If you measure each line with respect to earth then you will get odd voltage readings as the phone line is not balanced about earth, it is "floating". You will never see an Openreach engineer measure from either leg to earth unless he suspects a fault where one leg or the other has become short circuited to earth. So you always measure the voltage between A and B only and that should be about 50V give or take a bit depending on the line quality.
Whether that counts as being balanced or not is another matter

. I usually think of balanced when dealing with AC signals such as the voice signal. That is balanced in that identical signals should be on both A and B legs but out of phase (ie A voltage positive when B negative and vice versa).