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

| period = Q11Q

| archive_file = File:AXA-2026-Q1_earnings_press_release.md

| intro_sentence = This article summarizes AXA's Q1first quarter 2026 earnings press release, published on 5 May 5, 2026.

''This article summarizes AXA's Q1first quarter 2026 earnings press release, published on 5 May 5, 2026.''

* Gross written premiums & other revenues '''+6%''' vs. 1Q25 to '''EUR 38.0bn''' vs. 1Q25 ^{p. 1}.

** Property & Casualty premiums '''+4%''' to '''EUR 21.5bn''' ^{p. 1}.

*** Retail premiums '''+7%''' (comprising '''+4%''' from price effect, and '''+3%''' from volumes) ^{p. 1}.

*** Commercial premiums '''+3%''' (with equal contributions from price effect and volumes) ^{p. 1}.

** Life & Health premiums '''+8%''' to '''EUR 16.5bn''' ^{p. 1}.

*** Life premiums '''+8%''' ^{p. 1}.

*** Health premiums '''+8%''' ^{p. 1}.

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

* Net flows for Life & Health wereof '''EUR +2.7bn''' ^{p. 1}.

* Solvency II ratio wasat '''211%''' as of March 31, 2026, a decrease of '''-4 points''' vs. January 1, 2026, reflecting(post-grandfathering resilience in a volatile environmentperiod) ^{p. 1}.

* AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the '''6-8%''' plan target range ^{p. 1}.

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

* This performance highlights the continued robust expansion of P&C businesses in both Retail and Commercial, with growth balanced between pricing and volumes ^{p. 1}.

* Life & Health revenues reflect the continuation of strong momentum from the previous year ^{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." — Alban de Mailly Nesle, Chief Financial Officer of AXA ^{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." — Alban de Mailly Nesle, Chief Financial Officer of AXA ^{p. 1}

* The press1Q26 releaseactivity wasindicators issuedwere released on May 5, 2026, at (5:45pm CET) ^{p. 1}.

* The 1Q26 activity indicators show sustained revenue momentum ^{p. 1}.

|+ AXAKey Group'sfinancial grossfigures writtenfor premiums1Q25 and other1Q26, revenuesincluding forchanges 1Q25in USD and 1Q26LFL. ^{p. 2}

! style="text-align:left" | EURKey bnfigures

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

|+ AXA Group's Solvency II ratio for FY25, January 1, 2026, and 1Q26, with changes. ^{p. 2}

! style="text-align:left" | EURKey bnfigures (in Euro billion, unless otherwise noted)

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

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

*** Personal lines '''+7%''', duedriven toby higher volumes and favorable price effect ^{p. 2}.

*** Commercial lines (excluding AXA XL Reinsurance) '''+3%''', from higher volumes (notably at AXA XL Insurance) and favorable price effect, mainly in the SME & Mid-market business in Europe and France ^{p. 2}.

*** AXA XL Reinsurance '''-7%''', reflecting discipline in softening market conditions ^{p. 2}.

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

*** Life premiums '''+8%''', driven by strong sales in Unit-Linked ('''+16%''') and G/A ('''+9%''') across all geographies, and Protection ('''+4%''') from strong sales in Protection with Savings in Hong Kong and Japan ^{p. 2}.

*** Health premiums '''+8%''', driven by favorable price effects across all geographies ^{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, which resulted in a '''(-10 points''' decrease vs. December 31, 2025) ^{p. 2}.

* The Solvency II ratio decreased by '''-4 points''' vs. January 1, 2026, due to: ^{p. 2}

** A strongStrong operating return ('''+7 points''') ^{p. 2}.

** Less accrued dividend and annual share buyback for 1Q26 ('''-6 points''') ^{p. 2}.

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

|+ Property & Casualty grosskey written premiums and other revenuesfigures for 1Q25 and 1Q26, including price effect. ^{p. 3}

! style="text-align:left" | EURKey bnfigures

* Gross written premiums & other revenues for Property P& CasualtyC were '''+4%''' to '''EUR 21.5bn''' ^{p. 3}.

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

** Europe ('''+7%'''), from favorable price effects across geographies (except in UK & Ireland) and higher volumes ^{p. 3}.

** France ('''+8%'''), with strong volume growth from direct business and proprietary agent networks, combined with favorable price effect ^{p. 3}.

** Asia, Africa & EME LATAM ('''+7%'''), mainly driven by higher average premiums in Türkiye and higher volumes in Mexico ^{p. 3}.

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

** AXA XL Insurance ('''+2%'''), from growth in Property and Specialty where margins remain attractive, partly offset by lower volumes in Casualty; pricing overall remains stable vs. 1Q25 ^{p. 3}.

** France ('''+6%'''), from both favorable price effect and higher volumes ^{p. 3}.

** Asia, Africa & EME-LATAM ('''+10%'''), mainly driven by higher average premiums in Türkiye ^{p. 3}.

* AXA XL Reinsurance decreased by '''7%''' to '''EUR 1.2bn''', reflecting lower volumes consistent with a focus on profitability in a softer market environment, with pricing down '''-4%''' ^{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 grosskey writtenfigures premiumsfor 1Q25 and other1Q26, revenuesincluding andPVEP, newNB businessCSM, and metricsNBV. ^{p. 4}

! style="text-align:left" | EURKey bnfigures

! style="text-align:right; width:6em" | Change vs. 1Q25 updated on a comparable basisLFL

|+ AXA Group's insurerInsurer financial strength and credit ratings from variousS&P, Moody's, and AM agenciesBest. ^{p. 5}

! style="text-align:left" | Agency—

! style="text-align:right; width:9em" | Date of last review—

! style="text-align:right; width:9em" | Insurer financial strength ratings AXA SA

! style="text-align:right; width:6em" | Insurer financial strength ratings AXA's principal insurance subsidiaries

! style="text-align:right; width:6em" | Insurer financial strength ratings Outlook

! style="text-align:right; width:9em" | AXA's credit ratings 12 Senior debt of the Company

! style="text-align:right; width:6em" | AXA's credit ratings 12 Short-term debt of the Company

* '''France''': includes insurance activities, banking activities, and holding ^{p. 6}.

* '''Europe''': includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United KingdomUK and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities), AXA Health International (insurance activities), and AXA Life Europe (insurance activities) ^{p. 6}.

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

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

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excludingexcl. bancassurance entity), China P&C, South Korea, and Asia Holdings are (fully consolidated ^{p. 6}.); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (bancassurance entity) are consolidated under the (equity method, and contributecontributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 6}.

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

** '''EME-LATAM''': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are (fully consolidated ^{p. 6}.); Russia (Reso) (insurance activities) is consolidated under the (equity method, and contributescontributing only to net income) ^{p. 6}.

** Also includes AXA Mediterranean Holdings ^{p. 6}.

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

* '''AXA Investment Managers''': disposal to BNP Paribas was completed on July 1, 2025 ^{p. 6}.

|+ ExchangeEnd of period and average exchange rates for majorvarious currencies against the Euro for FY25, 1Q25, and 1Q26. ^{p. 6}

! style="text-align:right; width:6em" | FY25End of Period Exchange rate

! style="text-align:right; width:6em" | 1Q26End of Period Exchange rate

! style="text-align:right; width:6em" | 1Q25Average Exchange rate

! style="text-align:right; width:6em" | 1Q26Average Exchange rate

== GlossaryNotes ==

* TheThese Solvencyterms IIare ratiodefined isin estimatedthe usingglossary AXA'ssection internalof model,the calibratedpress based on an adverse 1/200 years shockrelease ^{p. 7}.

* AnnualIt shareincludes buybacksa excludetheoretical anti-dilutiveamount for dividends and share buybacks relatedaccrued tofor certainthe disposalsfirst andthree in-forcemonths managementof transactions2026, asbased wellon asthe sharefull-year buybacksdividend toof offset'''EUR dilutive2.32 effectsper relatingshare''' tofor employeeFY25 and an annual share offeringsbuyback andof stock-based'''EUR compensation1.25bn''' announced on February 26, 2026 ^{p. 7}.

* Dividends andAnnual share buybacks areexclude proposedanti-dilutive bybuybacks therelated to Boarddisposals and submittedin-force management, and buybacks to shareholdersoffset fordilutive approvaleffects from employee share offerings and stock-based compensation ^{p. 7}.

* ThisDividends estimateand shouldshare notbuybacks beare consideredproposed anby indication of actualthe dividendBoard and sharesubmitted buybackto amountsshareholders for the 2026 financial yearapproval ^{p. 7}.

* 'CommercialPrice lines'effect refersis tocalculated P&Cas Commerciala linespercentage excludingof AXAtotal XLgross Reinsurancewritten premiums of the prior year ^{p. 7}.

* NaturalCombined catastropheratio chargesis includea naturalnon-GAAP catastrophefinancial lossesmeasure regardless(Alternative ofPerformance eventMeasure sizeor APM) ^{p. 7}.

* LifeRestricted &Tier Health1 netis flows,rated PVEP,'A' NBby CSM,Standard NBV,& Poor's and NBV'A3 margin(hyb)' includeby Health business predominantly written in Life entitiesMoody's ^{p. 7}.

* Restricted Tier 12 is rated 'A' by Standard & Poor's and 'A3A (hyb)' by Moody's ^{p. 7}.

* TierAXA 2completed isits ratedacquisition 'A'of bya Standardmajority &stake Poor'sin andPrima 'Ain (hyb)'Italy byon Moody'sNovember 28, 2025 ^{p. 7}.

* AXAAll completedcomments itsand acquisitionchanges offor aactivity majorityindicators stakeare inon Primaa incomparable Italybasis on(constant Novemberforex, 28scope, 2025and methodology) ^{p. 7}.

* All commentsActuarial and changesfinancial assumptions for activityNBV indicatorsand PVEP are onupdated asemi-annually comparableat basishalf (constant forex, scope,year and methodology)full year ^{p. 7}.

* The AXA Group is a worldwideglobal insurance leader in insurance with '''156,000 employees''' employees serving over '''92 million clients''' clients in '''52 countries''' countries ^{p. 8}.

* In 2025, AXA's revenues were '''EUR 115.5bn''' and underlying earnings were '''EUR 8.4bn''' ^{p. 8}.

* The AXA's ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA) ^{p. 8}.

* The AXA Group is included in mainmajor international SRI indexes, such asincluding Dow Jones Sustainability Index (DJSI) and FTSE4GOOD ^{p. 8}.

* ItAXA is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment ^{p. 8}.

* CertainForward-looking statements in the press release, areincluding forward-looking,expected identifiedunderlying byearnings wordsper likeshare 'expects',(UEPS) 'anticipates',growth 'may',for 'plan'2026, orare conditionalbased verbson likeManagement's 'would'current views and 'could'intentions and are subject to change ^{p. 8}.

* ReferNon-GAAP tofinancial Partmeasures 5(APMs) 'Riskare Factorsused and Riskby Management' of AXA's Universal Registration Document for 2025analyzing foroperating atrends, descriptionfinancial of factorsperformance, risksand position, and uncertaintiesmay thatnot maybe affectcomparable AXA'sto businessmeasures and/orused by other resultscompanies ^{p. 8}.

|+ AXA Group's grossGross written premiums by region and otherbusiness revenuesline byfor 1Q25 and segment1Q26. ^{p. 9}

! style="text-align:left" | EURin mEuro million

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

! style="text-align:right; width:6em" | GWP 1Q25 Adjusted ii,iii

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

! style="text-align:right; width:6em" | GWP Change USD vs. 1Q25 Adjusted

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

! style="text-align:right; width:6em" | o/w P&C 1Q26

! style="text-align:right; width:6em" | o/w P&C Change LFL

! style="text-align:right; width:6em" | o/w Life & Health 1Q26

! style="text-align:right; width:6em" | o/w Life & Health Change LFL

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

* Banking revenues were '''EUR 26m''' in 1Q26 and '''EUR 25m''' in 1Q25 ^{p. 9}.

** CLP premiums in 1Q25 were '''EUR 198m''', with '''EUR 68m''' in P&C and '''EUR 130m''' in Life & Health ^{p. 9}.

** CLP premiums in 1Q26 were '''EUR 201m''', with '''EUR 68m''' in P&C and '''EUR 132m''' in Life & Health ^{p. 9}.

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

** These premiums were '''EUR 319m''' in 1Q25, with '''EUR 104m''' in Life and '''EUR 215m''' in Health ^{p. 9}.

** These premiums were '''EUR 336m''' in 1Q26, with '''EUR 103m''' in Life and '''EUR 233m''' in Health ^{p. 9}.

|+ AXAGross Group'swritten Propertypremiums &for CasualtyCommercial, grossPersonal, writtenand premiumsReinsurance lines by segment and lineregion. ^{p. 10}

! style="text-align:leftcenter" | EUR m

! colspan="3" style="text-align:right; width:6emcenter" | Commercial lines

! colspan="5" style="text-align:right; width:6emcenter" | CommercialPersonal lines Change

! colspan="2" style="text-align:right; width:6emcenter" | PersonalAXA XL linesReinsurance

! colspan="2" style="text-align:right; width:6emcenter" | Personal linesTotal ChangeP&C

! style="text-align:right; width:6emleft" | Personalin linesEuro Changemillion

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

! style="text-align:right; width:6em" | PersonalChange lines Changei

! style="text-align:right; width:6em" | AXAPersonal XL ReinsuranceMotor

! style="text-align:right; width:6em" | AXAChange XL Reinsurance Changei

! style="text-align:right; width:6em" | Total P&C Change

* Changes are calculatedpresented on a comparable basis, accounting for (constant forex, scope, and methodology) ^{p. 10}.

|+ AXAExchange Group'srates grossfor writtenvarious premiumscurrencies andagainst otherthe revenuesEuro byfor FY25 and currency1Q26. ^{p. 10}

! style="text-align:left" | EUR—

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

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

! colspan="4" style="text-align:leftcenter" | P&C: Price effect i by country and business line 1Q26 (in %)

! style="text-align:right; width:6emleft" | P&C: Price effect by country and business line1Q26 Personal(in lines%)

<div| style="overflowtext-xalign:autoright"> | +5.7%

!| style="text-align:right; width:6emleft" | +5.7%Italy

!| style="text-align:right; width:6em" | +62.07%

|}-

<div| style="overflowtext-xalign:autoright"> | +5.6%

{| class="wikitable" style="widthtext-align:100%right" | —

|+ AXA Group's grossGross written premiums by business line and otherregion, revenuesincluding byprotection businessand linesavings. ^{p. 12}

! style="text-align:leftcenter" | Gross written premiums & other revenuesGWP

! colspan="2" style="text-align:right; width:6emcenter" | Total i

! colspan="2" style="text-align:right; width:6emcenter" | Totalo/w ChangeProtection

! colspan="2" style="text-align:right; width:6emcenter" | Protectiono/w G/A Savings

! colspan="2" style="text-align:right; width:6emcenter" | Protectiono/w ChangeUnit-Linked

! colspan="2" style="text-align:right; width:6emcenter" | Go/Aw SavingsHealth

|! style="text-align:left" | in Euro million

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

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

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

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

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

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

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

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

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

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

|+ AXA Group'sUpdated 1Q25 updated figures for gross writtenvarious premiumsregions and otherbusiness revenueslines. ^{p. 13}

! colspan="13" style="text-align:leftcenter" | 1Q25 Updated figures

|! style="text-align:leftcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! colspan="4" style="text-align:rightcenter" | Total i

|! style="text-align:left" | in Euro million

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

|+ AXA Group'sUpdated 1H25 updated figures for gross writtenvarious premiumsregions and otherbusiness revenueslines. ^{p. 13}

! colspan="13" style="text-align:leftcenter" | 1H25 Updated figures

|! style="text-align:leftcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! colspan="4" style="text-align:rightcenter" | Total i

|! style="text-align:left" | in Euro million

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

|+ AXA Group'sUpdated 9M25 updated figures for gross writtenvarious premiumsregions and otherbusiness revenueslines. ^{p. 13}

! colspan="13" style="text-align:leftcenter" | 9M25 Updated figures

|! style="text-align:leftcenter" | —

|! colspan="4" style="text-align:rightcenter" | Life

|! style="text-align:rightcenter" | Life

|! style="text-align:rightcenter" | Life

|! style="text-align:rightcenter" | Life

|! style="text-align:rightcenter" | —

|! colspan="4" style="text-align:rightcenter" | —Total i

|! style="text-align:left" | in Euro million

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

|+ AXA Group's NB CSM to NBV breakdown for 1H251Q25 updated figures. ^{p. 13}

|+ AXA Group's NB CSM to NBV breakdown for 9M251H25 updated figures. ^{p. 13}

* Changes are compared againstto 1Q25 updated figures, which are based on FY25 financial and actuarial assumptions ^{p. 14}.

|+ AXA Group's Life and Health new business metrics by region for 1Q26. ^{p. 14}

! style="text-align:leftcenter" | EUR m

! colspan="8" style="text-align:right; width:6emcenter" | Life New Business Metrics 1Q26 PVEP

! colspan="7" style="text-align:right; width:6emcenter" | LifeHealth i New Business Metrics 1Q26 Change

! colspan="8" style="text-align:right; width:6emcenter" | LifeTotal i New Business Metrics 1Q26 NB CSM (pre-tax)

! style="text-align:right; width:6emleft" | Life New Business Metrics 1Q26in NBVEuro (post-tax)million

! style="text-align:right; width:6em" | Life New Business Metrics 1Q26 ChangePVEP

! style="text-align:right; width:6em" | LifeChange New Business Metrics 1Q26 NBV margin (%)ii

! style="text-align:right; width:6em" | LifeNB NewCSM Business Metrics 1Q26 Change(pre-tax)

! style="text-align:right; width:6em" | Health New Business Metrics 1Q26 PVEPChange

! style="text-align:right; width:6em" | HealthNBV New Business Metrics 1Q26 Change(post-tax)

! style="text-align:right; width:6em" | HealthChange New Business Metrics 1Q26 NB CSM (pre-tax)ii

! style="text-align:right; width:6em" | HealthNBV Newmargin Business Metrics 1Q26 Change(%)

! style="text-align:right; width:6em" | HealthChange New Business Metrics 1Q26 NBV (post-tax)ii

! style="text-align:right; width:6em" | Health New Business Metrics 1Q26 ChangePVEP

! style="text-align:right; width:6em" | Health New Business Metrics 1Q26 NBV margin (%)Change

! style="text-align:right; width:6em" | Healthii NewNB BusinessCSM Metrics 1Q26 Change(pre-tax)

! style="text-align:right; width:6em" | TotalChange New Business Metrics 1Q26 PVEPii

! style="text-align:right; width:6em" | TotalNBV New Business Metrics 1Q26(post-tax) Change

! style="text-align:right; width:6em" | TotalNBV New Business Metrics 1Q26 NB CSMmargin (pre-tax%)

! style="text-align:right; width:6em" | TotalChange New Business Metrics 1Q26 Changeii

! style="text-align:right; width:6em" | Total New Business Metrics 1Q26 NBV (post-tax)PVEP

! style="text-align:right; width:6em" | TotalChange New Business Metrics 1Q26 Changeii

! style="text-align:right; width:6em" | TotalNB New Business Metrics 1Q26 NBV marginCSM (%pre-tax)

! style="text-align:right; width:6em" | TotalChange New Business Metrics 1Q26 Changeii

| style="text-align:right" | 46 +5%

| style="text-align:right" | 1,707—

| style="text-align:right" | 1,707 +4%

| style="text-align:right" | 77 +15%

| style="text-align:right" | 407—

| style="text-align:right" | 407 -26%

| style="text-align:right" | 37 -32%

| style="text-align:right" | +7% 3

| style="text-align:right" | 3—

| style="text-align:right" | 160 -4%

|+ AXA Group's NB CSM to NBV breakdown for 1Q26. ^{p. 14}

|+ AXA Group's netNet flows by business line for 1Q25 and 1Q26. ^{p. 15}

! style="text-align:left" | EURin bnEuro billion

|+ AXA Group's netNet flows for capital light and traditional G/A savingsfor 1Q25 and 1Q26. ^{p. 15}

! style="text-align:left" | o/w capital light ii

|+ AXA Group's totalTotal Life & Health net flows, forincluding Unit-Linked, for 1Q25 and 1Q26. ^{p. 15}

! style="text-align:left" | Unit-Linked iii

* Capital light G/A encompasses all products withoutwith no guarantees, with guarantees only at maturity only, or with guarantees equal to or lower than 0% ^{p. 15}.

* On February 27, 2026, AXA announced the execution of a share repurchase agreement for its share buyback program of up to '''EUR 1.25bn on February 27, 2026''' ^{p. 16}.

** HY26AXA EarningsInvestor ReleaseDay onis Julyscheduled 31for September 15, 2026 ^{p. 16}.

** An AXA Investor Dayroundtable on the strategy for AXA key markets is scheduled for September 1521, 2026 ^{p. 16}.

** AXA9M26 InvestorActivity roundtableIndicators onare the strategyscheduled for AXA key markets on SeptemberOctober 2129, 2026 ^{p. 16}.