50.1 49.7

(a) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).
(b) Excluding reserves related to the change in fair value of invested assets and derivatives, reserves related to insurance contracts as well as undated and deeply subordinated debt (recorded through shareholders' equity).




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Outlook

Management is confident in achieving underlying earnings per share growth in 2025 in line with the 6-8% CAGR
plan target(1) range over the 2023-2026E period.
In Property & Casualty, the pricing environment is broadly resilient. The Group aims to sustain strong
underwriting margins including from the earn-through of higher pricing and underwriting actions, as well as from
efficiency measures. In Life & Health, in the near term, earnings growth should come from the short-term business
reflecting pricing and underwriting actions, and claims management initiatives. New business volumes combined
with improved persistency are expected to drive higher normalized CSM growth over time. In 2025, results in
Holdings are expected to remain stable at 2024 levels.
Management intends to offset the earnings dilution from the sale of AXA IM, which closed (2) on July 1, 2025, with
an up to Euro 3.8 billion share buy-back that commenced on July 2, 2025. This earnings dilution will not be fully
compensated in 2025 given the time required to complete the anti-dilutive share buy-back.
In this context, and assuming current operating conditions persist, management is confident in the Group’s ability
to deliver on the main financial targets of AXA’s “Unlock the Future” plan: (i) underlying earnings per share growth
of 6-8% CAGR target range between 2023 and 2026E, (ii) underlying return on equity between 14% and 16%
between 2024 and 2026E, and (iii) cumulative organic cash upstream in excess of Euro 21 billion for 2024-2026E.
Management also affirms the capital management policy (3) of the Group’s “Unlock the Future” strategic plan,
targeting a total payout ratio of 75% (4), comprising a 60% dividend payout ratio and an additional 15% from
annual share buy-backs. Under this capital management policy, the proposed dividend per share in a given year
is expected to be at least equal to the dividend per share paid in the prior year.




(1) Assuming current operating and market conditions persist and based on a Nat Cat load of ca. 4.5 points, defined as normalized natural
catastrophes losses expected in a year expressed in percentage of gross earned premiums for the same year. Natural Catastrophe charges
include natural catastrophe losses regardless of event size.
(2) Please refer to the Press Release “AXA completes the sale of AXA Investment Managers to BNP Paribas” published on July 1, 2025, and
available on AXA’s website (www.axa.com).
(3) Subject to annual Board and Shareholders’ Annual General Meeting approvals and absent (1) for share buy-backs, any significant earnings
event (i.e., significant deviation in the Group’s underlying earnings) and (2) for dividends, the occurrence of a significant capital event (i.e.,
event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA’s earnings, financial condition,
applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.
(4) Payout ratio is calculated based on underlying earnings per share.


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Glossary

SCOPE
• France (insurance and banking activities, and holding);
• Europe, consisting of:
o Switzerland (insurance activities),
o Germany (insurance activities and holding),
o Belgium & Luxembourg (insurance activities and holding),
o United Kingdom & Ireland (insurance activities and holding),
o Spain (insurance activities and holding),
o Italy (insurance activities), and
o AXA Life Europe (insurance activities);
• AXA XL (insurance and reinsurance activities and holding);
• Asia, Africa & EME-LATAM consisting of
o Asia, consisting of:
▪ Japan (insurance activities and holding),
▪ Hong Kong (insurance activities),
▪ Thailand(1) (insurance activities),
▪ Indonesia(2) (insurance activities),
▪ China(3) (insurance activities),
▪ The Philippines(4) (insurance activities),
▪ South Korea (insurance activities),
▪ India(5) (Life activities disposed on March 11, 2024 and holding), and
▪ Asia Holdings;
o EME-LATAM, consisting of:
▪ Brazil (insurance activities and holding),
▪ Colombia (insurance activities),
▪ Mexico (insurance activities),
▪ Russia(6) (Reso) (insurance activities), and
▪ Türkiye (insurance activities and holding),
o Africa:
▪ Egypt (insurance activities and holdings)
▪ Morocco (insurance activities and holding), and
▪ Nigeria (insurance activities and holding),
o AXA Mediterranean Holdings;



(1) Thailand L&S is consolidated under the equity method.
(2) Indonesia L&S is consolidated under the equity method.
(3) China L&S is consolidated under the equity method.
(4) The Philippines L&S and P&C are consolidated under the equity method.
(5) India L&S was consolidated under the equity method until disposal.
(6) Russia (Reso) is consolidated under the equity method.


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• AXA Investment Managers (including Select)(1)

• Transversal & Other, consisting of:
o AXA Assistance,
o AXA Liabilities Managers,
o AXA SA, and
o Other Central Holdings.

ALTERNATIVE PERFORMANCE MEASURES
Information on the Group’s Alternative Performance Measures is incorporated herein by reference to the section
“Alternative Performance Measures” on pages 565 to 566 of the 2024 Universal Registration Document in its
Appendix IV “Glossary”.

OTHER DEFINITIONS
Information on the Group’s Other Definitions is incorporated herein by reference to the section “Other
Definitions” on pages 566 to 568 of the 2024 Universal Registration Document in its Appendix IV “Glossary




(1) Disposal to BNP Paribas was completed on July 1, 2025.


28
Half Year 2025 Financial Report
II. Consolidated Interim Financial
Statements


/
June 30, 2025
Contents




II.1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ...................................................................................... 31
II.2 CONSOLIDATED STATEMENT OF PROFIT OR LOSS .............................................................................................. 33
II.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .............................................................................. 34
II.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY........................................................................................ 35
II.5 CONSOLIDATED STATEMENT OF CASH FLOWS .................................................................................................... 36
II.6 NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS ................................................................... 38
NOTE 1 ACCOUNTING PRINCIPLES ......................................................................................................................... 38
NOTE 2 SCOPE OF CONSOLIDATION ...................................................................................................................... 40
NOTE 3 CONSOLIDATED STATEMENT OF PROFIT OR LOSS BY SEGMENT ............................................................ 44
NOTE 4 TRANSACTIONS IN CONSOLIDATED ENTITIES .......................................................................................... 47
NOTE 5 INVESTMENTS ............................................................................................................................................ 51
NOTE 6 SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTERESTS............................................................. 59
NOTE 7: INSURANCE AND REINSURANCE CONTRACTS ......................................................................................... 63
NOTE 8 FINANCING DEBT........................................................................................................................................ 79
NOTE 9 FINANCIAL RESULT, EXCLUDING FINANCING DEBT EXPENSES ................................................................ 80
NOTE 10 NET INCOME PER ORDINARY SHARE ....................................................................................................... 82
NOTE 11 SUBSEQUENT EVENTS ............................................................................................................................. 83
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II


In this document, unless provided otherwise, “restated” refers to the comparative period that was restated
following the announcement on August 1, 2024, that AXA had entered into an exclusive negotiation to sell its asset
manager AXA Investment Managers (“AXA IM”) to BNP Paribas (please refer to Note 4.1), leading to classify it as a
discontinued operation in the Consolidated statement of profit or loss, the Consolidated statement of cash flows,
and related disclosures (Notes 3 and 9). On July 1, 2025, AXA completed the sale of AXA IM to BNP Paribas (please
refer to Note 11 for further details).



II CONSOLIDATED INTERIM FINANCIAL STATEMENTS
II.1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION


June 30, December 31,
Notes (in Euro million) 2025 2024
Goodwill 17,074 18,141

Other intangible assets 4,314 4,423

Intangible assets 21,388 22,564

Investments in real estate properties 29,608 29,171

Financial investments 408,774 418,195

Assets backing contracts where the financial risk is borne by policyholders 90,924 90,095

5 Investments from insurance activities 529,306 537,461

5 Investments from banking and other activities 19,208 18,476

Investments accounted for using the equity method 1,422 1,532
Assets arising from insurance contracts and investment
2 5
contracts with discretionary participation features
Assets arising from reinsurance contracts held 23,728 26,081

7 Assets arising from insurance contracts, investment contracts and reinsurance contracts held 23,730 26,086
of which present value of future cash flows 21,893 24,109
of which risk adjustment for non-financial risk 500 532
of which contractual service margin 1,337 1,445
Derivative assets 8,328 7,820

Tangible assets 2,163 2,212

Deferred tax assets 2,902 3,357

Other assets 13,393 13,389

Current tax receivables 651 822

Other receivables 9,732 9,899

Receivables 10,383 10,721

4 Assets held for sale 4,283 4,547

Cash and cash equivalents 22,455 18,988

TOTAL ASSETS 645,570 653,762




31
Half Year 2025 Financial Report
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II




June 30, December 31,
Notes (in Euro million) 2025 2024
Shareholders’ equity – Group share 45,491 49,943

of which Net income - Group share 3,922 7,886
Non-controlling interests 2,409 2,535

6 TOTAL SHAREHOLDERS' EQUITY 47,901 52,478

Subordinated debt 11,842 11,193

Financing debt instruments issued 3,184 3,223

8 Financing debt 15,026 14,416

Liabilities arising from insurance contracts and investment contracts with discretionary participation features 468,018 477,036

Liabilities arising from other investment contracts 12,275 12,573

Liabilities arising from reinsurance contracts held 7 6

7 Liabilities arising from insurance contracts, investment contracts, and reinsurance contracts held 480,300 489,616
of which present value of future cash flows 442,637 451,017
of which risk adjustment for non-financial risk 3,162 3,301
of which contractual service margin 34,501 35,298

Liabilities arising from banking activities 10,326 10,093

Provisions for risks and charges 4,790 4,875

Derivative liabilities 10,661 11,681

Deferred tax liabilities 1,899 1,976

Other liabilities 12,561 13,657
Non-controlling interests of controlled investment funds and puttable instruments held by non-controlling
8,695 8,145
interests
Other debt instruments issued, notes and bank overdrafts 14,518 11,893

Current tax payables 1,608 1,291

Collateral debts relating to investments under a lending agreement or equivalent 36,448 33,064

Other payables 12,243 12,846

Payables 73,512 67,239

4 Liabilities held for sale 1,155 1,389

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 645,570 653,762




32
Half Year 2025 Financial Report
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II




II.2 CONSOLIDATED STATEMENT OF PROFIT OR LOSS
June 30, June 30,
Notes
(in Euro million, except earnings per share in Euro) 2025 2024, restated
7 Insurance revenue 44,594 42,288
Fees and charges relating to investment contracts with no discretionary participation features 104 117
Revenue from other activities 519 491
Revenue from all activities 45,217 42,895
7 Insurance service expenses (38,109) (35,555)
7 Net expenses from reinsurance contracts held (1,615) (2,279)
Expenses from other activities (1,479) (1,187)
Expenses from all activities (41,203) (39,021)
Result from all activities 4,015 3,875
Net investment income 6,995 6,505
Net realized gains and losses on investments at cost and at fair value through Other Comprehensive Income (OCI) 2 423
Net realized gains and losses and change in fair value of investments at fair value through profit or loss (176) 4,325
Change in impairment on investments (68) (211)
9 Investment return 6,754 11,042
7 Net finance income or expenses from insurance contracts issued (5,420) (9,924)
7 Net finance income or expenses from reinsurance contracts held 146 726
Net finance income or expenses from insurance and reinsurance contracts (5,273) (9,198)
Financial result excluding financing debt expenses 1,480 1,844
Other income and expenses (132) (227)
Change in impairment on goodwill and other intangible assets - (0)
Other operating income and expenses (132) (227)
Operating profit before tax 5,363 5,492
Income (net of impairment) from investments accounted for using the equity method 145 46
Financing debt expenses (299) (302)
Profit before tax from continuing operations 5,209 5,236
Income tax (1,319) (1,321)
Profit from continuing operations 3,891 3,915
4 Profit or loss from discontinued operations, net of tax 120 200
Net income 4,010 4,115
Split between:
Net income - Group share 3,922 4,020
Net income - Non-controlling interests 89 94


10 Earnings per share ⁽ᵃ⁾ 1.78 1.77
10 Fully diluted earnings per share ⁽ᵃ⁾ 1.77 1.77
(a) Refer to Note 10 for the split of earnings per share between continuing and discontinued operations.




33
Half Year 2025 Financial Report
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II




II.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


June 30, June 30,
(in Euro million) 2025 2024
Net income 4,010 4,115
Change in fair value of financial instruments ⁽ᵃ⁾ (2,636) (6,018)
Net finance income and expenses from insurance contracts issued 3,362 5,032
Net finance income and expenses from reinsurance contracts held 197 (336)
Foreign currency translation differences (3,448) 302
Items, net of tax, that may be reclassified subsequently to Profit or Loss (2,526) (1,020)
Net realised gains and losses on equity instruments, without recycling in Profit or Loss (46) 5
Change in fair value of equity instruments, without recycling in Profit or Loss ⁽ᵇ⁾ 16 436

Net finance income or expenses from insurance contracts related to equity instruments, without
(83) (304)
recycling in Profit or Loss

Actuarial gains and losses from defined benefit plans (259) 221
Change in fair value of financial liabilities attributable to changes in credit risk (2) (1)
Items, net of tax, that may not be reclassified subsequently to Profit or Loss (374) 356
Other comprehensive income, net of tax (2,899) (663)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,111 3,452


Split between:
Comprehensive Income - Group share 1,082 3,412
Comprehensive Income - Non-controlling interests 29 40
(a) Including changes in the fair value of cash flows hedge reserve and cost of hedging reserve.
(b) Including changes in the fair value hedge reserve of equity instruments.




34
Half Year 2025 Financial Report
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II


II.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Number of Nominal Other reserves Undated Shareholders' Non- Total
(in Euro million, except for number of shares and nominal shares value Paid-in recognized subordinated Translation Employee Retained equity group controlling shareholders'
value) (in thousands) (in Euro) capital through OCI debts reserves benefits earnings share interests equity
Shareholders' equity opening January 1, 2025 2,214,798 2.29 20,275 (8,100) 4,837 (1,130) (2,422) 36,482 49,943 2,535 52,478
Paid-in capital 739 2.29 16 - - - - - 16 - 16
Share based compensation - - 66 - - - - - 66 - 66
Treasury shares - - (1,835) - - - - - (1,835) - (1,835)
Undated subordinated debt - - - - 1,000 - - (86) 915 - 915
Others (including effect of changes in scope of consolidation) - - - (0) - - - (67) (67) (155) (222)
Dividends paid - - - - - - - (4,629) (4,629) - (4,629)
Impact of transactions with shareholders 739 2.29 (1,752) (0) 1,000 - - (4,782) (5,533) (155) (5,689)
Net income - - - - - - - 3,922 3,922 89 4,010
Other comprehensive income (OCI) - - - 883 (80) (3,346) (257) (40) (2,840) (60) (2,899)
Total comprehensive income for the period - - - 883 (80) (3,346) (257) 3,882 1,082 29 1,111
Shareholders' equity closing June 30, 2025 2,215,537 2.29 18,523 (7,216) 5,758 (4,476) (2,679) 35,582 45,491 2,409 47,901




Number of Nominal Other reserves Undated Shareholders' Non- Total
(in Euro million, except for number of shares and nominal shares value Paid-in recognized subordinated Translation Employee Retained equity group controlling shareholders'
value) (in thousands) (in Euro) capital through OCI debts reserves benefits earnings share interests equity
Shareholders' equity opening January 1, 2024 2,270,189 2.29 22,130 (6,327) 5,439 (2,442) (2,364) 33,143 49,579 2,819 52,398
Paid-in capital 1,314 2.29 29 - - - - - 29 - 29
Share based compensation - - 44 - - - - - 44 - 44
Treasury shares - - (1,628) - - - - - (1,628) - (1,628)
Undated subordinated debt - - - - 334 - - (123) 212 - 212
Others (including effect of changes in scope of consolidation) - - - (0) - 0 (0) 63 63 (117) (54)
⁽ᵇ⁾
Dividends paid - - - - - - - (4,370) (4,370) - (4,370)
Impact of transactions with shareholders 1,314 2.29 (1,555) (0) 334 0 (0) (4,430) (5,650) (117) (5,767)
Net income - - - - - - - 4,020 4,020 94 4,115
Other comprehensive income (OCI) - - - (1,148) 21 294 220 4 (609) (54) (663)
Total comprehensive income for the period - - - (1,148) 21 294 220 4,024 3,412 40 3,452
Shareholders' equity closing June 30, 2024 2,271,503 2.29 20,575 (7,475) 5,794 (2,148) (2,144) 32,737 47,340 2,742 50,082




35
Half Year 2025 Financial Report
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025
II


II.5 CONSOLIDATED STATEMENT OF CASH FLOWS
June 30, June 30,
(in Euro million) 2025 2024, restated

Profit before tax from continuing operations 5,209 5,236

Net amortization expense ⁽ᵃ⁾ (383) (355)
Change in impairment on goodwill and other intangible assets (0) 0
Net increase / (write back) in impairment on investments and tangible assets 81 236
Change in fair value of financial assets and liabilities at fair value through profit or loss 821 (5,336)
Net change in liabilities arising from insurance and investment contracts ⁽ᵇ⁾ 9,711 (2,709)
Net increase / (write back) in other provisions ⁽ᶜ⁾ (32) 8
Income (net of impairment) from investments accounted for using the equity method (145) (46)

Adjustment for non-cash movements included in the profit before tax 10,052 (8,202)

Net realized gains and losses (643) 604
Financing debt expenses 299 302

Adjustment of balances included in profit before tax for reclassification to investing or financing activities (344) 907

Dividends recorded in profit or loss during the period (2,020) (1,754)
Investment income and expenses recorded in profit or loss during the period (4,779) (4,705)

Adjustment of transactions from accrued to cash basis (6,799) (6,459)

Cash flows of deposit accounting (292) (197)
Dividends and interim dividends received 2,703 2,500
Interests received 7,140 8,405

Interests paid (excluding interests on financing and undated subordinated debts, margin calls and other debts) (2,072) (3,100)

Net change from banking activities 460 (23)
Net change from operating receivables and payables (665) 10,099
Net change from other assets and liabilities (55) (2,146)
Tax paid (492) (777)
Other operating cash impact and non-cash adjustment 547 219

Cash flows related to operating activities not included in the profit before tax 7,274 14,980

CASH FLOWS FROM OPERATING ACTIVITIES 15,392 6,461

Acquisition of subsidiaries and affiliated companies, net of cash acquired (485) (120)
Disposal of subsidiaries and affiliated companies, net of cash ceded 0 71

Cash flows related to changes in scope of consolidation (485) (49)

Sale and/or repayment of debt instruments ⁽ᵈ⁾ 24,847 25,707
Sale of equities instruments ⁽ᵈ⁾ ⁽ᵉ⁾ 8,501 9,243
Sale of investment properties held directly or not 422 950
Sale and/or repayment of loans and other assets ⁽ᵈ⁾ ⁽ᶠ⁾ 12,444 11,305

Cash flows related to sales and repayments of investments 46,214 47,206

Purchase of debt instruments ⁽ᵈ⁾ (28,835) (28,208)
Purchase of equity instruments ⁽ᵈ⁾ ⁽ᵉ⁾ (10,196) (11,061)
Purchase of investment properties held directly or not (1,095) (923)
Purchase and/or issuance of loans and other assets ⁽ᵈ⁾ ⁽ᶠ⁾ (13,806) (14,056)

Cash flows related to purchases and issuance of investments (53,931) (54,248)

Sale of tangible and intangible assets 0 1
Purchase of tangible and intangible assets (183) (188)

Cash flows related to sales and purchases of tangible and intangible assets (183) (187)

Increase in collateral payable/Decrease in collateral receivable 67,953 65,815
Decrease in collateral payable/Increase in collateral receivable (65,638) (62,913)




Half Year 2025 Financial Report 36
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025
II
June 30, June 30,
(in Euro million) 2025 2024, restated

Cash flows related to assets lending / borrowing collateral receivables and payables 2,315 2,902

CASH FLOWS FROM INVESTING ACTIVITIES (6,071) (4,376)

Issuance of equity instruments 1,017 1,266
Repayment of equity instruments (1,989) (2,972)
Transaction on treasury shares (15) -
Dividends paid (4,690) (4,445)
Interests paid on undated subordinated debts (96) (134)
Acquisition/sale of interests in subsidiaries without change in control (10) -

Cash flows related to transactions with shareholders (5,783) (6,285)

Cash provided by financial debts issuance 1,000 768
Cash used for financial debts repayment (0) (0)
Interests paid on financing debt (289) (319)

Cash flows related to Group financing 710 449

CASH FLOWS FROM FINANCING ACTIVITIES (5,072) (5,836)

CASH FLOWS FROM DISCONTINUED OPERATIONS 316 151




CASH AND CASH EQUIVALENT AS OF JANUARY 1 ⁽ᵍ⁾ 18,113 24,539

Cash flows from operating activities 15,392 6,461
Cash flows from investing activities (6,071) (4,376)
Cash flows from financing activities (5,072) (5,836)
Cash flows from discontinued activities 316 151
Impact of change in consolidation method - -
Net impact of foreign exchange fluctuations and reclassification on cash and cash equivalents (894) 517

CASH AND CASH EQUIVALENT AS OF JUNE 30 ⁽ᵍ⁾ 21,784 21,456
(a) Includes premiums/discounts capitalization and relating amortization, amortization of investment and owner occupied properties held directly.
(b) Includes impact of reinsurance and change in liabilities arising from contracts where the financial risk is borne by policyholders.
(c) Mainly includes change in provisions for risks & charges, bad debts/doubtful receivables and impairment of assets held for sale.
(d) Including related derivatives.
(e) Includes equity instruments held directly or by consolidated investment funds, as well as non-consolidated investment funds
(f) Includes sales/purchases of assets backing contracts where the financial risk is borne by policyholders.
(g) Net of bank overdrafts.




June 30, June 30,
(in Euro million) 2025 2024
Cash and cash equivalents 22,455 22,077
Bank overdrafts ⁽ᵃ⁾ (671) (621)
Cash and cash equivalents ⁽ᵇ⁾ 21,784 21,456
(a) Included in "Other debt instruments issued and bank overdrafts" of the consolidated statement of financial position.
(b) The "Cash and cash equivalents" item excludes cash backing contracts where the financial risk is borne by policyholders (Unit-Linked contracts).




Half Year 2025 Financial Report 37
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025
II



II.6 NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTE 1 ACCOUNTING PRINCIPLES

1.1 GENERAL INFORMATION

AXA SA, a French Société Anonyme (the “Company” and, together with its consolidated subsidiaries, “AXA” or the
“Group”), is the holding (parent) company and the internal reinsurer of an international financial services group
focused on financial protection. The list of main entities included in the scope of consolidation is provided in
Note 2 hereafter.
AXA is listed on Euronext Paris Compartiment A.
The Consolidated Interim Financial Statements for the period from January 1 to June 30, 2025, including
associated Notes, were set by the Board of Directors on July 31, 2025.


1.2 GENERAL ACCOUNTING PRINCIPLES
The Consolidated Interim Financial Statements are condensed financial statements prepared in accordance with
IAS 34 - Interim Financial Reporting, on the basis of IFRS and interpretations of the IFRS Interpretations
Committee that are endorsed by the European Union before the end of the reporting period with a compulsory
date of January 1, 2025.
In this context, the Group uses the option provided by the European Union which allows not to apply the annual
cohort requirement under IFRS 17 for determining the groups of insurance contracts meeting some criteria (refer
to paragraph 1.14.2 of Note 1 Accounting principles of the Notes to the 2024 Consolidated Financial Statements
included in the 2024 Universal Registration Document).
The 2025 half year Consolidated Interim Financial Statements should be read in conjunction with the
Consolidated Financial Statements included in the 2024 Universal Registration Document.
For existing and unchanged IFRS standards and interpretations, the accounting policies applied in the
preparation of the Consolidated Interim Financial Statements are consistent with those applied in the
preparation of the Consolidated Financial Statements for the year ended December 31, 2024. The nature and
effects of amendments to the IFRS standards first applied in the present Consolidated Interim Financial
Statements are summarized in paragraph 1.2.1 below.


1.2.1 IFRS requirements adopted on January 1, 2025
The application, as of January 1, 2025, of the amendments to IAS 21 - The Effects of Changes in Foreign Exchange
Rates: Lack of Exchangeability, issued on August 15, 2023, had no material impact on the Group’s Consolidated
Interim Financial Statements.




Half Year 2025 Financial Report 38
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025
II

1.2.2 Standards and amendments published but not yet effective

IFRS 18 - Presentation and Disclosure in Financial Statements
IFRS 18 - Presentation and Disclosure in Financial Statements, published on April 9, 2024, will be effective on
January 1, 2027, with earlier application permitted. The standard has not yet been endorsed by the European
Union.
It aims at improving the quality and cross-industry comparability of financial reporting, notably by introducing
defined subtotals in the statement of profit or loss, adding new principles for aggregation and disaggregation of
information and requiring disclosures about management-defined performance measures. It will replace IAS 1 -
Presentation of Financial Statements.
The assessment of its impact on the Group’s Consolidated Financial Statements is in progress.


Amendments to the Classification and Measurement Requirements for Financial Instruments in IFRS 9 - Financial
Instruments and IFRS 7 - Financial Instruments: Disclosures
These amendments, issued on May 30, 2024 and endorsed by the European Union on May 27, 2025, will be
effective on January 1, 2026, with earlier application permitted.
They result from the post-implementation review of the classification and measurement requirements in IFRS 9 -
Financial Instruments and related requirements in IFRS 7 - Financial Instruments: Disclosures. These
amendments improve the requirements in IFRS 9 and IFRS 7 related to settling financial liabilities using an
electronic payment system as well as to assessing contractual cash flow characteristics of financial assets with
contingent features, including those with environmental, social and governance (ESG)-linked features.
The amendments also modify disclosure requirements relating to investments in equity instruments designated
at fair value through other comprehensive income and add disclosure requirements for financial instruments with
contingent features that do not relate directly to basic lending risks and costs.
The assessment of their impact on the Group’s Consolidated Financial Statements is in progress.


Other IFRS requirements not yet effective
The following standards and amendments are not expected to have a material impact on the Group’s
Consolidated Financial Statements:
• IFRS 19 - Subsidiaries without Public Accountability: Disclosures, published on May 9, 2024, and effective
for annual periods beginning on or after January 1, 2027;
• annual Improvements to IFRS Accounting Standards - Volume 11: narrow amendments to IFRS 1, IFRS 7,
IFRS 9, IFRS 10 and IAS 7, published on July 18, 2024, and effective for annual periods beginning on or
after January 1, 2026; and
• amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature‑dependent Electricity, published on
December 18, 2024, and effective for annual periods beginning on or after January 1, 2026.


1.2.3 Preparation of financial statements
The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions.
In preparing the Consolidated Interim Financial Statements, significant judgments made by management in
applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those
applied to the Consolidated Financial Statements as at the year ended December 31, 2024.




Half Year 2025 Financial Report 39
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025
II


NOTE 2 SCOPE OF CONSOLIDATION
2.1 CONSOLIDATED COMPANIES

2.1.1 Main fully consolidated companies



June 30, 2025 December 31, 2024

Change in Voting rights Group share Voting rights Group share
scope percentage of interests percentage of interests

AXA SA and Other Holdings

Parent Parent
AXA SA
company company
CFP Management 100.00 100.00 100.00 100.00

AXA Group Operations SAS 100.00 100.00 100.00 100.00

Société Beaujon 100.00 100.00 100.00 100.00

AXA China 100.00 100.00 100.00 100.00

AXA Asia 100.00 100.00 100.00 100.00

France

AXA France IARD 100.00 100.00 100.00 100.00

AXA France Vie 100.00 100.00 100.00 100.00

AXA Protection Juridique 99.99 99.99 99.99 99.99

Avanssur 100.00 99.81 100.00 99.81

AXA France Participations 100.00 100.00 100.00 100.00

AXA Banque 100.00 100.00 100.00 100.00

AXA Banque Financement 65.00 65.00 65.00 65.00

Europe
Germany
AXA Versicherung AG 100.00 100.00 100.00 100.00

AXA Lebensversicherung AG 100.00 100.00 100.00 100.00

Deutsche Ärzteversicherung 100.00 100.00 100.00 100.00

AXA Krankenversicherung AG 100.00 100.00 100.00 100.00

Kölnische Verwaltungs AG für Versicherungswerte 100.00 100.00 100.00 100.00

AXA Konzern AG 100.00 100.00 100.00 100.00

Roland Rechtsschutz-Versicherungs-AG 60.00 60.00 60.00 60.00

United Kingdom & Ireland

Guardian Royal Exchange Plc 100.00 100.00 100.00 100.00

AXA UK Plc 100.00 100.00 100.00 100.00

AXA Insurance UK Plc 100.00 100.00 100.00 100.00

AXA PPP Healthcare Limited 100.00 100.00 100.00 100.00

AXA Insurance Limited 100.00 100.00 100.00 100.00

AXA Life Europe DAC 100.00 100.00 100.00 100.00

Laya Healthcare Limited 100.00 100.00 100.00 100.00




Half Year 2025 Financial Report 40
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025
II

June 30, 2025 December 31, 2024

Change in Voting rights Group share Voting rights Group share
scope percentage of interests percentage of interests
Spain

AXA Seguros Generales, S.A. 99.93 99.93 99.93 99.93

AXA Aurora Vida, S.A. de Seguros 99.86 99.86 99.86 99.86
Merged
with AXA
GACM España, S.A.U. Seguros
0.00 0.00 100.00 99.93
Generales
Switzerland

AXA Leben AG 100.00 100.00 100.00 100.00

AXA-ARAG Rechtsschutz AG 66.67 66.67 66.67 66.67

AXA Versicherungen AG 100.00 100.00 100.00 100.00

Italy

AXA Assicurazioni e Investimenti 100.00 100.00 100.00 100.00

AXA MPS Vita 50.00 50.00 50.00 50.00
+ 1 voting + 1 voting
right right
AXA MPS Danni 50.00 50.00 50.00 50.00
+ 1 voting + 1 voting
right right
AXA MPS Financial 100.00 50.00 100.00 50.00

Nobis Compagnia di Assicurazioni Acquisition 100.00 100.00 0.00 0.00

Nobis Vita Acquisition 100.00 100.00 0.00 0.00

Belgium and Luxembourg

AXA Belgium SA 100.00 100.00 100.00 100.00

AXA Holdings Belgium 100.00 100.00 100.00 100.00

Yuzzu SA 100.00 100.00 100.00 100.00

AXA Assurances Luxembourg 100.00 100.00 100.00 100.00

AXA Assurances Vie Luxembourg 100.00 100.00 100.00 100.00

AXA Luxembourg SA 100.00 100.00 100.00 100.00

AXA XL
AXA XL (sub group) ⁽ᵃ⁾ 100.00 100.00 100.00 100.00
Asia, Africa & EME-LATAM
National Mutual International Pty Ltd. 100.00 100.00 100.00 100.00

AXA Mediterranean Holding SA 100.00 100.00 100.00 100.00

Japan

AXA Holdings Japan 98.70 98.70 98.70 98.70

AXA Life Insurance 100.00 98.70 100.00 98.70

AXA General Insurance Co. Ltd. 100.00 98.70 100.00 98.70

Hong Kong

AXA China Region Limited 100.00 100.00 100.00 100.00

AXA General Insurance Hong Kong Ltd. 100.00 100.00 100.00 100.00
China
AXA Tianping 100.00 100.00 100.00 100.00

(a) AXA XL mainly operates in the United States, the United Kingdom, France, Germany, Australia, Switzerland, Netherlands, Italy, Spain, Bermuda and Canada.




Half Year 2025 Financial Report 41
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025
II

June 30, 2025 December 31, 2024

Change in Voting rights Group share Voting rights Group share
scope percentage of interests percentage of interests
Indonesia

MLC Indonesia 100.00 100.00 100.00 100.00

Thailand

AXA Insurance Public Company Limited 99.47 86.35 99.47 86.35

South Korea

AXA General Insurance Co. Ltd. 99.76 99.76 99.76 99.76

Colombia

AXA Colpatria Seguros 51.00 51.00 51.00 51.00

AXA Colpatria Seguros de vida 51.00 51.00 51.00 51.00

Morocco

AXA Assurance Maroc 100.00 100.00 100.00 100.00

AXA Al Amane Assurance 100.00 100.00 100.00 100.00

AXA Holding Maroc S.A. 100.00 100.00 100.00 100.00

Türkiye

AXA Hayat ve Emeklilik A.S. 100.00 100.00 100.00 100.00

AXA Sigorta AS 93.05 93.05 93.05 93.05

AXA Turkey Holding W.L.L 100.00 100.00 100.00 100.00

Mexico

AXA Seguros S.A. de C.V. 100.00 100.00 100.00 100.00

AXA Salud S.A. de C.V. 80.00 80.00 80.00 80.00

Singapore

AXA Financial Services Singapore pte Ltd. 100.00 100.00 100.00 100.00

India

AXA India Holding 100.00 100.00 100.00 100.00

Egypt

AXA Egypt Investment 90.00 90.00 90.00 90.00

AXA Life Insurance Egypt S.A.E 100.00 100.00 100.00 90.00

AXA General Insurance Egypt S.A.E 100.00 100.00 100.00 90.00

Nigeria

AXA Mansard Insurance Plc (Nigeria) 76.48 76.48 76.48 76.48

Brazil

AXA Seguros S.A. 100.00 100.00 100.00 100.00
Other
AXA Investment Managers (sub group) 97.89 97.89 97.53 97.53

AXA Assistance SA (sub group) 100.00 100.00 100.00 100.00

Colisée Ré 100.00 100.00 100.00 100.00

Architas, Ltd. 100.00 100.00 100.00 100.00




Half Year 2025 Financial Report 42
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

NON-CONTROLLING INTERESTS ON CONTROLLED INVESTMENTS FUNDS AND REAL ESTATE COMPANIES

As of June 30, 2025, non-controlling interests in consolidated investment funds amounted to €8,695 million,
(€8,145 million as of December 31, 2024). In most investment funds (particularly open-ended investment funds),
non-controlling interests are presented as liabilities under “Non-controlling interests of consolidated investment
funds”. Non-controlling interests related to consolidated investment funds and real estate companies that are
classified in shareholder’s equity amounted to €1,119 million as of June 30, 2025 (€1,205 million as of December
31, 2024).



2.1.2 Main investments in companies accounted for using the equity method

Companies accounted for using the equity method listed below exclude investment funds and real estate
companies:


June 30, 2025 December 31, 2024


Change in Voting rights Group share Voting rights Group share
scope percentage of interests percentage of interests
Asia, Africa & EME-LATAM

Philippines AXA Life Insurance Corporation 45.00 45.00 45.00 45.00

Krungthai AXA Life Insurance Company Ltd. (Thailand) 50.00 50.00 50.00 50.00

ICBC-AXA Life Insurance Co., Ltd. (China) 27.50 27.50 27.50 27.50

PT AXA Mandiri Financial Services (Indonesia) 49.00 49.00 49.00 49.00

Reso Garantia (Russia) 38.61 38.61 38.61 38.61

Other

Kyobo AXA Investment Managers Company Limited (South Korea) 50.00 48.95 50.00 48.76

AXA SPDB Investment Managers Company Ltd. (China) 39.00 38.18 39.00 38.04




Half Year 2025 Financial Report 43
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II



NOTE 3 CONSOLIDATED STATEMENT OF PROFIT OR LOSS BY SEGMENT
AXA’s Chief Executive Officer (CEO), acting as chief operating decision maker, is a member of the Board of
Directors. He is assisted by a Management Committee in the operational management of the Group and by a
group of senior executives, the Partners Group, in developing and implementing any strategic initiatives. The
financial information related to AXA’s business segments and holding companies reported to the Board of
Directors twice a year is consistent with the presentation provided in the Consolidated Financial Statements.
The results of operating activities and non-operating activities are presented on the basis of six segments: France,
Europe, AXA XL, Asia, Africa & EME-LATAM, AXA Investment Managers (which was sold on July 1, 2025, please refer
to Notes 4.1 and 11), and Transversal & Other.
As of June 30, 2025, the CEOs supervising the main hubs (respectively CEO of AXA France, CEO of AXA in Europe,
CEO of AXA XL, CEO of AXA International Markets, and CEO of AXA Investment Managers) are members of the
Management Committee.
Key transversal entities and Central Holdings are managed alongside these hubs.
France: the French market consists of Life & Health and Property & Casualty activities, AXA Banque France and
French holdings.
Europe: the European market consists of Life & Health and Property & Casualty activities in Switzerland, Germany,
Belgium, Luxembourg, Spain, Italy, United Kingdom and Ireland as well as Life activities in AXA Life Europe. The
holding companies in these countries are also included.
AXA XL: the AXA XL market mainly consists of Property & Casualty activities in XL Group, operating mainly in the
United States, the United Kingdom, France, Germany, Australia, Switzerland, Netherlands, Italy, Spain, Bermuda
and Canada. The holding companies are also included.
Asia, Africa & EME-LATAM:
The Asian market consists of Life & Health and Property & Casualty activities in Japan, Hong Kong, the Philippines,
Thailand and China, Life & Health activities in Indonesia and India (until its disposal on March 11, 2024) as well as
Property & Casualty and Health activities in South Korea. The holding company in Japan and the other Asian
holdings are also included.
The African market consists of Life & Health and Property & Casualty activities in Morocco, Nigeria and Egypt
(since its first consolidation on January 1, 2024). The holding companies in these countries are also included.
The EME – LATAM market consists of Life & Health and Property & Casualty activities in Colombia, Mexico and
Türkiye, as well as Property & Casualty activities in Brazil and Russia. The holding company in Brazil, Türkiye and
other holding companies are also included.
AXA Investment Managers (which was sold on July 1, 2025, please refer to Notes 4.1 and 11): it included AXA
Investment Managers, Select (previously referred to as Architas), Capza, and Asian joint ventures accounted for
under the equity method. Those businesses referred to the Asset Management activity, with its contribution to
the Consolidated statement of profit or loss globally presented on the line “Profit or loss from discontinued
operations, net of tax”.
Transversal & Other: it includes transversal entities namely AXA Assistance, AXA Liabilities Managers, AXA SA, and
other Central Holdings.
The intersegment eliminations include only operations between entities from different countries and operating
activities. They mainly relate to reinsurance treaties, assistance guarantees recharging, asset management fees
and interests on loans within the Group.




Half Year 2025 Financial Report 44
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

In this document, “Insurance” covers the two insurance activities: Life & Health and Property & Casualty.


June 30, 2025
Asia,
Africa &
EME- Transversal Intersegment
(in Euro million) France Europe AXA XL LATAM AXA IM & Other Eliminations Total
Insurance revenue 11,410 17,108 9,545 6,359 - 771 (598) 44,594
Fees and charges relating to investment
contracts with no discretionary participation 0 82 - 21 - - - 104
features
Revenue from other activities 47 132 48 29 (0) 437 (173) 519
Revenue from all activities 11,457 17,322 9,592 6,409 (0) 1,208 (772) 45,217
Insurance service expenses (10,042) (14,751) (7,473) (5,469) - (690) 316 (38,109)
Net expenses from reinsurance contracts
(268) (341) (973) (226) - (24) 217 (1,615)
held
Expenses from other activities (79) (176) (39) (34) (0) (1,316) 166 (1,479)
Expenses from all activities (10,389) (15,268) (8,485) (5,728) (0) (2,030) 698 (41,203)
Result from all activities 1,068 2,054 1,108 681 (0) (822) (73) 4,015
Investment return 2,561 2,040 726 1,387 0 (39) 78 6,754
Net finance income or expenses from
(2,314) (1,666) (466) (1,023) - 49 0 (5,420)
insurance contracts issued
Net finance income or expenses from
22 (74) 102 85 - 12 0 146
reinsurance contracts held
Net finance income or expenses from
(2,292) (1,740) (365) (938) - 61 0 (5,273)
insurance and reinsurance contracts
Financial result excluding financing debt
269 301 361 449 0 22 79 1,480
expenses
Other income and expenses (198) (139) (152) (66) - 444 (22) (132)
Change in impairment on goodwill and other
- - - - - - - -
intangible assets
Other operating income and expenses (198) (139) (152) (66) - 444 (22) (132)
Operating profit before tax 1,138 2,215 1,317 1,064 0 (355) (16) 5,363
Income (net of impairment) from investments
- - - 145 - - - 145
accounted for using the equity method
Financing debt expenses (2) (7) (26) (9) - (433) 178 (299)
Profit before tax from continuing operations 1,137 2,208 1,291 1,200 0 (789) 162 5,209
Income tax (238) (546) (334) (281) (0) 242 (162) (1,319)
Profit from continuing operations 898 1,662 957 919 0 (546) (0) 3,891
Profit or loss from discontinued operations,
- - - - (28) 148 0 120
net of tax ⁽ᵃ⁾
Net income 898 1,662 957 919 (28) (398) (0) 4,010

Split between:
Net income - Group share 899 1,612 957 881 (28) (400) (0) 3,922
Net income - Non-controlling interests (0) 50 0 38 (0) 1 - 89
(a) In the context of the expected disposal, AXA IM left the French tax group since January, 2025, leading to the cancellation of the accumulated Group tax receivable registered in
AXA IM and Group tax liability in AXA SA, disclosed under Transversal & Other for €148m.




Half Year 2025 Financial Report 45
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II
June 30, 2024, restated
Asia,
Africa &
EME- Transversal Intersegment
(in Euro million) France Europe AXA XL LATAM AXA IM & Other Eliminations Total
Insurance revenue 10,916 15,887 9,171 6,081 - 771 (539) 42,288
Fees and charges relating to investment
contracts with no discretionary participation 0 88 - 29 - - - 117
features
Revenue from other activities 38 143 36 23 - 435 (185) 491
Revenue from all activities 10,954 16,119 9,207 6,133 - 1,207 (724) 42,895
Insurance service expenses (9,420) (13,944) (6,332) (5,410) - (825) 376 (35,555)
Net expenses from reinsurance contracts
(336) (345) (1,694) (166) - 77 185 (2,279)
held
Expenses from other activities (88) (157) (21) (32) (0) (1,135) 247 (1,187)
Expenses from all activities (9,845) (14,446) (8,047) (5,609) (0) (1,882) 808 (39,021)
Result from all activities 1,110 1,673 1,160 524 (0) (676) 84 3,875
Investment return 3,993 3,384 706 3,033 (0) 140 (213) 11,042
Net finance income or expenses from
(4,201) (2,728) (579) (2,346) - (70) (0) (9,924)
insurance contracts issued
Net finance income or expenses from
502 (71) 260 (25) - 52 7 726
reinsurance contracts held
Net finance income or expenses from
(3,699) (2,799) (319) (2,370) - (17) 7 (9,198)
insurance and reinsurance contracts
Financial result excluding financing debt
294 585 386 663 (0) 122 (207) 1,844
expenses
Other income and expenses (110) (165) (153) (49) - 328 (78) (227)
Change in impairment on goodwill and other
- - - - - (0) - (0)
intangible assets
Other operating income and expenses (110) (165) (153) (49) - 328 (78) (227)
Operating profit before tax 1,294 2,093 1,393 1,138 (0) (226) (201) 5,492
Income (net of impairment) from investments
(9) (0) - 55 - - - 46
accounted for using the equity method
Financing debt expenses (8) (9) (25) (11) - (453) 204 (302)
Profit before tax from continuing operations 1,277 2,084 1,368 1,182 (0) (678) 3 5,236
Income tax (316) (507) (349) (264) 0 117 (3) (1,321)
Profit from continuing operations 961 1,577 1,020 918 (0) (562) 0 3,915
Profit or loss from discontinued operations,
- - - - 200 - 0 200
net of tax
Net income 961 1,577 1,020 918 200 (562) 0 4,115
Split between:
Net income - Group share 961 1,528 1,020 879 194 (562) 0 4,020
Net income - Non-controlling interests (0) 49 0 39 6 0 - 94




Half Year 2025 Financial Report 46
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II




NOTE 4 TRANSACTIONS IN CONSOLIDATED ENTITIES
4.1 AXA IM DISPOSAL


On August 1, 2024, AXA entered into an exclusive negotiation to sell its asset manager AXA Investment Managers
(“AXA IM”) to BNP Paribas. Under the terms of the agreement, the total expected cash proceeds1 amounted to
€5.4 billion, out of which €0.3 billion related to the internal sale of Select 2 to AXA IM prior to the deal completion
date.
In the context of the expected transaction, AXA and BNP Paribas also agreed with entering into a long‑term
strategic partnership under which BNP Paribas would provide investment management services to AXA.
On December 21, 2024, the Share Purchase Agreement was signed. The completion of the transaction was subject
to customary closing conditions, including the receipt of regulatory approvals.
Finally, on July 1, 2025, AXA announced that it has completed the sale of AXA IM to BNP Paribas. The finalization
of the transaction was considered a subsequent event with no impact on the Consolidated statement of profit or
loss as of June 30, 2025. The capital gain is expected to have an impact of €+2.2 billion on the Net Income Group
share and will be recognized during the second semester of 2025 as Profit or loss from discontinued operations,
net of tax (please refer to Note 11).
The classification of AXA IM as discontinued operations that was adopted as of December 31, 2024, was
maintained as of June 30, 2025.
The major classes of assets and liabilities (net of intercompany balances with other AXA entities) classified as held
for sale as of June 30, 2025, are presented in the table below:
June 30,
(In Euro million)
2025

Goodwill 873

Other intangible assets 332

Investments 1,027

Other assets 543

Cash and cash equivalents 913

TOTAL ASSETS HELD FOR SALE 3,688



June 30,
(in Euro million) 2025

Financing Debt 19

Other liabilities 1,125

TOTAL LIABILITIES HELD FOR SALE 1,144



1
For 100% share capital of AXA IM, of which 98% was owned by the AXA Group (69% by AXA SA and 29% by other AXA entities), subject to price
adjustment mechanisms.
2
Select (formerly named “Architas”) was, until the sale of AXA IM to BNP Paribas on July 1st, 2025, an AXA company offering investment
solutions, including management of funds, investment management services, advisory services and investment related services, to retail
customers in France, Belgium, Hong Kong and Indonesia.



Half Year 2025 Financial Report 47
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II


As of June 30, 2025, the other comprehensive income on invested assets in the scope of the transaction amounted
to €-8 million (€-9 million as of December, 31, 2024) and the accumulated foreign exchange difference amounted
to €-36 million (€+32 million as of December, 31, 2024).
The statement of profit or loss (net of intercompany balances with other AXA entities) of the AXA IM business
classified as discontinued operations for the periods ended on June 30, 2025 and 2024, is presented in the table
below:
June 30, June 30,
(in Euro million) 2025 2024
Revenue from other activities 875 787

Revenue from all activities 875 787

Expenses from other activities (555) (427)

Expenses from all activities (555) (427)

Result from all activities 320 360

Investment return (71) (82)

Financial result excluding financing debt expenses (71) (82)

Other income and expenses (46) (33)

Change in impairment on goodwill and other intangible assets - -

Other operating income and expenses (46) (33)

Operating profit before tax 203 245

Income (net of impairment) from investments accounted for using the equity method 8 14

Financing debts expenses (22) 10

Profit before tax 189 269

Income tax (217) (69)

Net income (28) 200

Split between:

Net income - Group share (28) 194

Net income - Non-controlling interests (0) 6



In the context of the expected disposal of AXA IM and following its exit from the French tax group on January 2025,
the line item income tax included the impact of the cancellation of the accumulated Group tax receivable for €-
148 million. At Group level, this impact was offset by the cancellation of a Group tax liability by AXA SA for the
same amount (please refer to Note 3).




Half Year 2025 Financial Report 48
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

The statement of Cash Flows of the AXA IM business classified as discontinued operations for the periods ended
on June 30, 2025 and 2024, is presented in the table below:
June 30, June 30,
(in Euro million) 2025 2024
Cash and cash equivalents as of January 1 1,015 859
Net cash provided/(used) by operating activities (40) 104

Net cash provided/(used) by investing activities (22) (83)

Net cash provided/(used) financing activities (17) (3)

Net impact of foreign exchange fluctuations (22) 2

Cash and cash equivalents as of June 30 913 880




Following the sale of AXA IM on July 1, 2025, AXA will lose control of some funds managed by AXA IM as AXA will no
longer have decision‑making power over these funds insofar, AXA IM becoming an external asset manager. The
carrying value of investments made by AXA in these funds approximately amounted to €15 billion for non‑real
estate funds and €2 billion for real estate funds as of June 30, 2025 (€18 billion and €3 billion, respectively, as of
December 31,2024). Following the loss of control, AXA will still exercise a significant influence over these funds.
Consequently, as of June 30, 2025, and following the completion of the disposal of AXA IM on July 1st, 2025, these
funds will still be reported as Investments in the Consolidated statement of financial position, in respectively
“Investments in real estate properties”, “Financial investments” or “Assets backing contracts where the financial
risk is borne by policyholders”. As a result of the loss of control, related non‑controlling interests (representing €5
billion as of June 30, 2025, on both asset and liability sides) will be derecognized, knowing that they are currently
accounted for as payables for non‑real estate funds (within the line item “Non-controlling interests of controlled
investment funds and puttable instruments held by non-controlling interests” of the Consolidated statement of
financial position) and in Non-controlling interests for real estate funds.




Half Year 2025 Financial Report 49
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

4.2 NOBIS ACQUISITION


On April 1, 2025, AXA completed the acquisition of Gruppo Nobis (Nobis), following the announcement on August
1, 2024, that AXA had entered into an agreement to acquire Nobis. The completion of the transaction followed the
fulfilment of customary closing conditions, including approval by Nobis shareholders and obtention of all
necessary regulatory approvals.
Under the terms of the agreement, the upfront consideration for the acquisition amounted to €423 million, fully
paid in cash. The acquisition includes a potential earn-out1 of up to €55million in line with the announcement
made upon signing of the agreement, out of which €5million are considered certain and included in the
acquisition balance sheet below.
Acquired assets and assumed liabilities were adjusted to fair value at the date of the acquisition based on Group
IFRS accounting policies. In accordance with IFRS 3 - Business Combinations, adjustments can be made within
twelve months of the acquisition date if new information becomes available to complete the initial accounting.


At the acquisition
date
(In Euro million)

Other intangible assets 60

Investments 948

Reinsurance assets 28

Other assets 115

Cash and cash equivalents 22

TOTAL ASSETS (EXCLUDING GOODWILL) 1,173



At the acquisition
(in Euro million) date

Liabilities arising from insurance contracts and
883
investment contracts
Provisions for risks and charges 2

Other liabilities 48

TOTAL LIABILITIES 933

Net asset value before goodwill 240

Goodwill 187




Nobis’ contribution to revenue and net income included in the Consolidated statement of profit or loss for the
interim reporting period since the acquisition were respectively €119 million and €6 million.




1
The earn-out payments are conditional on the achievement of revenue targets, over the five-year period after closing of the transaction.


Half Year 2025 Financial Report 50
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II


NOTE 5 INVESTMENTS
It should be noted that the amounts disclosed in the present Note as impacting the Group’s Consolidated
comprehensive income do not consider the induced effects relating to insurance liabilities, notably those arising
from contracts with direct participating features (see Note 7) and, therefore, do not represent net ultimate gains
or losses recognized in the Consolidated statement of comprehensive income.

5.1 BREAKDOWN OF INVESTMENTS
The tables below present the fair value and the carrying value of the Group’s investments, broken down by (i)
class of investments, (ii) classification category according to IFRS 9 - Financial Instruments (namely, investments
measured at amortized cost, at fair value through other comprehensive income (“FV OCI”) or at fair value through
profit or loss (“FV P&L”) and (iii) activity to which those investments are allocated:


June 30, 2025
Insurance Other activities Total
Fair Carrying % of total Fair Carrying % of total Fair Carrying % of total
(in Euro million, except percentages) value value investments value value investments value value investments

Investments in real estate properties at cost (A) 37,468 29,608 5.6% 3,466 3,443 17.9% 40,934 33,052 6.0%

Debt instruments at amortized cost 13,961 14,801 2.8% 5 5 0.0% 13,966 14,806 2.7%
Debt instruments at FV OCI 288,653 288,653 54.5% 4,183 4,183 21.8% 292,837 292,837 53.4%
Debt instruments at FV P&L - FV Option 901 901 0.2% - - 0.0% 901 901 0.2%
Debt instruments at FV P&L - Mandatory 14,532 14,532 2.7% 137 137 0.7% 14,669 14,669 2.7%

Debt instruments (B) 318,048 318,888 60.2% 4,325 4,325 22.5% 322,373 323,213 58.9%

Equity instruments at FV OCI without recycling to P&L 12,077 12,077 2.3% 1,297 1,297 6.8% 13,375 13,375 2.4%
Equity instruments at FV P&L 16,315 16,315 3.1% 0 0 0.0% 16,315 16,315 3.0%
Equity instruments (C) 28,392 28,392 5.4% 1,298 1,298 6.8% 29,690 29,690 5.4%
Non consolidated investment funds at FV P&L (D) 16,873 16,873 3.2% 117 117 0.6% 16,989 16,989 3.1%
Other assets at FV P&L, held by consolidated investment
26,285 26,285 5.0% 1,159 1,159 6.0% 27,444 27,444 5.0%
funds (E)

Financial investments excluding loans (F=B+C+D+E) 389,597 390,437 73.8% 6,899 6,899 35.9% 396,496 397,336 72.4%

Loans at amortized cost 15,005 14,958 2.8% 8,866 8,866 46.2% 23,872 23,824 4.3%
Loans at FV P&L - FV Option 3,361 3,361 0.6% - - 0.0% 3,361 3,361 0.6%
Loans at FV P&L - Mandatory 18 18 0.0% - - 0.0% 18 18 0.0%

Loans (G) 18,384 18,336 3.5% 8,866 8,866 46.2% 27,251 27,203 5.0%

Total financial investments (H=F+G) 407,981 408,774 77.2% 15,765 15,765 82.1% 423,747 424,539 77.4%

Assets backing contracts where the financial risk is borne by
90,945 90,924 17.2% - - 0.0% 90,945 90,924 16.6%
policyholders (I)

INVESTMENTS (J=A+H+I) 536,394 529,306 100.0% 19,231 19,208 100.0% 555,626 548,515 100.0%

Investments (excluding those backing contracts where the
445,449 438,382 82.8% 19,231 19,208 100.0% 464,680 457,590 83.4%
financial risk is borne by policyholders) (K=J-I)




Half Year 2025 Financial Report 51
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II


December 31, 2024
Insurance Other activities Total
Fair Carrying % of total Fair Carrying % of total Fair Carrying % of total
(in Euro million, except percentages) value value investments value value investments value value investments

Investments in real estate properties at cost (A) 37,019 29,171 5.4% 2,855 2,830 15.3% 39,875 32,001 5.8%

Debt instruments at amortized cost 14,242 15,175 2.8% 5 5 0.0% 14,247 15,180 2.7%
Debt instruments at FV OCI 296,166 296,166 55.1% 4,230 4,230 22.9% 300,395 300,395 54.0%
Debt instruments at FV P&L - FV Option 1,061 1,061 0.2% - - 0.0% 1,061 1,061 0.2%
Debt instruments at FV P&L - Mandatory 14,532 14,532 2.7% 127 127 0.7% 14,659 14,659 2.6%

Debt instruments (B) 326,000 326,934 60.8% 4,361 4,361 23.6% 330,362 331,295 59.6%

Equity instruments at FV OCI without recycling to P&L 12,885 12,885 2.4% 1,298 1,298 7.0% 14,183 14,183 2.6%
Equity instruments at FV P&L 15,976 15,976 3.0% 0 0 0.0% 15,976 15,976 2.9%

Equity instruments (C) 28,861 28,861 5.4% 1,298 1,298 7.0% 30,159 30,159 5.4%

Non consolidated investment funds at FV P&L (D) 17,055 17,055 3.2% 104 104 0.6% 17,159 17,159 3.1%
Other assets at FV P&L, held by consolidated investment
26,463 26,463 4.9% 844 844 4.6% 27,307 27,307 4.9%
funds (E)

Financial investments excluding loans (F=B+C+D+E) 398,379 399,313 74.3% 6,608 6,608 35.8% 404,987 405,920 73.0%

Loans at amortized cost 15,465 15,388 2.9% 9,037 9,037 48.9% 24,502 24,425 4.4%
Loans at FV P&L - FV Option 3,476 3,476 0.6% - - 0.0% 3,476 3,476 0.6%
Loans at FV P&L - Mandatory 19 19 0.0% - - 0.0% 19 19 0.0%

Loans (G) 18,960 18,882 3.5% 9,037 9,037 48.9% 27,997 27,920 5.0%

Total financial investments (H=F+G) 417,339 418,195 77.8% 15,645 15,645 84.7% 432,984 433,840 78.0%

Assets backing contracts where the financial risk is borne by
90,141 90,095 16.8% - - 0.0% 90,141 90,095 16.2%
policyholders (I)

INVESTMENTS (J=A+H+I) 544,499 537,461 100.0% 18,500 18,476 100.0% 562,999 555,936 100.0%

Investments (excluding those backing contracts where the
454,358 447,366 83.2% 18,500 18,476 100.0% 472,859 465,841 83.8%
financial risk is borne by policyholders) (K=J-I)



Unless otherwise specified, the information disclosed in the following paragraphs of Note 5 does not include the
amounts related to the Group’s investments backing contracts where the financial risk is borne by policyholders.




Half Year 2025 Financial Report 52
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

5.2 INVESTMENTS IN REAL ESTATE PROPERTIES
Investments in real estate properties include buildings owned directly and through consolidated real estate
entities.
Real estate properties held by AXA are measured at cost. The table below presents the carrying value (disclosing
separately cumulated amortization and impairment) and the fair value of those investments.




June 30, 2025 December 31, 2024
Gross Carrying Fair Gross Carrying Fair
(in Euro million) value Amortization Impairment value value value Amortization Impairment value value
Total investments in real
estate properties 36,321 (1,595) (1,674) 33,052 40,934 35,298 (1,558) (1,738) 32,001 39,875




The following table provides a reconciliation from the opening balances to the closing balances for the cumulated
amounts of impairment and amortization on investments in real estate properties:


Impairment Amortization
June 30, December 31, June 30, December 31,
(in Euro million) 2025 2024 2025 2024
Opening balance 1,738 1,476 1,558 1,575

Increase 56 333 65 101

Write back following sale or reimbursement (33) (29) (2) (60)

Write back following recovery in value (39) (44) - -

Other impacts (a) (49) 3 (26) (58)

Closing balance 1,674 1,738 1,595 1,558
(a) Includes impacts of changes in scope of consolidation and movements in exchange rates.




Half Year 2025 Financial Report 53
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

5.3 UNREALIZED GAINS AND LOSSES ON FINANCIAL INVESTMENTS MEASURED AT AMORTIZED
COST OR AT FAIR VALUE THROUGH OCI
The tables below disclose unrealized capital gains and losses not reflected in the Consolidated statement of profit
or loss (“P&L”), that are related to financial investments measured at amortized cost or at fair value through OCI
(“FV OCI”). These unrealized capital gains and losses are broken down by class of financial instruments and IFRS
9 classification category and presented separately for investments allocated to the insurance activity and to other
activities:

Insurance

June 30, 2025 December 31, 2024
Amortized Fair Carrying Unrealized Unrealized Amortized Fair Carrying Unrealized Unrealized
(in Euro million) cost value value gains losses cost value value gains losses
Debt instruments at FV OCI 306,678 288,653 288,653 8,223 26,249 310,823 296,166 296,166 9,989 24,646
Debt instruments at amortized cost 14,801 13,961 14,801 67 907 15,175 14,242 15,175 70 1,003
Equity instruments at FV OCI without
9,600 12,077 12,077 3,029 552 10,272 12,885 12,885 3,334 721
recycling to P&L
Loans at amortized cost 14,958 15,005 14,958 92 44 15,388 15,465 15,388 105 28

TOTAL 346,037 329,697 330,489 11,411 27,752 351,658 338,758 339,614 13,498 26,398



Other Activities

June 30, 2025 December 31, 2024
Amortized Fair Carrying Unrealized Unrealized Amortized Fair Carrying Unrealized Unrealized
(in Euro million) cost value value gains losses cost value value gains losses
Debt instruments at FV OCI 4,567 4,183 4,183 43 426 4,590 4,230 4,230 33 394
Debt instruments at amortized cost 5 5 5 0 0 5 5 5 0 0
Equity instruments at FV OCI without
1,096 1,297 1,297 226 25 1,107 1,298 1,298 266 75
recycling to P&L
Loans at amortized cost 8,866 8,866 8,866 0 0 9,037 9,037 9,037 (0) 0

TOTAL 14,533 14,352 14,352 269 450 14,739 14,570 14,570 299 469



Total

June 30, 2025 December 31, 2024
Amortized Fair Carrying Unrealized Unrealized Amortized Fair Carrying Unrealized Unrealized
(in Euro million) cost value value gains losses cost value value gains losses
Debt instruments at FV OCI 311,245 292,837 292,837 8,266 26,674 315,413 300,395 300,395 10,022 25,040
Debt instruments at amortized cost 14,806 13,966 14,806 67 907 15,180 14,247 15,180 70 1,003
Equity instruments at FV OCI without
10,695 13,375 13,375 3,255 576 11,379 14,183 14,183 3,600 796
recycling to P&L
Loans at amortized cost 23,824 23,872 23,824 92 44 24,425 24,502 24,425 105 28

TOTAL 360,570 344,049 344,841 11,680 28,202 366,398 353,327 354,183 13,797 26,867




Half Year 2025 Financial Report 54
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

5.4 FINANCIAL INVESTMENTS SUBJECT TO IMPAIRMENT
The tables below set out the Group’s portfolio of financial investments subject to impairment, namely debt
instruments and loans measured at amortized cost or at fair value through OCI (“FV OCI”), broken down by class
of financial investments, IFRS 9 classification category and IFRS 9 impairment stage (see Paragraph 1.9.2.2 of Note
1 Accounting principles of the Notes to the 2024 Consolidated Financial Statements included in the 2024 Universal
Registration Document), namely:
• stage 1: financial investments for which credit risk has not increased significantly since initial recognition,
and the loss allowance is measured at an amount equal to 12 months expected credit losses;
• stage 2: not credit-impaired financial investments for which credit risk has increased significantly since
initial recognition, and the loss allowance is measured at an amount equal to lifetime expected credit
losses;
• stage 3: financial investments which were not purchased or originated credit impaired but became credit
impaired since their initial recognition, and for which the loss allowance is measured at an amount equal
to lifetime expected credit losses.
June 30, 2025
Cost before Cost after
impairment impairment but
and revaluation before revaluation Revaluation Carrying
(in Euro million) to fair value Impairment to fair value to fair value value
Stage 1
Debt instruments at amortized cost 14,817 (12) 14,806 - 14,806
Debt instruments at FV OCI 311,195 (46) 311,148 (18,403) 292,745
Debt instruments (A) 326,012 (58) 325,954 (18,403) 307,551
Loans at amortized cost (B) 22,936 (276) 22,660 - 22,660
Total Stage 1 (C=A+B) 348,948 (334) 348,614 (18,403) 330,211
Stage 2
Debt instruments at amortized cost 0 (0) 0 - 0
Debt instruments at FV OCI 20 (3) 17 3 20
Debt instruments (D) 20 (3) 17 3 20
Loans at amortized cost (E) 781 (71) 710 - 710
Total Stage 2 (F=D+E) 801 (74) 727 3 730
Stage 3
Debt instruments at FV OCI 99 (19) 80 (7) 73
Debt instruments (G) 99 (19) 80 (7) 73
Loans at amortized cost (H) 678 (224) 454 - 454
Total Stage 3 (I=G+H) 777 (243) 534 (7) 527
Total
Total debt instruments at amortized cost 14,818 (11) 14,806 - 14,806
Total debt instruments at FV OCI 311,314 (69) 311,245 (18,408) 292,837
Total debt instruments (J=A+D+G) 326,132 (80) 326,051 (18,408) 307,643
Total loans at amortized cost (K=B+E+H) 24,395 (570) 23,824 - 23,824
Total financial investments subject to impairment (L=J+K) 350,527 (651) 349,876 (18,408) 331,468




Half Year 2025 Financial Report 55
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

December 31, 2024

Cost before Cost after
impairment impairment but
and revaluation before revaluation Revaluation Carrying
(in Euro million) to fair value Impairment to fair value to fair value value
Stage 1
Debt instruments at amortized cost 15,193 (13) 15,180 - 15,180
Debt instruments at FV OCI 315,293 (48) 315,245 (15,001) 300,244
Debt instruments (A) 330,486 (61) 330,425 (15,001) 315,424
Loans at amortized cost (B) 23,356 (222) 23,134 - 23,134
Total Stage 1 (C=A+B) 353,843 (283) 353,560 (15,001) 338,559
Stage 2
Debt instruments at amortized cost 47 (47) 0 - 0
Debt instruments at FV OCI 89 (7) 82 (6) 76
Debt instruments (D) 136 (54) 82 (6) 76
Loans at amortized cost (E) 811 (72) 739 - 739
Total Stage 2 (F=D+E) 947 (126) 821 (6) 815
Stage 3
Debt instruments at FV OCI 108 (22) 86 (11) 76
Debt instruments (G) 108 (22) 86 (11) 76
Loans at amortized cost (H) 786 (234) 552 - 552
Total Stage 3 (I=G+H) 894 (256) 638 (11) 627
Total
Total debt instruments at amortized cost 15,241 (60) 15,180 - 15,180
Total debt instruments at FV OCI 315,489 (76) 315,413 (15,018) 300,394
Total debt instruments (J=A+D+G) 330,730 (136) 330,594 (15,018) 315,576
Total loans at amortized cost (K=B+E+H) 24,954 (528) 24,425 - 24,425
Total financial investments subject to impairment (L=J+K) 355,684 (665) 355,019 (15,018) 340,001




Half Year 2025 Financial Report 56
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

5.5 FAIR VALUE OF INVESTMENTS
The table below presents the breakdown of the fair value of financial investments and investments in real estate
properties by fair value hierarchy level as set in IFRS 13 - Fair Value Measurement (see Paragraph 1.6 of Note 1
Accounting principles of the Notes to the 2024 Consolidated Financial Statements included in the 2024 Universal
Registration Document). The carrying value of financial investments measured at fair value through profit or loss
(“FV P&L”) or OCI (“FV OCI”) is equal to their fair value.


June 30, 2025 December 31, 2024
Investments Investments not quoted in an Investments Investments not quoted in an
quoted in an active market or no active quoted in an active market or no active
Total Total
active market market active market market
(in Euro million) Level 1 ⁽ᵃ⁾ Level 2 ⁽ᵇ⁾ Level 3 ⁽ᶜ⁾ Level 1 ⁽ᵃ⁾ Level 2 ⁽ᵇ⁾ Level 3 ⁽ᶜ⁾
Debt instruments 218,441 73,999 397 292,837 223,855 76,246 295 300,395
Equity instruments 8,533 1,252 3,589 13,375 9,358 1,118 3,706 14,183
Financial assets at FV OCI (A) 226,974 75,252 3,986 306,211 233,213 77,364 4,001 314,578
Debt instruments 8,411 5,354 905 14,669 8,470 5,367 821 14,659
Equity instruments 4,983 341 10,992 16,315 3,622 580 11,774 15,976
Non consolidated investment funds 833 8,151 8,006 16,989 1,891 6,891 8,377 17,159
Other assets, held by consolidated investment
3,321 6,474 17,649 27,444 2,600 7,696 17,011 27,307
funds
Loans - 18 0 18 - 19 - 19
Financial assets at FV P&L
17,547 20,337 37,553 75,435 16,584 20,552 37,984 75,120
(excluding FV option) (B)
Debt instruments 901 - 0 901 1,061 - - 1,061
Loans - 3,361 - 3,361 - 3,476 - 3,476

Financial assets at FV P&L - FV Option (C) 901 3,361 - 4,262 1,061 3,476 - 4,537

Total financial investments at fair value
245,421 98,950 41,539 385,909 250,858 101,393 41,984 394,235
(D=A+B+C)
Investments in real estate properties 0 9,384 31,550 40,934 0 10,739 29,136 39,875
Debt instruments 175 8,406 5,385 13,966 584 8,816 4,847 14,247
Loans 422 8,951 14,499 23,872 0 9,997 14,504 24,502
Total investments at amortized cost (E) 597 26,741 51,434 78,772 584 29,553 48,487 78,624
TOTAL (F=D+E) 246,018 125,690 92,973 464,680 251,442 130,945 90,472 472,859
(a) Level 1: fair value determined directly by reference to an active market.
(b) Level 2: fair value mainly based on observable market data.
(c) Level 3: fair value mainly not based on observable market data.




Half Year 2025 Financial Report 57
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II
LEVEL 1 FAIR VALUES

During the first half of 2025, the tightening of bid-to-ask spread across the board led to net transfers from level 2
to level 1.
During the period ended on June 30, 2025, the net transfer from Level 2 to Level 1 was €+3,156 million. This
amount comprised €4,521 million transferred from Level 2 to Level 1, of which €+3,320 million for Corporate bonds
and €799 million for Government bonds, and €1,365 million from Level 1 to Level 2, of which €1,204 million for
Corporate bonds and €157 million for Government bonds.


TRANSFER IN AND OUT OF THE LEVEL 3 CATEGORY AND OTHER MOVEMENTS

From January 1, 2025 to June 30, 2025, the amount of level 3 assets increased by €+2.5 billion to €93.0 billion,
representing 20.0% of the total assets (19.1% as of December 31, 2024 or €90.5 billion).
Main movements relating to level 3 assets to be noted were the following:
• €+5.9 billion of new investments;
• €+1.8 billion of net asset transfers in (€+2.2 billion) and out (€-0.4 billion) of level 3;
• €+0.0 billion of change in scope and other impacts;
• €-0.1 billion of change in unrealized gains and losses;
• €-1.2 billion of foreign exchange fluctuation impact;
• €-4.0 billion of asset sales, redemptions and settlements mainly equity securities, non-consolidated
investment funds, other assets held by controlled investment funds and debt instruments accounted as
fair value through profit and loss.

A majority of assets classified in level 3 corresponds to non-residential real estate and private investments, in
particular private equity assets.




Half Year 2025 Financial Report 58
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II


NOTE 6 SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTERESTS


6.1 IMPACT OF TRANSACTIONS WITH SHAREHOLDERS


The Consolidated Statement of changes in Equity is presented as a primary financial statement.
SHARE CAPITAL AND CAPITAL IN EXCESS OF NOMINAL VALUE
During the first half of 2025, the following transactions had an impact on AXA’s share capital and capital in excess
of nominal value:
• share-based remuneration for €66 million;
• capital increase of €16 million due to the exercise of stock options for 0.7 million shares.
During the first half of 2024, the following transactions had an impact on AXA’s share capital and capital in excess
of nominal value:
• shared based payments for €44 million;
• capital increase of €29 million due to the exercise of stock options for 1.3 million shares.
TREASURY SHARES
As of June 30, 2025, the Company and its subsidiaries owned 82.2 million AXA shares, representing 3.7% of the
share capital, an increase of 42.7 million shares compared to December 31, 2024. It was mainly driven by the Share
Buy Back programs announced and executed over the first half of the year for 30.7 million shares or €1,200 million
and the announcement and partial execution of a share repurchase related to the expected Shareplan 2025 and
the expected Performance shares for 13.2 million shares or €559 million.
The carrying value of treasury shares amounted to €3,326 million. No AXA shares held by AXA subsidiaries or by
consolidated investment funds other than those backing contracts where financial risk is borne by policyholders.
The 0.6 million treasury shares backing contracts where financial risk is borne by policyholders held in controlled
investment funds were not deducted from shareholders’ equity. Their total estimated historical cost was
€14 million and their market value €25 million.
As of June 30, 2024, the Company and its subsidiaries owned 89.2 million AXA shares, representing 3.9% of the
share capital, an increase of 45.2 million shares compared to December 31, 2023, mainly driven by the Share Buy
Back programs announced and executed over the first half of the year for 53.9 million shares or €1,800 million.
The carrying value of treasury shares was €3,005 million. No AXA shares were held directly by AXA subsidiaries or
by consolidated investment funds other than those backing contracts where financial risk is borne by
policyholders.
The 0.7 million treasury shares backing contracts where the financial risk is borne by policyholders held in
controlled investment funds were not deducted from shareholders’ equity. Their total estimated historical cost
was €18 million, and their market value was €23 million at the end of June 2024.


UNDATED SUBORDINATED DEBT AND RELATED FINANCIAL EXPENSES
Undated subordinated debt instruments are classified in shareholders’ equity and valuated at their historical
value or their closing value as regards exchange rates. The corresponding foreign exchange differences are
cancelled out through the translation reserve.




Half Year 2025 Financial Report 59
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

During the first half of 2025, the following transactions pertaining to undated subordinated debt had an impact
on AXA’s other reserves:
• €+1,000 million, from a new issuance of perpetual deeply subordinated notes;
• €-86 million from interest expenses related to the undated subordinated debt (net of tax);
• €-80 million from foreign exchange rate fluctuations.
During the first half of 2024, the following transactions pertaining to undated deeply subordinated debt had an
impact on AXA’s other reserves:
• €+1,500 million from a new issuance, partly offset by the partial reimbursement of two debts tranches
through tender offers for €-1,166 million in total;
• €-106 million from interest expenses related to undated subordinated debts (net of tax);
• €+21 million from foreign exchange rate fluctuations;
• €-17 million from premium on repayment.


As of June 30, 2025, and December 31, 2024, undated subordinated debt recognized in shareholders’ equity
broke down as follows:

June 30, 2025 December 31, 2024
Value of Value of
Value of the the Value of the the
undated undated undated undated
debt in debt in debt in debt in
currency of Euro currency of Euro
ISIN (in Euro million) issuance million issuance million
XS0203470157 Subordinated Notes T1 GF €375m Perpetual callable 2009 floating issued October 2004 375 375 375 375
XS0207825364 Subordinated Notes T1 GF €250m Perpetual callable 2009 floating issued December 2004 250 250 250 250
XS0210434782 Subordinated Notes T1 GF €250m Perpetual callable 2010 floating issued January 2005 250 250 250 250
XS0260056717 Subordinated Notes T1 GF £350m Perpetual callable 2026 6.6862% issued July 2006 16 19 16 19
US054536AC14 Subordinated Notes T1 GF $750m Perpetual callable 2036 6.379% issued December 2006 461 391 461 443
Subordinated Notes T1 GF £724m Perpetual callable 2026 5.453% issued
XS1134541561 62 72 62 75
November 2014
XS2737652474 Subordinated Notes T1 €1500m Perpetual callable 2033 6.375% issued January 2024 1,500 1,493 1,493 1,493
XS1069439740 Subordinated Notes T1 GF €1000m Perpetual callable 2025 3.875% issued May 2014 1,000 997 997 997
XS0179060974 Subordinated Notes T1 GF €200m Perpetual callable 2013 floating issued October 2003 200 200 200 200
XS0181369454 Subordinated Notes T1 GF €300m Perpetual callable 2008 floating issued December 2003 300 300 300 300
XS0188935174 Subordinated Notes T1 GF €125m Perpetual callable 2009 floating issued April 2004 125 125 125 125
n.a. Subordinated Notes T1 GF ¥27000m Perpetual callable 2028 3.29% issued June 1998 27,000 159 27,000 166
XS0184718764 Subordinated Notes T1 GF $150m Perpetual callable 2014 floating issued January 2004 150 128 150 145
XS3085146929 Subordinated Notes T1 €1000m Perpetual callable 2030 5.75% issued June 2025 1,000 1,000 0 0
TOTAL 5,758 4,837



Undated subordinated debt often contains the following features:
• early redemption clauses (calls) at the Group’s option, giving AXA the ability to redeem on certain dates
the principal amount before settlement and without penalty; and
• interest rate step-up clauses with effect at different contractual given dates.
DIVIDENDS PAID
On April 24, 2025, the General Shareholders’ Meeting approved a dividend distribution of €2.15 per share
corresponding to €4,629 million with respect to the 2024 financial year. On April 23, 2024, the General
Shareholders’ Meeting approved a dividend distribution of €1.98 per share corresponding to €4,370 million with
respect to the 2023 financial year.



Half Year 2025 Financial Report 60
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

6.2 COMPREHENSIVE INCOME FOR THE PERIOD

The Consolidated Statement of Comprehensive Income, presented as a primary financial statement, includes the
net income for the period and the other comprehensive income, the latter reflecting the changes relating to other
reserves recognized through other comprehensive income (“OCI”) in accordance with IFRS 9 and IFRS 17,
translation reserves and employee benefits. It also reflects the realized capital gains or losses on equity
instruments, without recycling in Profit or Loss.

OTHER RESERVES RECOGNIZED THROUGH OCI IN ACCORDANCE WITH IFRS 9 AND IFRS 17
The table below gives detailed information on changes in other reserves recognized through OCI during the first
semester of 2025:


Reserves relating
Fair value to finance income
Fair value reserves relating Reserves or expenses from
reserves relating to cash flow relating to the insurance and
to financial hedge cost of reinsurance
(in Euro million) instruments ⁽ᵃ⁾ derivatives hedging contracts Total
Balance at January 1, 2025 (9,637) (3,472) (39) 5,048 (8,100)
Change in OCI with recycling in Profit or Loss (2,734) 66 71 3,545 947
Change in OCI without recycling in Profit or Loss 19 - - (83) (64)
Others (including effect of changes in scope of consolidation) 0 0 0 (0) (0)
Other comprehensive income (2,715) 66 71 3,462 883
Balance at June 30, 2025 (12,353) (3,406) 32 8,510 (7,216)
(a) Including the fair value hedge of equity instruments.



The table below gives detailed information on change in other reserves recognized through OCI during the first
semester of 2024:
Reserves relating
Fair value to finance income
Fair value reserves relating Reserves or expenses from
reserves relating to cash flow relating to the insurance and
to financial hedge cost of reinsurance
(in Euro million) instruments ⁽ᵃ⁾ derivatives hedging contracts Total
Balance at January 1, 2024 (7,128) (4,350) 36 5,115 (6,327)
Change in OCI with recycling in Profit or Loss (5,960) 75 (28) 4,631 (1,281)
Change in OCI without recycling in Profit or Loss 436 - - (306) 130
Others (including effect of changes in scope of consolidation) 2 (0) 0 (0) 2
Other comprehensive income (5,521) 75 (28) 4,325 (1,148)
Balance at June 30, 2024 (12,649) (4,275) 9 9,441 (7,475)
(a) Including the fair value hedge of equity instruments.



As explained in Paragraph 1.21.2 of Note 1 Accounting principles of the Notes to the 2024 Consolidated Financial
Statements included in the 2024 Universal Registration Document and in accordance with IFRS 17, AXA applies
the option to disaggregate insurance and reinsurance financial income or expenses between the statement of
profit or loss and the OCI to limit the volatility in profit or loss considering that many of supporting financial
assets are measured at fair value through OCI under IFRS 9.
When equity instruments without recycling in Profit or Loss are sold, their related net unrealized gains and losses
previously recognized in OCI without recycling in Profit or Loss are transferred to retained earnings. In the first
half of 2025, the realized capital gains or losses on these equity instruments amounted to €-46 million, net of tax
(€+5 million, net of tax in 2024).




Half Year 2025 Financial Report 61
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II


CURRENCY TRANSLATION RESERVES
The total impact of currency translation reserve for the first half year 2025 amounted to €-3,448 million, of which
€-3,426 million from Group share and €-22 million from non-controlling interests. This was mainly driven AXA XL
(€-2,552 million), Hong Kong (€-538 million), Japan (€-165 million) and United Kingdom (€-123 million).
The total impact of currency translation reserve for the first half year of 2024 amounted to €+302 million, of which
€+315 million from Group share and €-13 million from non-controlling interests. This was mainly driven by AXA XL
(€+625 million), Hong Kong (€+121 million), United Kingdom (€+73m) partly offset by Switzerland (€-381 million)
and Japan (€-254 million). Additionally, the translation reserves included the effect over the reporting period of
applying IAS 29 standard related to hyperinflation in Türkiye for €26 million, of which €24 million Group share.


EMPLOYEE BENEFITS ACTUARIAL GAINS AND LOSSES
The total impact of employee benefits actuarial loss for the first half year of 2025 amounted to €-259 million (of
which €-257 million from Group share and €-2 million from non-controlling interests). This was mainly driven by
an effect of asset ceiling in Switzerland: as the pension plan is overfunded, the increase in discount rate as of June
30, 2025, triggered a reduction of the net defined benefit asset of the pension plan that was recognized as a loss
through OCI.
The total impact of employee benefits actuarial gains for the first half year of 2024 amounted to €+221 million
(of which €+220 million from Group share and €+1 million from non-controlling interests). This was mainly driven
by the investment gains of plan assets in Switzerland and an increase in the discount rates used to value
liabilities in the Eurozone. The pension plan in Switzerland was overfunded; the asset ceiling test performed as
of June 30, 2024, did not entail any limitation of the net defined benefit asset to be recognized.



6.3 CHANGE IN NON-CONTROLLING INTERESTS
Under IFRS, non-controlling interests in most investment funds in which the Group invests consist of instruments
that holders can redeem at will at fair value and qualify as a liability rather than shareholders’ equity item.
The table below gives detailed information on the change in the non-controlling interest during the first half of
2025 and 2024:



(in Euro million) 2025 2024
Balance at January 1 2,535 2,819
Net income 89 94
Employee benefits (2) 1
Other reserves recognized through OCI (28) (42)
Translation reserves (22) (13)
Dividends paid (77) (83)
Change in non-controlling interests from look-through funds (71) (354)
Others (15) 28
Balance at June 30 2,409 2,742




Half Year 2025 Financial Report 62
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II



NOTE 7: INSURANCE AND REINSURANCE CONTRACTS
This note highlights the effects of contracts within the scope of IFRS 17 on the consolidated statement of financial
position and the consolidated statement of profit or loss.
IFRS 17 – Insurance Contracts applies to insurance and reinsurance contracts issued, investment contracts with
discretionary participation features issued, and reinsurance contracts held. The acronyms used in this Note
correspond to the following terms:
• DPF: Discretionary participation features
• LRC: Liability for remaining coverage
• LIC: Liability for incurred claims
• ARC: Asset for remaining coverage
• AIC: Asset for incurred claims
• CSM: Contractual service margin
• OCI: Other comprehensive income
• MRA: Modified retrospective approach
• FVA: Fair value approach
• PVFCF: Present value of future cash flows
• RA: Risk Adjustment for non-financial risk
• BBA: Building block approach
• VFA: Variable fee approach
• PAA: Premium allocation approach



7.1 RECONCILIATIONS WITH THE CONSOLIDATED FINANCIAL STATEMENTS
The tables below enable to reconcile the consolidated statement of financial position and the consolidated
statement of profit or loss with information disclosed in the next paragraphs.
These reconciliations consist in excluding the amounts of receivables and payables arising from insurance and
reinsurance operations, as well as the assets for insurance acquisition cash flows, from the consolidated
statement of financial position on one hand, the amounts of income and expenses related to these receivables
and payables from the consolidated statement of profit or loss on the other hand.

7.1.1 Reconciliation with the consolidated statement of financial position

The reconciliation of amounts presented in the consolidated statement of financial position with the “carrying
amount of insurance contracts and investment contracts with DPF”, as disclosed in paragraph 7.2, is as follows:
June 30, December 31,
(in Euro million) 2025 2024
Amounts reported in the consolidated statement of financial position
Liabilities arising from insurance contracts and investment contracts with DPF 468,018 477,036
Assets arising from insurance contracts and investment contracts with DPF (2) (5)

Net position 468,016 477,031

Receivables arising from direct insurance and inward reinsurance operations 31,801 28,487
Payables arising from direct insurance and inward reinsurance operations (10,221) (11,462)
Assets for insurance acquisition cash flows 213 273

Carrying amount of insurance contracts and investment contracts with DPF, as disclosed hereinafter 489,809 494,330




Half Year 2025 Financial Report 63
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

The reconciliation of amounts presented in the consolidated statement of financial position with the "carrying
amount of reinsurance contracts held”, as disclosed in paragraph 7.3, is as follows:
June 30, December 31,
(in Euro million) 2025 2024
Amounts reported in the consolidated statement of financial position
Assets arising from reinsurance contracts held 23,728 26,081
Liabilities arising from reinsurance contracts held (7) (6)

Net position 23,721 26,075

Payables arising from outward reinsurance operations 25,624 25,196
Receivables arising from outward reinsurance operations (2,976) (3,679)

Carrying amount of reinsurance contracts held, as disclosed hereinafter 46,368 47,592




7.1.2 Reconciliation with the consolidated statement of profit or loss

The reconciliation of amounts presented in the consolidated statement of profit or loss with both the “Insurance
service expenses” and the “Net finance income or expenses from insurance contracts issued recognised in profit
or loss”, as disclosed in paragraph 7.2, is as follows:
June 30, June 30,
(in Euro million) 2025 2024
Insurance service expenses reported in the consolidated statement of profit or loss (38,109) (35,555)

Increase in impairment relating to receivables arising from direct insurance and inward reinsurance operations 27 29
Write back of impairment relating to receivables arising from direct insurance and inward reinsurance operations (12) (10)
Increase in impairment of assets for insurance acquisition cash flows - -
Write back of impairment of assets for insurance acquisition cash flows - -

Insurance service expenses, as disclosed hereinafter (38,095) (35,536)



June 30, June 30,
(in Euro million) 2025 2024
Net finance income or expenses from insurance contracts issued, reported in the consolidated statement of profit or loss (5,420) (9,924)

Interest income on receivables arising from direct insurance and inward reinsurance operations (38) (25)
Interest expenses on payables arising from direct insurance and inward reinsurance operations 33 26
Foreign exchange unrealized gains or losses relating to receivables and payables arising from direct insurance and inward
113 33
reinsurance operations
Foreign exchange realized gains or losses relating to receivables and payables arising from direct insurance and inward
(92) 20
reinsurance operations
Net finance income or expenses from insurance contracts issued recognized in profit or loss, as disclosed hereinafter (5,403) (9,871)




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CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

The reconciliation of amounts presented in the consolidated statement of profit or loss with both the “Net
expenses from reinsurance contracts held” and the “Net finance income or expenses from reinsurance contracts
held, recognised in profit or loss”, as disclosed in paragraph 7.3, is as follows:
June 30, June 30,
(in Euro million) 2025 2024
Net expenses from reinsurance contracts held, reported in the consolidated statement of profit or loss (1,615) (2,279)

Increase in impairment relating to receivables arising from outward reinsurance operations 1 -
Write back of impairment relating to receivables arising from outward reinsurance operations - (0)

Net expenses from reinsurance contracts held, as disclosed hereinafter (1,613) (2,279)




June 30, June 30,
(in Euro million) 2025 2024
Net finance income or expenses from reinsurance contracts held, reported in the consolidated statement of profit or loss 146 726

Interest income on receivables arising from outward reinsurance operations (0) (0)
Interest expenses on payables arising from outward reinsurance operations 4 5
Foreign exchange unrealized gains or losses relating to receivables and payables arising from outward reinsurance
43 (24)
operations
Foreign exchange realized gains or losses relating to receivables and payables arising from outward reinsurance operations - 0
Effect of changes in non-performance risk of reinsurers 6 17

Net finance income or expenses from reinsurance contracts held, recognized in profit or loss, as disclosed hereinafter 199 723




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7.2 MOVEMENTS IN BALANCES OF INSURANCE CONTRACTS AND INVESTMENT CONTRACTS WITH DPF

Within tables disclosed in paragraphs 7.2.1 and 7.2.2, the groups of contracts for which the MRA and the FVA had been used at transition to IFRS 17 are
separately disclosed, except those eligible to the exemption provided by the European Union not to apply the annual cohort requirement that are included
in other contracts.

7.2.1 Changes in the carrying amount of insurance contracts and investment contracts with DPF, split between remaining coverage and
incurred claims components

The two following tables provide an analysis of movements in the carrying amount of insurance contracts and investment contracts with DPF, split between
the LRC and the LIC.
The analysis of movements highlights how this carrying amount is affected by (i) the amounts recognized in the statement of profit or loss and OCI, (ii) the
cash flows, (iii) the movements in exchange rates and (iv) the changes in scope of consolidation and other changes.
The amounts recognized in the consolidated statement of profit or loss reconcile to insurance revenue (see paragraph 7.4.1) as well as to insurance service
expenses and net finance income or expenses from insurance contracts issued as disclosed above (see paragraph 7.1.2).




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Analysis of changes occurred during the first semester of 2025, split between LRC and LIC

LRC LIC

LIC related to PAA contracts

Excluding LIC related
Loss Total Estimates of Total
loss to non PAA RA Total Total
component LRC the PVFCF LIC
component contracts
(in Euro million)
Opening assets (11) - (11) 1 - - - 1 (10)
Opening liabilities 372,174 1,634 373,809 2,880 115,976 1,675 117,652 120,531 494,340
Net balance as of January 1 (A) 372,164 1,634 373,798 2,880 115,976 1,675 117,652 120,532 494,330
Insurance revenue coming from contracts under the MRA (2,290) - (2,290) - - - - - (2,290)
Insurance revenue coming from contracts under the FVA (579) - (579) - - - - - (579)
Insurance revenue coming from other contracts (41,725) - (41,725) - - - - - (41,725)
Insurance revenue (B) (44,594) - (44,594) - - - - - (44,594)
Incurred claims and other insurance service expenses - (90) (90) 6,042 26,049 194 26,243 32,285 32,195
Amortisation of insurance acquisition cash flows 6,269 - 6,269 - - - - - 6,269
Losses and reversal of losses on onerous contracts - 158 158 - - - - - 158
Adjustments relating to liability for incurred claims - - - (198) (156) (174) (330) (527) (527)
Insurance service expenses (C) 6,269 68 6,338 5,844 25,892 21 25,913 31,757 38,095
Investment components (D) (12,306) - (12,306) 11,718 588 - 588 12,306 -
Insurance service result (E=B+C+D) (50,630) 68 (50,562) 17,562 26,480 21 26,501 44,063 (6,499)
Net finance income or expenses recognized in profit or loss 4,450 21 4,470 0 939 (6) 933 933 5,403
Net finance income or expenses recognized in OCI (4,598) - (4,598) (11) (132) 0 (132) (143) (4,741)
Net finance income or expenses from insurance contracts issued (F) (149) 21 (128) (11) 808 (6) 801 790 663
Total changes in the statement of profit or loss and in OCI (G=E+F) (50,779) 89 (50,690) 17,551 27,288 14 27,302 44,853 (5,837)
Premiums received 61,862 - 61,862 - - - - - 61,862
Claims and other insurance service expenses paid - - - (17,446) (25,709) - (25,709) (43,155) (43,155)
Insurance acquisition cash flows paid (8,163) - (8,163) - - - - - (8,163)
Total cash flows (H) 53,699 - 53,699 (17,446) (25,709) - (25,709) (43,155) 10,544
Effect of movements in exchange rates (I) (6,132) (61) (6,193) (56) (3,824) (69) (3,893) (3,949) (10,142)
Effect of changes in scope of consolidation and other changes (J) 687 2 689 6 200 17 217 223 913
Closing assets (9) - (9) 2 - - - 2 (7)
Closing liabilities 369,648 1,664 371,312 2,935 113,931 1,638 115,569 118,504 489,816
Net balance as of June 30 (K=A+G+H+I+J) 369,639 1,664 371,303 2,936 113,931 1,638 115,569 118,505 489,809




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Analysis of changes occurred during the year 2024, split between LRC and LIC
LRC LIC
LIC related to PAA contracts

Excluding LIC related
Loss Total Estimates of Total
loss to non PAA RA Total Total
component LRC the PVFCF LIC
component contracts
(in Euro million)
Opening assets (14) - (14) 0 - - - 0 (13)
Opening liabilities 366,321 1,879 368,200 2,673 113,179 1,687 114,866 117,539 485,739
Net balance as of January 1 (A) 366,308 1,879 368,187 2,673 113,179 1,687 114,866 117,539 485,726
Insurance revenue coming from contracts under the MRA (4,801) - (4,801) - - - - - (4,801)
Insurance revenue coming from contracts under the FVA (1,662) - (1,662) - - - - - (1,662)
Insurance revenue coming from other contracts (79,615) - (79,615) - - - - - (79,615)
Insurance revenue (B) (86,078) - (86,078) - - - - - (86,078)
Incurred claims and other insurance service expenses - (177) (177) 11,582 50,646 332 50,978 62,559 62,383
Amortisation of insurance acquisition cash flows 12,639 - 12,639 - - - - - 12,639
Losses and reversal of losses on onerous contracts - (49) (49) - - - - - (49)
Adjustments relating to liability for incurred claims - - - 70 (917) (385) (1,302) (1,232) (1,232)
Insurance service expenses (C) 12,639 (226) 12,414 11,652 49,729 (53) 49,676 61,328 73,741
Investment components (D) (26,269) - (26,269) 25,249 1,021 - 1,021 26,269 -

Insurance service result (E=B+C+D) (99,708) (226) (99,934) 36,901 50,750 (53) 50,696 87,597 (12,337)
Net finance income or expenses recognized in profit or loss 14,437 47 14,484 5 2,359 2 2,362 2,366 16,850
Net finance income or expenses recognized in OCI (1,305) - (1,305) 9 1,372 1 1,373 1,382 76
Net finance income or expenses from insurance contracts issued (F) 13,131 47 13,179 13 3,731 4 3,735 3,748 16,927

Total changes in the statement of profit or loss and in OCI (G=E+F) (86,577) (178) (86,755) 36,914 54,481 (50) 54,431 91,345 4,590
Premiums received 105,873 - 105,873 - - - - - 105,873
Claims and other insurance service expenses paid - - - (36,710) (52,967) - (52,967) (89,677) (89,677)
Insurance acquisition cash flows paid (14,415) - (14,415) - - - - - (14,415)
Total cash flows (H) 91,458 - 91,458 (36,710) (52,967) - (52,967) (89,677) 1,781
Effect of movements in exchange rates (I) 111 (67) 44 4 1,868 37 1,905 1,909 1,954
Effect of changes in scope of consolidation and other changes (J) 864 0 864 (1) (585) 1 (584) (584) 279
Closing assets (11) - (11) 1 - - - 1 (10)
Closing liabilities 372,174 1,634 373,809 2,880 115,976 1,675 117,652 120,531 494,340

Net balance as of December 31 (K=A+G+H+I+J) 372,164 1,634 373,798 2,880 115,976 1,675 117,652 120,532 494,330




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7.2.2 Changes in the carrying amount of insurance contracts and investment contracts with DPF, broken down by measurement component

The two following tables provide an analysis of movements in the carrying amount of insurance contracts and investment contracts with DPF not measured under PAA,
broken down by measurement component, namely (i) the estimate of the PVFCF, (ii) the RA, and (iii) the CSM. However, the carrying amount of insurance contracts
measured under the PAA is also reported to reconcile with the opening and closing balances of financial statements.
In this respect, the total amount of RA gross of reinsurance (including contracts measured under the PAA) was €3,164 million at end June 2025 and €3,305 million at
end December 2024. The percentile was stable at 65th comprised within the 62.5th-67.5th percentile range considered by the Group as the adequate level of prudence on
underlying insurance liabilities.




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Analysis of changes occurred during the first semester of 2025, broken down by measurement component (only for non PAA contracts)
CSM
Contracts Contracts
Carrying Carrying
Estimates of the measured at measured at Other Total
RA amount of non amount of PAA Total
PVFCF transition under transition under contracts CSM
PAA contracts contracts
(in Euro million) the MRA the FVA

Opening assets (109) 2 - - 97 97 (10) - (10)
Opening liabilities 315,916 1,628 5,864 2,386 27,052 35,303 352,847 141,493 494,340
Net balance as of January 1 (A) 315,808 1,629 5,864 2,386 27,149 35,400 352,837 141,493 494,330
CSM recognized in profit or loss for services provided - - (309) (107) (1,105) (1,522) (1,522) - (1,522)
Release of RA - (57) - - - - (57) - (57)
Experience adjustments (135) 1 - - - - (134) - (134)
Changes that relate to current services (B) (135) (56) (309) (107) (1,105) (1,522) (1,714) - (1,714)
Contracts initially recognized in the period (1,263) 56 - - 1,211 1,211 4 - 4
Changes in estimates that adjust the CSM (198) (62) 13 11 236 260 (0) - (0)
Changes in estimates that result in losses and reversal of losses on onerous
contracts 160 (1) - - - - 159 - 159
Changes that relate to future services (C) (1,301) (7) 13 11 1,447 1,471 163 - 163
Adjustments relating to liability for incurred claims (196) (1) - - - - (198) - (198)
Changes that relate to past services (D) (196) (1) - - - - (198) - (198)

Insurance service result (E=B+C+D) (1,633) (65) (296) (97) 342 (51) (1,749) - (1,749)
Net finance income or expenses recognized in profit or loss 4,402 2 62 19 35 116 4,519 - 4,519
Net finance income or expenses recognized in OCI (4,609) 0 - - - - (4,608) - (4,608)

Net finance income or expenses from insurance contracts issued (F) (207) 2 62 19 35 116 (89) - (89)

Total changes in the statement of profit or loss and in OCI (G=E+F) (1,839) (63) (234) (77) 377 65 (1,837) (3,999) (5,837)
Premiums received 18,316 - - - - - 18,316 43,546 61,862
Claims and other insurance service expenses paid (17,446) - - - - - (17,446) (25,709) (43,155)
Insurance acquisition cash flows paid (1,908) - - - - - (1,908) (6,255) (8,163)
Total cash flows (H) (1,038) - - - - - (1,038) 11,582 10,544
Effect of movements in exchange rates (I) (4,010) (61) (234) (151) (616) (1,001) (5,072) (5,070) (10,142)
Effect of changes in scope of consolidation and other changes (J) 361 21 13 4 143 161 542 371 913
Closing assets (128) 2 - - 119 119 (7) - (7)
Closing liabilities 309,409 1,524 5,410 2,162 26,934 34,506 345,439 144,377 489,816

Net balance as of June 30 (K=A+G+H+I+J) 309,282 1,526 5,410 2,162 27,053 34,625 345,432 144,377 489,809




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Analysis of changes occurred during the year 2024, broken down by measurement component (only for non PAA contracts)
CSM
Contracts Contracts
Carrying Carrying
Estimates of the measured at measured at Other Total
RA amount of non amount of PAA Total
PVFCF transition under transition under contracts CSM
PAA contracts contracts
(in Euro million) the MRA the FVA

Opening assets (73) 1 - - 59 59 (13) - (13)
Opening liabilities 312,518 1,438 6,820 2,487 25,560 34,868 348,824 136,915 485,739
Net balance as of January 1 (A) 312,444 1,439 6,820 2,487 25,620 34,927 348,810 136,915 485,726
CSM recognized in profit or loss for services provided - - (643) (261) (2,087) (2,991) (2,991) - (2,991)
Release of RA - (82) - - - - (82) - (82)
Experience adjustments (57) 2 - - - - (56) - (56)
Changes that relate to current services (B) (57) (80) (643) (261) (2,087) (2,991) (3,128) - (3,128)
Contracts initially recognized in the period (2,328) 102 1 0 2,231 2,232 6 - 6
Changes in estimates that adjust the CSM (1,170) 152 (339) 89 1,267 1,018 0 - 0
Changes in estimates that result in losses and reversal of losses on onerous
contracts (15) 6 - - - - (8) - (8)
Changes that relate to future services (C) (3,513) 261 (338) 89 3,499 3,250 (2) - (2)
Adjustments relating to liability for incurred claims 71 (1) - - - - 70 - 70
Changes that relate to past services (D) 71 (1) - - - - 70 - 70

Insurance service result (E=B+C+D) (3,499) 179 (981) (172) 1,412 259 (3,061) - (3,061)
Net finance income or expenses recognized in profit or loss 14,264 0 132 21 23 176 14,441 - 14,441
Net finance income or expenses recognized in OCI (1,288) 1 - - - - (1,287) - (1,287)

Net finance income or expenses from insurance contracts issued (F) 12,977 1 132 21 23 176 13,154 - 13,154

Total changes in the statement of profit or loss and in OCI (G=E+F) 9,478 181 (849) (152) 1,435 435 10,093 (5,503) 4,590
Premiums received 33,264 - - - - - 33,264 72,609 105,873
Claims and other insurance service expenses paid (36,710) - - - - - (36,710) (52,967) (89,677)
Insurance acquisition cash flows paid (3,390) - - - - - (3,390) (11,025) (14,415)
Total cash flows (H) (6,835) - - - - - (6,835) 8,616 1,781
Effect of movements in exchange rates (I) 1 9 (107) 51 63 7 17 1,937 1,954
Effect of changes in scope of consolidation and other changes (J) 720 0 - - 32 32 752 (472) 280
Closing assets (109) 2 - - 97 97 (10) - (10)
Closing liabilities 315,916 1,628 5,864 2,386 27,052 35,303 352,847 141,493 494,340

Net balance as of December 31 (K=A+G+H+I+J) 315,808 1,629 5,864 2,386 27,149 35,400 352,837 141,493 494,330




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7.3 MOVEMENTS IN BALANCES OF REINSURANCE CONTRACTS HELD

7.3.1 Changes in the carrying amount of reinsurance contracts held, split between remaining coverage and incurred claims components

The two following tables provide an analysis of movements in the carrying amount of reinsurance contracts held split between the ARC and the AIC.
The analysis of movements highlights how this carrying amount is affected by (i) the amounts recognized in the statement of profit or loss and OCI, (ii) the cash flows,
(iii) the movements in exchange rates, and (iv) the changes in scope of consolidation and other changes.
The amounts recognized in the consolidated statement of profit or loss reconcile to net expenses from reinsurance contracts held and net finance income or expenses
from reinsurance contracts held as disclosed above (see paragraph 7.1.2).




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Analysis of changes occurred during the first semester of 2025, split between ARC and AIC
ARC AIC
AIC related to PAA contracts

Excluding
Loss AIC related
loss Total Estimates of Total
recovery to non PAA RA Total Total
recovery ARC the PVFCF AIC
component contracts
(in Euro million) component

Opening assets 23,465 (60) 23,405 113 23,724 359 24,083 24,196 47,601
Opening liabilities (9) (0) (9) - - (0) (0) (0) (9)
Net balance as of January 1 (A) 23,456 (60) 23,396 113 23,724 359 24,083 24,196 47,592
Expenses from reinsurance contracts held (5,726) - (5,726) - - - - - (5,726)
Changes in estimates that relate to losses and reversal of losses on underlying
onerous contracts - 149 149 - - - - - 149
Amounts recovered from the reinsurers ⁽ᵃ⁾ - (6) (6) 290 3,663 10 3,673 3,963 3,957
Net expenses from reinsurance contracts held (B) (5,726) 143 (5,583) 290 3,663 10 3,673 3,963 (1,620)
Investment component (C) (972) - (972) 972 - - - 972 -
Net finance income or expenses recognized in profit or loss (42) 0 (42) 0 237 (2) 234 234 193
Net finance income or expenses recognized in OCI 36 - 36 0 191 0 191 191 227
Net finance income or expenses from reinsurance contracts held (D) (5) 0 (5) 0 428 (2) 425 425 420
Effect of changes in the risk of non-performance by the reinsurers (E) (1) - (1) - 7 - 7 7 6

Total changes in the statement of profit or loss and in OCI (F=B+C+D+E) (6,704) 143 (6,561) 1,262 4,097 8 4,105 5,367 (1,194)
Premiums paid (net of commissions related to premiums) 6,806 - 6,806 - - - - - 6,806
Amounts received (net of commissions related to claims) - - - (1,262) (3,480) - (3,480) (4,742) (4,742)
Total cash flows (G) 6,806 - 6,806 (1,262) (3,480) - (3,480) (4,742) 2,064
Effect of movements in exchange rates (H) (849) 5 (844) (2) (1,252) (23) (1,275) (1,277) (2,121)
Effect of changes in scope of consolidation and other changes (I) 13 - 13 0 10 2 12 13 26
Closing assets 22,730 88 22,818 111 23,100 346 23,446 23,557 46,375
Closing liabilities (7) 0 (7) 0 - (0) (0) 0 (7)

Net balance as of June 30 (J=A+F+G+H+I) 22,722 88 22,810 111 23,100 346 23,446 23,557 46,368
(a) Excl. effect of changes in the risk of non-performance by the reinsurers




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Analysis of changes occurred during the year 2024, split between ARC and AIC
ARC AIC
AIC related to PAA contracts

Excluding
Loss AIC related
loss Total Estimates of Total
recovery to non PAA RA Total Total
recovery ARC the PVFCF AIC
component contracts
(in Euro million) component

Opening assets 12,560 (42) 12,518 114 22,395 361 22,756 22,869 35,387
Opening liabilities (7) - (7) - - - - - (7)
Net balance as of January 1 (A) 12,553 (42) 12,511 114 22,395 361 22,756 22,869 35,380
Expenses from reinsurance contracts held (12,006) - (12,006) - - - - - (12,006)
Changes in estimates that relate to losses and reversal of losses on underlying
onerous contracts - (11) (11) - - - - - (11)
Amounts recovered from the reinsurers ⁽ᵃ⁾ - (4) (4) 712 7,053 (14) 7,039 7,751 7,747
Net expenses from reinsurance contracts held (B) (12,006) (15) (12,021) 712 7,053 (14) 7,039 7,751 (4,270)
Investment component (C) (1,685) - (1,685) 1,685 - - - 1,685 -
Net finance income or expenses recognized in profit or loss (29) 0 (29) 0 614 2 615 616 587
Net finance income or expenses recognized in OCI (129) - (129) 0 160 0 160 161 32
Net finance income or expenses from reinsurance contracts held (D) (158) 0 (158) 0 774 2 776 776 619
Effect of changes in the risk of non-performance by the reinsurers (E) (7) - (7) - 19 - 19 19 12

Total changes in the statement of profit or loss and in OCI (F=B+C+D+E) (13,856) (15) (13,871) 2,397 7,847 (13) 7,834 10,231 (3,639)
Premiums paid (net of commissions related to premiums) 24,294 - 24,294 - - - - - 24,294
Amounts received (net of commissions related to claims) - - - (2,399) (7,128) - (7,128) (9,527) (9,527)
Total cash flows (G) 24,294 - 24,294 (2,399) (7,128) - (7,128) (9,527) 14,767
Effect of movements in exchange rates (H) 467 (3) 464 1 631 9 641 642 1,106
Effect of changes in scope of consolidation and other changes (I) (2) 0 (2) - (21) 2 (20) (20) (22)
Closing assets 23,465 (60) 23,405 113 23,724 359 24,083 24,196 47,601
Closing liabilities (9) (0) (9) - - (0) (0) (0) (9)

Net balance as of December 31 (J=A+F+G+H+I) 23,456 (60) 23,396 113 23,724 359 24,083 24,196 47,592
(a) Excl. effect of changes in the risk of non-performance by the reinsurers




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7.3.2 Changes in the carrying amount of reinsurance contracts held, broken down by measurement component

The two following tables provide an analysis of movements in the carrying amount of reinsurance contracts held, broken down by measurement component, namely
(i) the estimate of PVFCF, (ii) the RA, and (iii) the CSM. However, the carrying amount of reinsurance contracts held measured under the PAA is also reported to reconcile
with the opening and closing balances of financial statements
Analysis of changes occurred during the first semester of 2025, broken down by measurement component (only for non PAA contracts)
CSM
Contracts Contracts Carrying Carrying
Estimates of the measured at measured at Other Total amount amount
RA TOTAL
PVFCF transition under transition under contracts CSM of non PAA of PAA
(in Euro million) the MRA the FVA contracts contracts

Opening assets 17,932 174 277 311 955 1,542 19,649 27,952 47,601
Opening liabilities (14) 0 1 4 - 5 (9) (0) (9)
Net balance as of January 1 (A) 17,918 175 278 315 955 1,547 19,640 27,952 47,592
CSM recognized in profit or loss for services received - - (10) (23) (41) (75) (75) - (75)
Release of RA - (7) - - - - (7) - (7)
Experience adjustments (95) 0 - - - - (95) - (95)
Changes that relate to current services (B) (95) (7) (10) (23) (41) (75) (176) - (176)
Contracts initially recognized in the period (7) 2 - - 5 5 0 - 0
Changes in estimates that adjust the CSM (4) (6) 17 (1) (6) 10 (0) - (0)
Changes in estimates that relate to losses and reversal from losses on underlying
onerous contracts 147 - - - - - 147 - 147
Other changes in estimates that relate to future services - - - - - - - - -
Changes that relate to future services (C) 135 (4) 17 (1) (1) 15 147 - 147
Adjustments relating to assets for incurred claims 0 (0) - - - - 0 - 0
Changes that relate to past services (D) 0 (0) - - - - 0 - 0

Net expenses from reinsurance contracts held (E=B+C+D) 41 (11) 7 (24) (41) (59) (30) - (30)
Net finance income or expenses recognized in profit or loss (41) 0 4 3 10 18 (23) - (23)
Net finance income or expenses recognized in OCI 36 0 - - - - 36 - 36
Net finance income or expenses from reinsurance contracts held (F) (4) 0 4 3 10 18 14 - 14
Effect of changes in the risk of non-performance by the reinsurers (G) (1) - - - - - (1) - (1)

Total changes in the statement of profit or loss and in OCI (H=E+F+G) 35 (11) 11 (21) (32) (42) (17) (1,176) (1,193)
Premiums paid (net of commissions related to premiums) 608 - - - - - 608 6,198 6,806
Amount received (net of commissions related to claims) (1,262) - - - - - (1,262) (3,480) (4,742)
Total cash flows (I) (654) - - - - - (654) 2,718 2,064
Effect of movements in exchange rates (J) (492) (8) (26) (26) 5 (47) (548) (1,573) (2,121)
Effect of changes in scope of consolidation and other changes (K) 4 0 - - 2 2 6 20 26
Closing Assets 16,822 156 262 265 930 1,456 18,434 27,941 46,375
Closing Liabilities (12) 0 1 4 (0) 4 (7) (0) (7)

Net balance as of June 30 (L=A+H+I+J+K) 16,811 156 263 268 930 1,460 18,427 27,941 46,368




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Analysis of changes occurred during the year 2024, broken down by measurement component (only for non PAA contracts)
CSM
Carrying
Contracts Contracts amount Carrying
Estimates of the measured at measured at Other Total of non PAA amount
RA TOTAL
PVFCF transition transition contracts CSM contracts of PAA
(in Euro million) under the MRA under the FVA contracts

Opening assets 8,460 128 240 364 130 734 9,322 26,065 35,387
Opening liabilities (13) 0 2 3 (0) 5 (7) - (7)
Net balance as of January 1 (A) 8,447 128 242 368 130 740 9,315 26,065 35,380
CSM recognized in profit or loss for services received - - (21) (35) (82) (138) (138) - (138)
Release of RA - (9) - - - - (9) - (9)
Experience adjustments (78) 0 - - - - (78) - (78)
Changes that relate to current services (B) (78) (8) (21) (35) (82) (138) (225) - (225)
Contracts initially recognized in the period (390) 18 - - 373 373 1 - 1
Changes in estimates that adjust the CSM (572) 34 42 (35) 531 538 (0) - (0)
Changes in estimates that relate to losses and reversal from losses on underlying
onerous contracts (10) (0) - - - - (10) - (10)
Other changes in estimates that relate to future services (29) - - - - - (29) - (29)
Changes that relate to future services (C) (1,000) 52 42 (35) 903 910 (38) - (38)
Adjustments relating to assets for incurred claims (2) (0) - - - - (3) - (3)
Changes that relate to past services (D) (2) (0) - - - - (3) - (3)

Net expenses from reinsurance contracts held (E=B+C+D) (1,081) 43 21 (70) 821 772 (265) - (265)
Net finance income or expenses recognized in profit or loss (61) (0) 4 4 11 19 (42) - (42)
Net finance income or expenses recognized in OCI (128) 0 - - - - (128) - (128)
Net finance income or expenses from reinsurance contracts held (F) (189) (0) 4 4 11 19 (170) - (170)
Effect of changes in the risk of non-performance by the reinsurers (G) (7) - - - - - (7) - (7)

Total changes in the statement of profit or loss and in OCI (H=E+F+G) (1,277) 43 25 (66) 832 791 (443) (3,197) (3,640)
Premiums paid (net of commissions related to premiums) 12,839 - - - - - 12,839 11,455 24,294
Amount received (net of commissions related to claims) (2,399) - - - - - (2,399) (7,128) (9,527)
Total cash flows (I) 10,440 - - - - - 10,440 4,327 14,767
Effect of movements in exchange rates (J) 308 3 11 13 (7) 17 328 778 1,106
Effect of changes in scope of consolidation and other changes (K) - - - - - - - (22) (22)
Closing Assets 17,932 174 277 311 955 1,542 19,649 27,952 47,601
Closing Liabilities (14) 0 1 4 - 5 (9) 0 (9)

Net balance as of December 31 (L=A+H+I+J+K) 17,918 175 278 315 955 1,547 19,640 27,952 47,592




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CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

7.4 INSURANCE REVENUE AND CSM

7.4.1 Insurance revenue

The comparative analysis of insurance revenue arising from PAA and non PAA contracts is as follows:


June 30, June 30,
(in Euro million) 2025 2024
CSM recognized in profit or loss for services provided 1,522 1,521
Release of RA 57 40
Release of expected incurred claims and other insurance service expenses 6,086 5,738
Experience adjustments 0 1
Amounts relating to changes in LRC 7,666 7,301
Recovery of insurance acquisition cash flows 946 935

Insurance revenue arising from non PAA contracts 8,612 8,235

Insurance revenue arising from PAA contracts 35,982 34,052

Total insurance revenue 44,594 42,288




7.4.2 CSM

As of June 30, 2025, the total amount of CSM net of reinsurance contracts held reported in the consolidated
statement of financial position was €33,164 million (€33,853 million as of December 31, 2024).

June 30, December 31,
(in Euro million) 2025 2024
CSM arising from insurance contracts and investment contracts with DPF (A1) 34,506 35,303
CSM arising from reinsurance contracts held (A2) (4) (5)

Amount of CSM reported on the liability side of the consolidated statement of financial position (A=A1+A2) 34,501 35,298

CSM arising from insurance contracts and investment contracts with DPF (B1) (119) (97)
CSM arising from reinsurance contracts held (B2) 1,456 1,542

Amount of CSM reported on the asset side of the consolidated statement of financial position (B=B1+B2) 1,337 1,445

Net totalled amount of CSM (C= A-B) 33,164 33,853

of which CSM arising from insurance contracts and investment contracts with DPF (C1=A1-B1) 34,625 35,400
of which CSM arising from reinsurance contracts held (C2=A2-B2) (1,460) (1,547)




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CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

7.5 DISCOUNT RATES
The estimates of future cash flows are discounted based on yield curves determined in a “risk-neutral”
environment. The yield curves used as of June 30, 2025, December 31, 2024, and June 30, 2024, for the main
currencies are disclosed in the tables below.
Spot discount rates used
EUR USD GBP
Maturity June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30,
2025 2024 2024 2025 2024 2024 2025 2024 2024
1 2.3% 2.7% 3.8% 4.6% 4.8% 5.7% 4.3% 4.9% 5.3%
2 2.3% 2.5% 3.4% 4.2% 4.7% 5.2% 4.1% 4.7% 4.9%
3 2.4% 2.5% 3.3% 4.1% 4.7% 4.9% 4.1% 4.6% 4.7%
5 2.6% 2.6% 3.1% 4.1% 4.6% 4.7% 4.2% 4.4% 4.4%
7 2.7% 2.6% 3.1% 4.2% 4.7% 4.6% 4.3% 4.4% 4.3%
10 2.9% 2.7% 3.1% 4.4% 4.7% 4.5% 4.6% 4.5% 4.3%
15 3.1% 2.8% 3.1% 4.7% 4.7% 4.6% 4.9% 4.6% 4.4%
20 3.1% 2.7% 3.0% 4.8% 4.7% 4.5% 5.1% 4.7% 4.4%
25 3.1% 2.6% 2.9% 4.7% 4.6% 4.4% 5.1% 4.7% 4.4%
30 3.1% 2.6% 2.9% 4.6% 4.4% 4.2% 5.1% 4.6% 4.3%



Spot discount rates used
JPY CHF HKD
Maturity June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30,
2025 2024 2024 2025 2024 2024 2025 2024 2024
1 0.5% 0.4% 0.1% -0.1% 0.0% 1.0% 2.6% 4.1% 4.7%
2 0.7% 0.5% 0.3% -0.1% 0.0% 0.9% 2.6% 4.0% 4.3%
3 0.8% 0.6% 0.3% 0.0% 0.1% 0.9% 2.7% 3.9% 4.1%
5 0.9% 0.7% 0.5% 0.1% 0.2% 0.9% 2.7% 3.9% 3.9%
7 1.1% 0.8% 0.7% 0.4% 0.3% 0.9% 2.9% 3.9% 3.8%
10 1.4% 1.1% 1.0% 0.5% 0.4% 1.0% 3.0% 3.9% 3.8%
15 2.0% 1.6% 1.5% 0.8% 0.5% 1.0% 3.2% 4.0% 3.8%
20 2.4% 1.9% 1.9% 0.9% 0.7% 1.2% 3.3% 3.9% 3.8%
25 2.7% 2.1% 2.1% 1.1% 0.9% 1.3% 3.3% 3.9% 3.7%
30 3.0% 2.3% 2.2% 1.3% 1.1% 1.4% 3.3% 3.8% 3.7%



The discount rates are based on swaps for most currencies and government bonds for others, adjusted by adding
a liquidity premium net of credit risk adjustment. For the main currencies, these adjustments are disclosed in the
table below:
Liquidity Premium, net of credit risk adjustment, used (in bps)
EUR USD GBP
June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30,
2025 2024 2024 2025 2024 2024 2025 2024 2024
28 33 23 68 57 58 50 39 39




Liquidity Premium, net of credit risk adjustment, used (in bps)
JPY CHF HKD
June 30, December 31, June 30, June 30, December 31, June 30, June 30, December 31, June 30,
2025 2024 2024 2025 2024 2024 2025 2024 2024
(4) (5) (6) - - - 4 15 5




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CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II



NOTE 8 FINANCING DEBT

June 30, December 31,
2025 2024
ISIN (in Euro million) Carrying value Carrying value

AXA 11,562 10,885
XS2314312179 Subordinated Notes T2 € 1000m due 2041 callable 2031 1.375% issued April 2021 1,000 1,000
US054536AA57 Subordinated Notes T2 GF $ 1250m due 2030 8.6% issued December 2000 823 930
XS1004674450 Subordinated Notes T2 GF £ 750m due 2054 callable 2034 5.625% issued January 2014 163 169
XS1346228577 Subordinated Notes T2 € 1500m due 2047 callable 2027 3.375% issued March 2016 1,500 1,500
XS1489814340 Subordinated Notes T2 $ 850m Perpetual callable 2026 4.5% issued September 2016 724 821
XS1550938978 Subordinated Notes T2 $ 1000m due 2047 callable 2027 5.125% issued January 2017 852 966
XS1799611642 Subordinated Notes T2 € 2000m due 2049 callable 2029 3.25% issued March 2018 2,000 2,000
XS2431029441 Subordinated Notes T2 € 1250m due 2042 callable 2032 1.875% issued January 2022 1,250 1,250
XS2487052487 Subordinated Notes T2 € 1250m due 2043 callable 2032 4.25% issued May 2022 1,250 1,250
XS2610457967 Subordinated Notes T2 € 1000m due 2043 callable 2033 5.5% issued April 2023 1,000 1,000
XS3043537169 Subordinated Notes T2 € 1000m due 2055 callable 2035 4.375% issued June 2025 1,000 0
AXA XL 209 238
US98420EAD76 Subordinated Notes $ 500m due 2045 5.5% issued March 2015 209 238
AXA Italy 66 66
n.a. Subordinated Notes, euribor 6 months + 81bp 66 66
Other subordinated debts (under €100 million) 4 4
Subordinated debt 11,842 11,193
AXA 2,850 2,850
XS1410426024 Senior Notes € 500m due 2028 1.125% issued May 2016 500 500
XS2537251170 Senior Notes € 850m due 2030 3.75% issued October 2022 850 850
XS2573807778 Senior Notes € 750m due 2033 3.625% issued January 2023 750 750
XS2834471463 Senior Notes € 750m due 2034 3.375% issued May 2024 750 750
AXA XL 272 308
US98420EAB11 Senior Notes $ 300m due 2043 5.25% issued November 2013 272 308
Other financing debts instruments issued (under €100 million) 62 65
Financing debt instruments issued 3,184 3,223
TOTAL FINANCING DEBT 15,026 14,416




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NOTE 9 FINANCIAL RESULT, EXCLUDING FINANCING DEBT EXPENSES
The financial result, excluding financing debt expenses, reflects the return on invested assets generated by all
activities less the net finance income or expenses stemming from insurance and reinsurance contracts. The table
below highlights how this financial result impacts both the profit or loss and the other comprehensive income
(OCI) before tax.
The investment return through profit or loss reported below reconciles with the amount disclosed in the
Consolidated statement of profit or loss. On the other hand, the reconciliation of net finance income or expenses
from insurance and reinsurance contracts disclosed below with the amounts disclosed in the Consolidated
statement of profit or loss is explained in Note 7.1.2.
June 30, 2025

Other
(in Euro million) Insurance Activities Total
Net investment income 6,765 230 6,995
of which interest revenue calculated using the effective interest method for financial assets measured at amortized cost 474 8 482
of which interest revenue calculated using the effective interest method for financial assets measured at FV OCI 4,824 41 4,865
Net realized gains and losses relating to investments at amortised cost and at FV OCI 1 1 2
of which net realized gains and losses relating to financial assets measured at amortized cost 1 0 1
of which net realized gains and losses relating to debt instruments measured at FV OCI (the amount reclassified upon
derecognition from accumulated OCI to profit or loss for the period)
(32) 0 (32)

Net realized gains and losses and change in fair value of investments measured at FV P&L (93) (83) (176)
Change in impairment on investments (68) (0) (68)
Investment return through profit or loss (A) 6,605 148 6,754
Time value of money including interest accreted on CSM (1,877) - (1,877)
Effect of changes in discount rates and other financial assumptions ⁽ᵃ⁾ 571 - 571
Change in fair value of underlying items of insurance contracts with direct participation features ⁽ᵇ⁾ (4,373) - (4,373)
Foreign exchange gains or losses 382 - 382
Other impacts (107) - (107)
Net finance income or expenses from insurance contracts issued, through profit or loss (B) (5,403) - (5,403)
Time value of money including interest accreted on CSM 622 - 622
Effect of changes in discount rates and other financial assumptions (312) - (312)
Effect of changes in the risk of non-performance by reinsurers 6 - 6
Foreign exchange gains or losses (118) - (118)
Other impacts - - -
Net finance income or expenses from reinsurance contracts held, through profit or loss (C) 199 - 199

Total net finance income or expenses from insurance and reinsurance contracts, through profit or loss (D=B+C) (5,205) - (5,205)


Financial result recognized in profit or loss (E=A+D) 1,401 148 1,549
Realised capital gains and losses on equity instruments measured at FV OCI, without recycling in profit or loss 79 0 80
Change in fair value of investments measured at FVOCI ⁽ᵃ⁾ (3,890) 28 (3,862)
Investment return through OCI (F) (3,811) 28 (3,783)
Net finance income or expenses from insurance contracts issued, through OCI (G) ⁽ᵇ⁾ 4,519 - 4,519
of which change in fair value of underlying items of insurance contracts with direct participation features 2,178 - 2,178
of which realised capital gains and losses on equity instruments measured at FV OCI, without recycling in profit
17 - 17
or loss
Net finance income or expenses from reinsurance contracts held, through OCI (H) 227 - 227

Total net finance income or expenses from insurance and reinsurance contracts through OCI (I=G+H) 4,746 - 4,746

Financial result recognized in OCI (J=F+I) 934 28 963
Impact of financial result on the statement of comprehensive income (before tax) (K=E+J) 2,335 177 2,512
(a) Including both the change in fair value with recycling in profit or loss and the change in fair value without recycling in profit or loss.
(b) The effect of the risk mitigation option is included in profit or loss for €627m and in OCI for €538m, respectively.




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CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II


June 30, 2024, restated

Other
(in Euro million) Insurance Activities Total
Net investment income 6,340 165 6,505
of which interest revenue calculated using the effective interest method for financial assets measured at amortized cost 456 7 463
of which interest revenue calculated using the effective interest method for financial assets measured at FV OCI 4,709 47 4,757
Net realized gains and losses relating to investments at amortised cost and at FV OCI 464 (40) 423
of which net realized gains and losses relating to financial assets measured at amortized cost (0) 0 (0)
of which net realized gains and losses relating to debt instruments measured at FV OCI (the amount reclassified upon
227 1 228
derecognition from accumulated OCI to profit or loss for the period)
Net realized gains and losses and change in fair value of investments measured at FV P&L 4,345 (20) 4,325
Change in impairment on investments (204) (7) (211)
Investment return through profit or loss (A) 10,944 99 11,042
Time value of money including interest accreted on CSM (1,743) - (1,743)
Effect of changes in discount rates and other financial assumptions ⁽ᵃ⁾ 73 - 73
Change in fair value of underlying items of insurance contracts with direct participation features ⁽ᵇ⁾ (7,920) - (7,920)
Foreign exchange gains or losses (183) - (183)
Other impacts (97) - (97)
Net finance income or expenses from insurance contracts issued, through profit or loss (B) (9,871) - (9,871)
Time value of money including interest accreted on CSM 448 - 448
Effect of changes in discount rates and other financial assumptions 245 - 245
Effect of changes in the risk of non-performance by reinsurers 17 - 17
Foreign exchange gains or losses 22 - 22
Other impacts (8) - (8)
Net finance income or expenses from reinsurance contracts held, through profit or loss (C) 723 - 723

Total net finance income or expenses from insurance and reinsurance contracts, through profit or loss (D=B+C) (9,148) - (9,148)


Financial result recognized in profit or loss (E=A+D) 1,795 99 1,894
Realised capital gains and losses on equity instruments measured at FV OCI, without recycling in profit or loss 199 (1) 198
Change in fair value of investments measured at FVOCI ⁽ᵃ⁾ (7,483) (112) (7,594)
Investment return through OCI (F) (7,284) (113) (7,397)
Net finance income or expenses from insurance contracts issued, through OCI (G) ⁽ᵇ⁾ 6,278 - 6,278
of which change in fair value of underlying items of insurance contracts with direct participation features 3,308 - 3,308
of which realised capital gains and losses on equity instruments measured at FV OCI, without recycling in profit or loss (21) - (21)
Net finance income or expenses from reinsurance contracts held, through OCI (H) (391) - (391)

Total net finance income or expenses from insurance and reinsurance contracts through OCI (I=G+H) 5,888 - 5,888

Financial result recognized in OCI (J=F+I) (1,396) (113) (1,509)
Impact of financial result on the statement of comprehensive income (before tax) (K=E+J) 399 (14) 385
(a) Including both the change in fair value with recycling in profit or loss and the change in fair value without recycling in profit or loss.
(b) The effect of the risk mitigation option is included in profit or loss for €114m and in OCI for €579m, respectively.




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81
CONSOLIDATED INTERIM FINANCIAL STATEMENTS – HALF YEAR 2025 II

NOTE 10 NET INCOME PER ORDINARY SHARE
The Group calculates a basic net income per ordinary share and a diluted net income per ordinary share:
• the calculation of the basic net income per ordinary share assumes no dilution and is based on the
weighted average number of outstanding ordinary shares during the period;
• the calculation of diluted net income per ordinary share takes into account shares that may be issued as
a result of stock option and share based compensation plans. The effect of stock option and share based
compensation plans on the number of fully diluted shares is taken into account only if options and share
based compensations are considered to be exercisable on the basis of the average stock price of the AXA
share over the period.


June 30, June 30,
(in Euro million) ⁽ᵃ⁾ 2025 2024

NET INCOME GROUP SHARE 3,922 4,020

Undated subordinated debt financial charge (86) (106)

NET INCOME INCLUDING IMPACT OF UNDATED SUBORDINATED DEBT A 3,836 3,914

Weighted average number of ordinary shares (net of treasury shares) -
2,175 2,226
opening
Increase in capital (excluding stock options exercised) - -

Stock options exercised ⁽ᵇ⁾ 0 1

Treasury shares ⁽ᵇ⁾ (19) (18)

Capital increase/Decrease ⁽ᵇ⁾ - -

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES B 2,157 2,209


BASIC NET INCOME PER ORDINARY SHARE C=A/B 1.78 1.77

Stock options 1 1

Other 4 4

FULLY DILUTED - WEIGHTED AVERAGE NUMBER OF SHARES ⁽ᶜ⁾ D 2,162 2,215


FULLY DILUTED NET INCOME PER ORDINARY SHARE E=A/D 1.77 1.77

(a) Except for number of shares (million of units) and earnings per share (Euro).
(b) Weighted average.
(c) Taking into account potentially dilutive impacts.

As of June, 30, 2025, net income per ordinary share stood at €1.78 on a basic calculation, of which €1.72
attributable to continuing operations and €0.06 from discontinued operations, and €1.77 on a fully diluted basis,
of which €1.72 attributable to continuing operations and €0.06 from discontinued operations.
As of June, 30, 2024, net income per ordinary share stood at €1.77 on a basic calculation, of which €1.68
attributable to continuing operations and €0.09 from discontinued operations, and €1.77 on a fully diluted basis,
of which €1.68 attributable to continuing operations and €0.09 from discontinued operations.




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NOTE 11 SUBSEQUENT EVENTS
AXA completes the sale of AXA Investment Managers to BNP Paribas

On July 1, 2025, AXA announced that it has completed the sale of AXA Investment Manager (“AXA IM”) to BNP
Paribas for cash proceeds (1) of €5.1 billion. AXA also closed the sale of Select to AXA IM for a consideration of €0.3
billion, bringing the total transaction value to the previously announced amount of €5.4 billion (2)(3).
AXA and BNP Paribas have also entered into a long-term partnership under which BNP Paribas will provide
investment management services to AXA.
The completion of the transaction followed the fulfilment of customary closing conditions, including approval by
AXA IM shareholders and obtention of all necessary regulatory approvals.
Expected financial impacts of the transaction:
• the transaction is expected to result in a one-off net income gain of ca. €2.2 billion, as well as an expected
reduction in underlying earnings of ca. €0.4 billion on an annualized basis for the Group;
• the transaction and the associated share buyback program (see below) are expected to have an impact
of ca. +2 points on AXA’s Solvency II ratio;
• the transaction is expected to have no material impact on the key financial targets (4) that were
communicated as part of the ‘Unlock the Future’ plan.

Execution of a share repurchase agreement of up to Euro 3.8 billion following the sale of AXA IM

On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA
will carry out a program to buy back its own shares for a maximum amount of €3.8 billion to offset the earnings
dilution from the sale of AXA IM to BNP Paribas, as announced on August 1, 2024.
The share repurchase agreement will be executed in accordance with the terms of the applicable Shareholders’
Meeting authorization.
Under the share repurchase agreement, shares buyback commenced on July 2, 2025, and will end at the latest on
February 26, 2026. On each day during the purchase period, the price per share to be paid by AXA (5) will be
determined on the basis of the volume-weighted average share price.
AXA will progressively cancel all shares repurchased thereunder.




(1)
For 100% share capital of AXA IM, of which 97.89% was owned by the AXA Group (refer to Note 2).
( 2)
Completed in two tranches: €0.1bn in March 2024 and €0.2bn in March 2025.
(3)
Select (formerly named ‘Architas’) was, before the sale of AXA IM to BNP Paribas, an AXA company offering investment solutions, including
management of funds, investment management services, advisory services, and investment related services, to retail customers in France,
Belgium, Hong Kong, and Indonesia.
(4)
Underlying earnings per share CAGR 2023-2026E between 6% and 8%, Underlying return on equity between 14% and 16% over 2024 to
2026E, over Euro 21 billion cumulative organic cash upstream over 2024 to 2026E
(5)
The purchase price will not exceed the maximum purchase price approved at the applicable Shareholders’ Meeting.


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AXA announced the acquisition of Prima, the leading direct insurance player in Italy

On August 1, 2025, AXA announced it had entered into an agreement to acquire Prima. Since its launch in 2015,
Prima, which operates as a Managing General Agent (“MGA”), has emerged as the leading direct insurance player
in Italy, achieving a top position with Euro 1.2 billion of premiums, ca. 10%(1) overall market share in Retail Motor
and a combined ratio of 90%(2) in 2024.
The acquisition of Prima is expected to strengthen AXA’s position in Italy by almost doubling the size of its Motor
business. Furthermore, the acquisition of Prima would bolster AXA's position in the direct distribution channel
which generated Euro 3.5 billion in premiums for the Group in 2024, across eight geographies, with leading
positions in four.
Under the terms of the agreement, AXA will acquire 51% of the company (3) for a consideration of Euro 0.5 billion.
Call/put options(4) with an exercise price tied to Prima’s earnings have been granted respectively to AXA and
minority stakeholders for the remaining 49%. Taking into account the capital required to back the planned re-
capture of premiums and underwriting margin currently earned by third party insurance carriers, the total
consideration represents an expected price-to-earnings multiple of ca. 11x.
Including the re-capture of the business currently written by third party insurance carriers, the transaction is
expected to result in an impact of -6 points(5) on AXA Group’s Solvency II ratio.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory
approvals, and is expected to take place by the end of 2025.




(1)Estimate based on 2024 policy count.
(2) Estimated 2024 all-year discounted combined ratio, combining Prima and third-party insurance carriers' margins.
(3) AXA will own 51% of the MGA but expects to recapture 100% of the premiums currently written in Italy and Spain by third party insurers.
(4)To be exercised in 2029 or 2030.
(5)The -6 points impact consists of (i) a -4 points impact upon closing, related to the €0.5 billion cost for a 51% share, plus net present value of
the cost of acquiring the 49% minority stake in Prima in 2029 or 2030 through the put/call option agreements, in accordance with Solvency II
requirements, and (ii) an estimated -2 points impact from the planned progressive re-capture of the premiums underwritten by third-party
insurers, starting in the second half of 2026.



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III. Statutory auditors’ review report



/
on the 2025 Half Year Financial
Information
STATUTORY AUDITORS’ REVIEW REPORT ON THE 2025 HALF YEAR FINANCIAL INFORMATION III




AXA SA

Statutory Auditors' Review Report
on the half-year Financial Information

(Period from January 1st to June 30th 2025)




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STATUTORY AUDITORS’ REVIEW REPORT ON THE 2025 HALF YEAR FINANCIAL INFORMATION III

ERNST & YOUNG Audit KPMG S.A.
Tour First Tour Eqho
TSA 14444 2, avenue Gambetta
92037 Paris-La Défense cedex CS 60055
92066 Paris La Défense cedex
S.A.S. à capital variable
344 366 315 R.C.S. Nanterre
Commissaire aux Comptes
Commissaire aux Comptes Membre de la compagnie
Membre de la compagnie régionale de Versailles et du Centre
régionale de Versailles et du Centre




Statutory Auditors’ Review Report on the half-year Financial Information

(Period from January 1st to June 30th, 2025)


To the Shareholders,
AXA SA
25, avenue Matignon
75008 Paris


In compliance with the assignment entrusted to us by your Shareholders’ Meetings and in accordance with the
requirements of Article L. 451-1-2-III of the French Monetary and Financial Code (Code monétaire et financier), we
hereby report to you on:
▪ the review of the accompanying condensed half-year consolidated financial statements of AXA SA, for the
period from January 1st to June 30th, 2025;

▪ the verification of the information presented in the half-year management report.

These condensed half-year consolidated financial statements are the responsibility of the Board of Directors. Our
role is to express a conclusion on these financial statements based on our review.
1. Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with professional standards applicable in France and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the condensed half-year
consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, standard
of the IFRSs as adopted by the European Union applicable to interim financial information.




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STATUTORY AUDITORS’ REVIEW REPORT ON THE 2025 HALF YEAR FINANCIAL INFORMATION III

2. Specific verification
We have also verified the information presented in the half-year management report on the condensed half-year
consolidated financial statements subject of our review.
We have no matters to report as to its fair presentation and consistency with the condensed half-year
consolidated financial statements. It is not our responsibility to conclude on the fair presentation and consistency
with the half-year financial statements of the solvency related information.


Paris-La Défense, August 1st, 2025


The Statutory Auditors
French original signed by*


ERNST & YOUNG Audit KPMG S.A.




Olivier Durand Patrick Menard Pierre Planchon Antoine Esquieu


*This is a translation into English of the statutory auditors’ review report on the half-year financial information issued in French
and is provided solely for the convenience of English-speaking users. This report should be read in conjunction with, and construed
in accordance with, French law and professional standards applicable in France.




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Half Year 2025 Financial Report
IV. Statement of the person
responsible



/
for the Half Year
Financial Report
STATEMENT OF THE PERSON RESPONSIBLE FOR THE HALF YEAR REPORT IV




Statement of the person responsible for the Half-Year Financial Report




I certify, to the best of my knowledge, that the consolidated interim financial statements for the past half-year
have been prepared in accordance with applicable accounting standards and give a fair view of the assets,
liabilities and financial position and profit or loss of the Company and all the undertakings included in the
consolidation, and that the interim management report, to be found in the first part of this Report, presents a fair
review of the important events that have occurred during the first six months of the financial year, their impact
on the financial statements, major related-party transactions, and describes the principal risks and uncertainties
for the remaining six months of the financial year.


Paris, August 1st, 2025




Mr. Thomas Buberl
AXA Chief Executive Officer




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Half Year 2025 Financial Report