AXA/2026/1Q/Activity indicators press release: Difference between revisions

| document_typedocument_category = Press release

| market_timing = PrePost-market

| intro_sentence = This article summarizes AXA's first-quarter1Q 2026 activity indicators press release, published on 5 May 5, 2026.

''This article summarizes AXA's first-quarter1Q 2026 activity indicators press release, published on 5 May 5, 2026.''

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

***** '''Retail premiums''' +7%, with +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: net flows''' +EUR +2.7bn''' ^{p. 1}

* '''Solvency II ratio''' at '''211%''' as of March 31, 2026, down -4 points vs. January 1, 2026 (post-grandfathering period) ^{p. 1}

== Outlook 3 ==

* AXA is on track to achieve '''underlying earnings per share growth''' for 2026 at the upper end of the 6-8% plan target range {{footnote|1=Expected underlying earnings per share (“UEPS”) growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group’s current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements. 5 “Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.}} ^{p. 1}

<blockquote>"AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy. This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year's strong momentum." <small>(Alban de Mailly Nesle, Chief Financial Officer of AXA ^{p. 1})</small></blockquote>

== '''Press release =='''

* The press release was issued in Paris on May 5, 2026, at 5:45 pm45pm CET ^{p. 1}

|+ Key1Q26 figureskey forhighlights: gross written premiums and other revenues. ^{p. 2}

! class="col-s" style="text-align:right" | Change LFL {{footnote|1=Changes are on a comparable basis (constant forex, scope, and methodology).}}

|+ Solvency1Q26 key highlights: solvency II ratio. ^{p. 2}

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

***** '''Personal lines''' +7%, driven by higher volumes and favorable price effect {{footnote|1=Price effect calculated as a percentage of total gross written premiums of the prior year.}} ^{p. 2}

***** '''Commercial lines''' +3%, from higher volumes (notably at AXA XL Insurance) and favorable price effect (mainly in 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 {{footnote|1=General account.}} (+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}

* On January 1, 2026, the '''Solvency II ratio was ''' was 215%''' following the end of the grandfathering period {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, a2026, when they ceased to qualify as capital under Solvency II, as disclosed in AXA’s press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, each published on www.axa.com.}} (-10 point decreasepoints vs. December 31, 2025) ^{p. 2}

* The '''Solvency II ratio''' decreasedwas bydown -4 points vs. January 1, 2026, due toreflecting: ^{p. 2}

*** Strong 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 & Casualtycasualty: gross written premiums and other revenues. ^{p. 3}

! class="col-s" style="text-align:right" | 1Q26 Price effect 6 (in %) {{footnote|1=Price effect calculated as a percentage of total gross written premiums in the prior year.}}

| style="text-align:left; padding-left:1.5em" | o/w Commercial lines 5

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

*** '''Europe''' (+7%), from favorable price effects across geographies (except 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 remained stable vs. 1Q25 ^{p. 3}

*** FrancePricing (+6%),for fromAXA bothXL favorableInsurance priceremains effectstable andversus higher volumes1Q25 ^{p. 3}

*** Asia, Africa & EME-LATAM'''France''' (+106%), mainlyfrom drivenboth byfavorable higherprice averageeffect premiumsand inhigher Türkiyevolumes ^{p. 3}

* TheAXA annualXL naturalReinsurance catastrophepricing budgetwas of approximatelydown -4.5 points of combined ratio is maintained% ^{p. 3}

|+ Life & Healthhealth: keygross figureswritten premiums and other revenues. ^{p. 4}

! class="col-s" style="text-align:right" | Change vs. 1Q25 updated on a comparable basisLFL

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

* 1Q25 PVEP {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”), and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated. Terms are defined in the glossary.}}, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability ^{p. 4}

* GrossAll writtenyear-on-year premiumschanges &are otheron revenuesa forcomparable Lifebasis &versus Healththe wereupdated up1Q25 +8% to '''EUR 16.5bn'''figures ^{p. 4}

*** Unit-Linked'''Life (+16%),premiums''' fromincreased continuedby positive sales8% momentumto acrossEUR geographies10.5bn ^{p. 4}

*** Protection'''G/A Savings''' (+49%), primarilymainly from continuedsuccessful successcommercial ofcampaigns Protectionin withSpain, G/Astrong single-premium savingssales in HongJapan, Konggood andperformance Protectionof withG/A Unitcapital-Linkedlight products in JapanItaly, asand wellpositive asmomentum Individualin Protection withIndividual Savings in Switzerland ^{p. 4}

* PVEP'''Health (Presentpremiums''' Valueincreased ofby Expected Premiums) was up +8% to '''EUR 135.8bn'''9bn, driven by: favorable price effects across all geographies ^{p. 4}

*** Health'''Life''' (+410%), mainlyreflecting duestrong tosales higheracross Groupgeographies businessin volumesboth inSavings France(+14%) and Protection (+6%), partly offset by Japanlower Group Life sales in Switzerland ^{p. 4}

* NB CSM (pre-tax) increased by +4% to* '''EUR 0.6bnHealth''' +4%, drivenmainly bydue strongto Savingshigher andGroup Protectionbusiness salesvolumes acrossin most geographiesFrance, partly offset by unfavorable mix (including lower Group Life sales in Switzerland and Health sales in Japan) ^{p. 4}

* Net flows were '''EURNBV +2.7bnmargin''', compareddecreased toby '''EUR +20.5bn'''3 inpoints 1Q25,to driven by:4.4% ^{p. 4}

*** G/A Savings ('''EUR Unit-0.8bnLinked'''), reflecting inflows in capital-light G/A savings ('''EUR +0.7bn'''), more than offset by outflowsprimarily in traditional G/A Savings ('''EUR -1.5bn''')France ^{p. 4}

! style="text-align:left" | Agency

! style="text-align:center" | Date of last review

! colspan="2" style="text-align:center" | AXA's credit ratings 12{{footnote|1=• Restricted Tier 1: “A-” by Standard & Poor’s and “A3(hyb)” by Moody’s.&#10;• Tier 2: “A” by Standard & Poor’s and “A1(hyb)” by Moody’s.}}

! style="text-align:left" | —Agency

! class="col-m" style="text-align:right" | —Date of last review

! class="col-m" style="text-align:right" | AXA SA

! class="col-m" style="text-align:right" | AXA's principal insurance subsidiaries

! class="col-m" style="text-align:right" | Outlook

! class="col-m" style="text-align:right" | Senior debt of the Company

! class="col-m" style="text-align:right" | Short-term debt of the Company

| class="col-m" style="text-align:right" | March 11, 2026

| class="col-m" style="text-align:right" | AA-

| class="col-m" style="text-align:right" | AA

| class="col-m" style="text-align:right" | Stable

| class="col-m" style="text-align:right" | AA-

| class="col-m" style="text-align:right" | A-1+

| class="col-m" style="text-align:right" | October 8, 2025

| class="col-m" style="text-align:right" | Aa2

| class="col-m" style="text-align:right" | Aa2

| class="col-m" style="text-align:right" | Stable

| class="col-m" style="text-align:right" | Aa3

| class="col-m" style="text-align:right" | P-1

| class="col-m" style="text-align:right" | October 9, 2025

| class="col-m" style="text-align:right" | A+ Superior

| class="col-m" style="text-align:right" | —

| class="col-m" style="text-align:right" | Stable

| class="col-m" style="text-align:right" | aa Superior

| class="col-m" style="text-align:right" | —

* '''New business valuecontractual service margin ('NBVNB MarginCSM')''' is a component of the ratiocarrying amount of NBVthe asset or liability for newly issued insurance contracts during the period, representing the unearned profit to PVEPbe recognized as insurance contract services are provided ^{p. 5}

* Present'''New business value of expected premiums ('PVEPNBV')''' is the new business volume, equal to the present value at issue of totalnewly premiumsissued expectedcontracts overduring the policy term, discounted at the reference interest rate and representing the Group'scurrent shareyear ^{p. 5}

* '''Europe''' includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), UKUnited Kingdom 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}

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

*** '''AfricaAsia''': EgyptChina (insuranceL&S, andThailand holding)L&S, Moroccothe (insurancePhilippines L&S and holding)P&C, andIndonesia NigeriaL&S (insurancethe andbancassurance holdingentity) (fullyare consolidated) under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income ^{p. 6}

*** '''EME-LATAMAfrica''': MexicoEgypt (insurance), Colombiaactivities (insuranceand holding), BrazilMorocco (insurance activities and holding), and TürkiyeNigeria (insurance activities and holding) (are fully consolidated); Russia (Reso) (insurance) (equity method, contributing only to net income) ^{p. 6}

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

* Changes'''Change 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}.

* The '''Solvency II ratio''' is estimated using AXA's internal model, calibrated basedfor on an adversea 1/200 years shock ^{p. 7}.

* The '''Solvency II ratio estimate''' includes a theoretical amount for dividends and share buybacks accrued for 1Q26, based on the FY25first dividendthree of '''EUR 2.32''' per share and an annual share buybackmonths of '''EUR 1.25bn''' announced on February 26, 2026 ^{p. 7}.

* DividendsThe andtheoretical share buybacksbuyback areamount proposedis bybased theon Boardan andannual subjectshare tobuyback shareholderof approvalEUR 1.25bn, announced on February 26, 2026 ^{p. 7}.

* The underlyingestimate earningsof perthe shareSolvency ('UEPS')II growthratio forshould 2026not isbe aconsidered forward-lookingan statementindication providingof one-offactual guidancedividend forand theshare lastbuyback yearamounts offor the current2026 strategicfinancial planyear ^{p. 7}.

* Natural'''Restricted catastropheTier charges1''' includeis naturalrated catastrophe'A' lossesby regardlessStandard of& eventPoor's sizeand 'A3 (hyb)' by Moody's ^{p. 7}.

* Combined'''Tier ratio2''' is arated non-GAAP'A' financialby measureStandard (Alternative& PerformancePoor's Measure,and APM'A1 (hyb)' by Moody's ^{p. 7}.

* RestrictedAll Tiercomments 1and ratings:changes 'A'for byactivity Standardindicators &are Poor'son anda 'A3''comparable (hyb)basis''' by(constant Moody'sforex, scope, and methodology) ^{p. 7}.

* Tier'''Actuarial 2and ratings:financial assumptions''A' byfor StandardNBV &and Poor'sPVEP andcalculations 'A1are (hyb)'updated bysemi-annually Moody'sat half-year and full-year ^{p. 7}.

* CertainReconciliations statementsof inAPMs this document areto forward-lookingfinancial statements, identifiedare byprovided wordsin likethe 'expects','2025 'anticipates',Universal Registration Document'may', 'plan', or conditional verbs ^{p. 8}.

|+ GrossGWP written premiums and& other revenues by region. ^{p. 9}

! classcolspan="col-s3" style="text-align:rightcenter" | 1Q25GWP & Other PublishedRevenues

! class="col-s" style="text-align:right" | Change vs. 1Q25 Adjusted ii,iii

| style="text-align:left; font-weight:bold" | Total {{footnote|1=Including Banking revenues of Euro 26 million in 1Q26 and Euro 25 million in 1Q25.}}

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

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

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

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

** International'''1Q25 protectioninternational andpremiums''' healthwere premiumsEUR previously319m, recordedwith inEUR AXA104m Francein areLife nowand reportedEUR under215m AXAin Health International, part of Europe ^{p. 9}.

** These'''1Q26 international premiums in 1Q25''' were '''EUR 319m'''336m, with '''EUR 104m'''103m in Life and '''EUR 215m'''233m in Health ^{p. 9}.

|+ CommercialInternational andpremiums personalby lines,line andof AXAbusiness XL reinsurance byand region. ^{p. 10}

! style="text-align:left" | EUR million—

! class="col-s" style="text-align:centerright" | —

|+ Currency exchangeInterest rates (5Y) for the discounting of P&C claims reserves. ^{p. 10}

! class="col-s" style="text-align:right" | FY25 i{{footnote|1=Changes are on a comparable basis (constant forex, scope, and methodology).}}

! class="col-s" style="text-align:right" | 1Q26 ii{{footnote|1=Average of monthly opening discount rates in 1Q26.}}

! colspan="4" style="text-align:leftcenter" | 1Q26P&C: Price effect by country and business (%)line

|+ TotalGWP earnings& other revenues by business line and region. ^{p. 12}

! style="text-align:left" | EURGWP million& Other Revenues

! colspan="2" style="text-align:center" | Total i

! colspan="2" style="text-align:center" | o/w G/A Savings {{footnote|1=General account.}}

* '''APPENDIXPVEP, 4NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25''': Property &have Casualtybeen -updated Revenuebased Contributionon &FY25 Growthactuarial byand Businessfinancial Lineassumptions ^{p. 13}.

|+ 1Q25Life updatedand figureshealth fornew lifebusiness and healthmetrics by region. ^{p. 13}

! style="text-align:left" | EUR million—

! colspan="4" style="text-align:center" | HealthⁱHealth

! colspan="4" style="text-align:center" | TotalⁱTotal

| style="text-align:left" | Transversal ii{{footnote|1=Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.}}

|+ 1H25Life updatedand figureshealth fornew lifebusiness and healthmetrics by region. ^{p. 13}

! style="text-align:left" | EUR million—

! colspan="4" style="text-align:center" | HealthᶦHealth

! colspan="4" style="text-align:center" | TotalᶦTotal

| style="text-align:left" | Transversal ii{{footnote|1=Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.}}

|+ 9M25PVEP, updatedNB figuresCSM, for lifeNBV, and healthNBV margin by region. ^{p. 13}

| style="text-align:left" | Transversal ii{{footnote|1=Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.}}

|+ 1Q25 updated figures for: NB CSM andto NBV. ^{p. 13}

! class="col-s" style="text-align:right" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

|+ 1H25 updated figures for: NB CSM andto NBV. ^{p. 13}

! class="col-s" style="text-align:right" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

|+ 9M25 updated figures for: NB CSM andto NBV. ^{p. 13}

! class="col-s" style="text-align:right" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

* Changes'''Change arevs. compared1Q25''' tofigures 1Q25are updated figures based on FY25 financial and actuarial assumptions ^{p. 14}.

|+ 1Q26 lifeLife and health new business metrics 1Q26 by region. ^{p. 14}

! style="text-align:left" | EUR million—

! colspan="8" style="text-align:center" | HealthⁱHealth New Business Metrics 1Q26

! colspan="8" style="text-align:center" | TotalⁱTotal New Business Metrics 1Q26

! class="col-s" style="text-align:right" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

* Includes '''Health business predominantly''' written predominantly in Life entities is included ^{p. 14}.

=== '''Net flows by business line ==='''

| style="text-align:left" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

| style="text-align:left; padding-left:1.5em" | o/w capital light ii{{footnote|1=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.}}

| style="text-align:left" | Unit-Linked iii{{footnote|1=Including Investment contracts with no discretionary participation features (“DPF”).}}

| style="text-align:left; font-weight:bold" | Total Life & Health i net flows {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}

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

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

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

* A '''Mainshare transactionsrepurchase in 2026agreement''': for up to EUR 1.25bn was announced on February 27, 2026 ^{p. 16}.

** '''NextHY26 mainEarnings investorRelease events''':on July 31, 2026 ^{p. 16}.

** HY26AXA EarningsInvestor Release:Day Julyon 31September 15, 2026 ^{p. 16}.

** AXA Investor Day:roundtable on key markets strategy on September 1521, 2026 ^{p. 16}.

** AXA9M26 InvestorActivity roundtableIndicators on theOctober strategy for AXA key markets: September 2129, 2026 ^{p. 16}.