AXA/2026/Q1 earnings press release: Difference between revisions

 

== 1Q26 highlights ==

* Life & Health NB CSM '''+4%''' ^{p. 1}

* Net flows of '''EUR +2.7bn''' ^{p. 1}

 

== Outlook 3 ==

 

* AXA will present its new strategic plan for 2027-2029 on September 15, 2026 ^{p. 1}

* > "In the context of a volatile macro environment, we operate from a position of strength, supported by a robust balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident in our ability to deliver underlying earnings per share growth for 2026 at the top end of our target range and to sustain growth beyond the current plan." ^{p. 1}

* > "I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA." ^{p. 1}

 

 

 

== 1Q26 key highlights ==

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | 1Q25

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | Change LFL

|-

| style="text-align:right" | n.m.

|}

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | FY25

! style="text-align:right; width:6em" | 1Q26

|-

| style="text-align:left" | Solvency II ratio (%)

| style="text-align:right" | -4pts

|}

 

== Activity indicators ==

* Total gross written premiums & other revenues were '''+6%''' ^{p. 2}

** Property & Casualty '''+4%''' ^{p. 2}

** Life & Health '''+8%''' ^{p. 2}

* Solvency II ratio was '''211%''' as of March 31, 2026 ^{p. 2}

* On January 1, 2026, the Solvency II ratio was '''215%''' following the end of the grandfathering period (-10 points vs. December 31, 2025) ^{p. 2}

** Unfavorable financial market movements ('''-4 points'''), notably from higher inflation expectations and elevated equity and interest rate volatility ^{p. 2}

 

== Property & Casualty ==

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | 1Q25

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | Change LFL

|-

| style="text-align:left" | Gross written premiums and other revenues

| style="text-align:right" | -3.9%

|}

 

* Personal lines grew by '''7%''' to '''EUR 7.0bn''', driven by: ^{p. 3}

* Commercial lines grew by '''3%''' to '''EUR 13.2bn''', mainly from: ^{p. 3}

* Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget ^{p. 3}

* The annual natural catastrophe budget of approximately '''4.5 points''' of combined ratio is maintained ^{p. 3}

== Life & Health ==

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | 1Q25

! style="text-align:right; width:6em" | 1Q26

|-

| style="text-align:left" | Gross written premiums and other revenues

| style="text-align:right" | 4.4%

| style="text-align:right" | -0.3pt

|}

 

* 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability ^{p. 4}

* Life premiums increased by '''8%''' to '''EUR 10.5bn''', driven by: ^{p. 4}

* Health premiums increased by '''8%''' to '''EUR 5.9bn''', driven by favorable price effects across all geographies ^{p. 4}

* NB CSM (pre-tax) increased by '''4%''' to '''EUR 0.6bn''', driven by strong Savings and Protection sales across most geographies, partly offset by unfavorable mix (including lower Group Life sales in Switzerland and Health sales in Japan) ^{p. 4}

* NBV (post-tax) was '''+1%''' to '''EUR 0.6bn''', as NB CSM growth was partly offset by lower sales and a less favorable mix in Joint Ventures in Thailand and China ^{p. 4}

** Protection ('''EUR +1.8bn'''), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product ^{p. 4}

** Unit-Linked ('''EUR +0.7bn'''), primarily in France ^{p. 4}

== Ratings ==

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | S&P Global Ratings

| style="text-align:right" | —

|}

 

== Scope ==

 

* AXA XL includes insurance and reinsurance activities and holding ^{p. 6}

* Asia, Africa & EME-LATAM includes: ^{p. 6}

** Africa: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) (fully consolidated) ^{p. 6}

** AXA Mediterranean Holdings ^{p. 6}

* Transversal & Other includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings ^{p. 6}

 

== Exchange rates ==

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | For 1 Euro

|-

| style="text-align:left" | USD

| style="text-align:right" | 9.14

|}

 

* Changes in gross written premiums & other revenues, NBV, PVEP, and NBV Margin are on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated ^{p. 7}

* Dividends and share buybacks are proposed by the Board and submitted to shareholders for approval ^{p. 7}

* 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance ^{p. 7}

* Price effect is calculated as a percentage of total gross written premiums of the prior year ^{p. 7}

* Natural catastrophe charges include natural catastrophe losses regardless of event size ^{p. 7}

* Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities ^{p. 7}

* AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 ^{p. 7}

* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) ^{p. 7}

* Actuarial and financial assumptions for NBV and PVEP are updated semi-annually at half year and full year ^{p. 7}

* Financial figures and information in this press release have not been audited or subject to limited review by AXA's statutory auditors ^{p. 7}

== About the AXA Group ==

 

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:right" | 8,440

| style="text-align:right" | 7,923

| style="text-align:right" | +8%

|}

 

* Portfolio of lifestyle and income protection (CLP) premiums were reallocated from France to Transversal ^{p. 9}.

* International protection and health premiums previously recorded in AXA France are now reported under the new carrier AXA Health International, which is part of Europe ^{p. 9}.

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | France

| style="text-align:right" | +4%

|}

 

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | —

! style="text-align:right; width:6em" | FY25 i

| style="text-align:right" | 2.8%

|}

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | France

| style="text-align:right" | -3.9%

|}

 

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | 1Q26

|-

| style="text-align:left" | France

| style="text-align:right" | +7%

|}

 

* PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions ^{p. 13}.

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | PVEP

! style="text-align:right; width:6em" | PVEP

! style="text-align:right; width:6em" | PVEP

|-

| style="text-align:left" | France ii,iii

| style="text-align:right" | 4.8%

|}

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | PVEP

! style="text-align:right; width:6em" | PVEP

! style="text-align:right; width:6em" | PVEP

|-

| style="text-align:left" | France ii,iii

| style="text-align:right" | 4.6%

|}

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | PVEP

! style="text-align:right; width:6em" | PVEP

! style="text-align:right; width:6em" | PVEP

|-

| style="text-align:left" | France ii,iii

| style="text-align:right" | 4.6%

|}

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:right" | 623

|}

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:right" | 1,182

|}

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:right" | 1,698

|}

 

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | France iii,iv

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | 2.5%

| style="text-align:right" | -0.3 pt

| style="text-align:right" | 4.8%

| style="text-align:right" | -0.7 pt

| style="text-align:right" | 89

| style="text-align:right" | +17%

| style="text-align:right" | 4.5%

| style="text-align:right" | +0.4 pt

| style="text-align:right" | 5.7%

| style="text-align:right" | -0.2 pt

| style="text-align:right" | 46

| style="text-align:right" | -22%

| style="text-align:right" | 9.1%

| style="text-align:right" | -0.8 pt

| style="text-align:right" | 5.2%

| style="text-align:right" | 0.0 pt

| style="text-align:right" | —

| style="text-align:right" | —

| style="text-align:right" | +7%

| style="text-align:right" | 5

| style="text-align:right" | +7%

| style="text-align:right" | 5.2%

| style="text-align:right" | 135

| style="text-align:right" | -1%

| style="text-align:right" | 4.1%

| style="text-align:right" | -0.4 pt

| style="text-align:right" | -0.3 pt

|}

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:right" | 609

|}

 

=== Net flows by business line ===

 

{| class="wikitable" style="width:100%"

! style="text-align:right; width:6em" | 1Q25

! style="text-align:right; width:6em" | 1Q26

| style="text-align:right" | -0.7

| style="text-align:right" | -0.8

|-

| style="text-align:left" | o/w traditional G/A

| style="text-align:right" | -1.3

| style="text-align:right" | -1.5

|-

| style="text-align:left" | Total Life & Health i net flows

| style="text-align:right" | +2.7

|}

 

* Health business written predominantly in Life entities is included ^{p. 15}.

* Investment contracts with no discretionary participation features ('DPF') are included ^{p. 15}.