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| period = 1Q
| period_label = 1Q26
| document_typedocument_category = Press release
| publication_date = 2026-05-05
| market_timing = PrePost-market
| language = English
| pages = 16
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/afoMp8BOoF08xomN_AXA_PR_20260505.pdf
| archive_file = File:AXA-2026-1Q-Activity_indicators_press_release.md
| intro_sentence = This article summarizes AXA's 1Q 2026 activity indicators press release, published on 5 May 5, 2026.
}}
 
''This article summarizes AXA's 1Q 2026 activity indicators press release, published on 5 May 5, 2026.''
 
== 1Q26 highlights ==
 
* '''Gross written premiums & other revenues''' {{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.}} +6% vs. 1Q25 to EUR 38.0bn <sup>p. 1</sup>
** '''Property & Casualty premiums''' +4% to EUR 21.5bn <sup>p. 1</sup>
*** '''Retail premiums''' +7%, with +4% from price effect and +3% from volumes <sup>p. 1</sup>
Line 29:
* '''Solvency II ratio''' at 211% as of March 31, 2026, -4 points vs. January 1, 2026 (post-grandfathering period) <sup>p. 1</sup>
 
== 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.}} <sup>p. 1</sup>
* AXA will present its new strategic plan for 2027-2029 on September 15, 2026 <sup>p. 1</sup>
<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 <sup>p. 1</sup>)</small></blockquote>
: <blockquote>"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." <sup>p. 1</sup></blockquote>
: <blockquote>"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." <sup>p. 1</sup></blockquote>
 
* This press release was issued on May 5, 2026, at 5:45 pm CET <sup>p. 1</sup>
'''Press release'''
 
* The press release was issued in Paris on May 5, 2026, at 5:45pm CET <sup>p. 1</sup>
* All footnotes for this press release are on page 7 <sup>p. 1</sup>
 
== 1Q26 key highlights ==
Line 42 ⟶ 46:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Key1Q26 figureskey forhighlights: gross written premiums and other revenues. <sup>p. 2</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Change LFL {{footnote|1=Changes are on a comparable basis (constant forex, scope, and methodology).}}
|-
| style="text-align:left" | Gross written premiums and other revenues {{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.}}
| style="text-align:left" | Gross written premiums and other revenues
| style="text-align:right" | 37.0
| style="text-align:right" | 38.0
Line 77 ⟶ 81:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency1Q26 IIkey ratiohighlights: keysolvency figuresII ratio. <sup>p. 2</sup>
! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | January 1, 2026
Line 84 ⟶ 88:
! class="col-s" style="text-align:right" | Change vs. January 1, 2026
|-
| style="text-align:left" | Solvency II ratio (%) {{footnote|1=• Solvency II ratio estimated primarily using AXA’s internal model calibrated on an adverse 1/200 year shock.&#10;• Includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, based on the FY25 full-year dividend of Euro 2.32 per share paid in 2026 and the annual share buyback of Euro 1.25 billion announced on February 26, 2026.&#10;• Annual share buybacks exclude anti-dilutive share buybacks related to certain disposals and in-force management transactions, and share buybacks to offset dilutive effects relating to employee share offerings and stock-based compensation.&#10;• Dividends and share buybacks are proposed by the Board, at its discretion based on factors described in AXA’s 2025 Universal Registration Document, then submitted to AXA’s shareholders for approval.&#10;• This estimate should not be considered an indication of actual dividend and share buyback amounts, if any, for the 2026 financial year.&#10;• For information on AXA’s internal model and Solvency II disclosures, see AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on www.axa.com.}}
| style="text-align:left" | Solvency II ratio (%) 2
| style="text-align:right" | 224%
| style="text-align:right" | 215%
Line 94 ⟶ 98:
== Activity indicators ==
 
* '''Total gross written premiums & other revenues''' {{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.}} +6% <sup>p. 2</sup>
* '''Total gross written premiums & other revenues''' +6% <sup>p. 2</sup>
** '''Property & Casualty''' +4% <sup>p. 2</sup>
*** '''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.}} <sup>p. 2</sup>
*** '''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) <sup>p. 2</sup>
*** '''AXA XL Reinsurance''' -7%, reflecting discipline in softening market conditions <sup>p. 2</sup>
** '''Life & Health''' +8% <sup>p. 2</sup>
*** '''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 <sup>p. 2</sup>
*** '''Health premiums''' +8%, driven by favorable price effects across all geographies <sup>p. 2</sup>
* '''Solvency II ratio''' {{footnote|1=• Solvency II ratio estimated primarily using AXA’s internal model calibrated on an adverse 1/200 year shock.&#10;• Includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, based on the FY25 full-year dividend of Euro 2.32 per share paid in 2026 and the annual share buyback of Euro 1.25 billion announced on February 26, 2026.&#10;• Annual share buybacks exclude anti-dilutive share buybacks related to certain disposals and in-force management transactions, and share buybacks to offset dilutive effects relating to employee share offerings and stock-based compensation.&#10;• Dividends and share buybacks are proposed by the Board, at its discretion based on factors described in AXA’s 2025 Universal Registration Document, then submitted to AXA’s shareholders for approval.&#10;• This estimate should not be considered an indication of actual dividend and share buyback amounts, if any, for the 2026 financial year.&#10;• For information on AXA’s internal model and Solvency II disclosures, see AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on www.axa.com.}} was 211% as of March 31, 2026 <sup>p. 2</sup>
* '''Solvency II ratio''' was 211% as of March 31, 2026 <sup>p. 2</sup>
* On January 1, 2026, the '''Solvency II ratio''' 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, 2026, 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 points vs. December 31, 2025) <sup>p. 2</sup>
* The '''Solvency II ratio''' was down -4 points vs. January 1, 2026, reflecting a strong operating return (+7 points) less accrued dividend and annual share buyback for 1Q26 (-6 points), more than offset by unfavorable financial market movements (-4 points) from higher inflation expectations and elevated equity and interest rate volatility: <sup>p. 2</sup>
** Strong operating return (+7 points) <sup>p. 2</sup>
** Less accrued dividend and annual share buyback for 1Q26 (-6 points) <sup>p. 2</sup>
** Unfavorable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility <sup>p. 2</sup>
 
== Property & Casualty ==
Line 110 ⟶ 117:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property & casualty: gross written premiums and other revenues. <sup>p. 3</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change LFL
! 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" | Gross written premiums and other revenues {{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.}}
| style="text-align:left" | Gross written premiums and other revenues
| style="text-align:right" | 21.0
| style="text-align:right" | 21.5
Line 123 ⟶ 130:
| style="text-align:right" | +1.9%
|-
| style="text-align:left; padding-left:1.5em" | o/w Commercial lines 5
| style="text-align:right" | 13.2
| style="text-align:right" | 13.2
Line 143 ⟶ 150:
</div>
 
* '''Gross written premiums & other revenues''' {{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.}} +4% to EUR 21.5bn <sup>p. 3</sup>
* '''Gross written premiums & other revenues''' +4% to EUR 21.5bn <sup>p. 3</sup>
** '''Personal lines''' +grew by 7% to EUR 7.0bn, driven by: <sup>p. 3</sup>
*** '''Europe''' (+7%), from favorable price effects across geographies (except UK & Ireland) and higher volumes <sup>p. 3</sup>
*** '''France''' (+8%), with strong volume growth (from direct business and proprietary agent networks,) combined with favorable price effect <sup>p. 3</sup>
*** '''Asia, Africa & EME LATAM''' (+7%), mainly driven by higher average premiums in Türkiye and higher volumes in Mexico <sup>p. 3</sup>
** '''Commercial lines''' +grew by 3% to EUR 13.2bn, mainly from: <sup>p. 3</sup>
*** '''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 <sup>p. 3</sup>
*** FrancePricing (+6%),for fromAXA bothXL favorableInsurance priceremains effectstable andversus higher volumes1Q25 <sup>p. 3</sup>
*** Asia, Africa & EME-LATAM'''France''' (+106%), mainlyfrom drivenboth byfavorable higherprice averageeffect premiumsand inhigher Türkiyevolumes <sup>p. 3</sup>
** '''AXAAsia, XLAfrica Reinsurance& EME-LATAM''' -7+10% to EUR 1.2bn, reflectingmainly lowerdriven volumesby consistenthigher withaverage focus on profitabilitypremiums in a softer market, with pricing down -4%Türkiye <sup>p. 3</sup>
* '''AXA XL Reinsurance''' decreased by 7% to EUR 1.2bn, reflecting lower volumes and a focus on maintaining profitability in a softer market environment <sup>p. 3</sup>
* '''Group natural catastrophe experience''' in 1Q26 was slightly below the prorated annual budget <sup>p. 3</sup>
* TheAXA annualXL '''naturalReinsurance catastrophepricing budget'''was of approximatelydown -4.5 points of combined ratio is maintained% <sup>p. 3</sup>
* '''Group natural catastrophe {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} experience''' in 1Q26 was slightly below the prorated annual budget <sup>p. 3</sup>
* The annual natural catastrophe budget of approximately 4.5 points of combined ratio {{footnote|1=Combined ratio is a non-GAAP financial measure, or alternative performance measure (“APM”). See “Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures” in this press release for information about APMs used by AXA.}} is maintained <sup>p. 3</sup>
 
== Life & Health ==
Line 160 ⟶ 169:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & health: keygross figureswritten includingpremiums PVEP,and NB CSM, andother NBVrevenues. <sup>p. 4</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q25 Updated {{footnote|1=• For comparability, 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions, to reflect their contribution to FY25 PVEP, NB CSM, NBV, and NBV margin.&#10;• All year-on-year changes are on a comparable basis versus the updated 1Q25 figures (See Appendix 5).}}
! class="col-s" style="text-align:right" | 1Q25 Updated*
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change vs. 1Q25 updated LFL
Line 185 ⟶ 194:
| style="text-align:right" | +8%
|-
| style="text-align:left" | PVEPPVNBP
| style="text-align:right" | 13.7
| style="text-align:right" | 13.0
Line 217 ⟶ 226:
</div>
 
* 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 <sup>p. 4</sup>
* '''GrossAll writtenyear-on-year premiumschanges &are otheron revenues'''a +8%comparable tobasis EURversus 16.5bnthe updated 1Q25 figures <sup>p. 4</sup>
* '''Gross written premiums & other revenues''' {{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.}} +8% to EUR 16.5bn <sup>p. 4</sup>
** '''Life premiums''' +8% to EUR 10.5bn, driven by: <sup>p. 4</sup>
*** Unit-Linked'''Life (+16%),premiums''' fromincreased continuedby positive sales8% momentumto acrossEUR geographies10.5bn <sup>p. 4</sup>
** '''Unit-Linked''' +16%, from continued positive sales momentum across geographies <sup>p. 4</sup>
*** G/A Savings (+9%), mainly from successful commercial campaigns in Spain, strong single-premium sales in Japan, good performance of G/A capital-light products in Italy, and positive momentum in Individual Savings in Switzerland <sup>p. 4</sup>
*** Protection'''G/A Savings''' (+49%), primarilymainly from continuedsuccessful successcommercial ofcampaigns Protectionin withSpain, G/Astrong single-premium savingssales in Hong-KongJapan, andgood Protectionperformance withof UnitG/A capital-Linkedlight products in JapanItaly, asand wellpositive asmomentum Individualin Protection withIndividual Savings in Switzerland <sup>p. 4</sup>
** '''Protection''' +4%, primarily from continued success of Protection with G/A savings in Hong Kong and Protection with Unit-Linked in Japan, as well as Individual Protection with Savings in Switzerland <sup>p. 4</sup>
** '''Health premiums''' +8% to EUR 5.9bn, driven by favorable price effects across all geographies <sup>p. 4</sup>
* '''PVEPHealth premiums''' +increased by 8% to EUR 135.8bn9bn, driven by: favorable price effects across all geographies <sup>p. 4</sup>
* '''PVEP''' +8% to EUR 13.8bn <sup>p. 4</sup>
** Life (+10%), reflecting strong sales across geographies in both Savings (+14%) and Protection (+6%), partly offset by lower Group Life sales in Switzerland <sup>p. 4</sup>
** 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 <sup>p. 4</sup>
** '''NB CSM (pre-tax)Health''' +4% to EUR 0.6bn, 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 <sup>p. 4</sup>
* '''NB CSM (pre-tax)''' {{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.}} 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) <sup>p. 4</sup>
* '''NBV (post-tax)''' +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 <sup>p. 4</sup>
* '''NBV (post-tax)''' {{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.}} +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 <sup>p. 4</sup>
* '''NBV margin''' -0.3 points to 4.4% <sup>p. 4</sup>
* '''NetNBV flowsmargin''' weredecreased EURby +20.7bn3 (prior:points EURto +24.5bn in 1Q25), driven by:4% <sup>p. 4</sup>
* '''Net flows''' {{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.}} were EUR +2.7bn (compared to EUR +2.5bn in 1Q25) <sup>p. 4</sup>
** Protection (EUR +1.8bn), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product <sup>p. 4</sup>
** Unit-Linked'''Protection''' (EUR +01.7bn)8bn, primarilymainly in FranceHong Kong and Switzerland (Individual Life) and Japan (Protection with Unit-Linked product) <sup>p. 4</sup>
** G/A Savings (EUR '''Unit-0.8bn),Linked''' 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 <sup>p. 4</sup>
** '''G/A Savings''' EUR -0.8bn, reflecting inflows in capital-light G/A savings (EUR +0.7bn) more than offset by outflows in traditional G/A Savings (EUR -1.5bn) <sup>p. 4</sup>
** Health (EUR +1.0bn), mostly from Germany, France and Japan <sup>p. 4</sup>
** '''Health''' EUR +1.0bn, mostly from Germany, France, and Japan <sup>p. 4</sup>
 
== Ratings ==
Line 244 ⟶ 254:
! style="text-align:center" |
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! 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
|-
| style="text-align:left" | S&P Global Ratings
| 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+
|-
| style="text-align:left" | Moody's Investor Service
| 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
|-
| style="text-align:left" | AM Best
| 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" | —
|}
</div>
 
== Glossary ==
 
* '''Capital-light G/A products''' encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% <sup>p. 5</sup>
* '''Contractual service margin ('CSM')''' is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders <sup>p. 5</sup>
* '''Gross written premiums and other revenues''' areinclude insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees, and revenues, net of commissions paid on assumed reinsurance business) <sup>p. 5</sup>
* '''Other Revenues''' represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities) <sup>p. 5</sup>
* '''New business contractual service margin ('NB CSM')''' is a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided <sup>p. 5</sup>
* '''New business value ('NBV')''' is the value of newly issued contracts during the current year, consisting of the sum of (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts carried by Life entities (considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9, net of (iv) cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 5</sup>
* NBV consists of the sum of: (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts (carried by Life entities, considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9 <sup>p. 5</sup>
* '''New business value margin ('NBV Margin')''' is the ratio of (i) NBV to (ii) PVEP <sup>p. 5</sup>
* NBV is net of: (iv) cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 5</sup>
* '''Present value of expected premiums ('PVEP')''' is the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing Group share <sup>p. 5</sup>
* '''New business value margin ('NBV Margin')''' is the ratio of NBV to PVEP <sup>p. 5</sup>
* '''AM''': AM Best
* '''Present value of expected premiums ('PVEP')''' is the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term <sup>p. 5</sup>
* '''AMF''': Autorité des Marchés Financiers
* PVEP is discounted at the reference interest rate and is Group share <sup>p. 5</sup>
* '''CLP''': Credit and Lifestyle Protection
 
* '''CSM''': Contractual Service Margin
* '''DJSI''': Dow Jones Sustainability Index
* '''DPF''': Discretionary Participation Features
* '''EME''': Emerging Markets Europe
* '''ESMA''': European Securities and Markets Authority
* '''GAAP''': Generally Accepted Accounting Principles
* '''GWP''': Gross Written Premiums
* '''IFRS''': International Financial Reporting Standards
* '''LFL''': Like-for-Like
* '''NB CSM''': New Business Contractual Service Margin
* '''NBV''': New Business Value
* '''OTC QX''': Over The Counter QX
* '''PVEP''': Present Value of Expected Premiums
* '''SFCR''': Solvency and Financial Condition Report
* '''SME''': Small and Medium-sized Enterprises
* '''SRI''': Socially Responsible Investment
* '''UEPS''': Underlying Earnings Per Share
* '''UN''': United Nations
* '''UNEP FI''': United Nations Environment Programme's Finance Initiative
== Scope ==
 
Line 317 ⟶ 310:
* '''AXA XL''' includes insurance and reinsurance activities and holding <sup>p. 6</sup>
* '''Asia, Africa & EME-LATAM''' includes: <sup>p. 6</sup>
** '''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, the Philippines L&S and P&C, Indonesia L&S (bancassurance entity) (consolidated under equity method, contributing only to NBV, PVEP, underlying earnings, and net income) <sup>p. 6</sup>
** '''Asia''': China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (the bancassurance entity) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income <sup>p. 6</sup>
** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) (fully consolidated) <sup>p. 6</sup>
** EME-LATAM'''Africa''': MexicoEgypt (insurance activities), Colombiaand (insurance activitiesholding), BrazilMorocco (insurance activities and holding), and TürkiyeNigeria (insurance activities and holding) (are fully consolidated); Russia (Reso) (insurance activities) (consolidated under equity method, contributing only to net income) <sup>p. 6</sup>
** '''EME-LATAM''': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated <sup>p. 6</sup>
** AXA Mediterranean Holdings <sup>p. 6</sup>
** '''EME-LATAM''': Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income <sup>p. 6</sup>
* '''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 <sup>p. 6</sup>
** '''AXA Mediterranean Holdings''' <sup>p. 6</sup>
* '''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 <sup>p. 6</sup>
* The disposal of '''AXA Investment Managers''' to BNP Paribas was completed on July 1, 2025 <sup>p. 6</sup>
 
Line 328 ⟶ 323:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ End of period and average exchange rates for various1 currencieseuro. <sup>p. 6</sup>
! style="text-align:left" | For 1 Euro
! colspan="2" style="text-align:center" | End of Period Exchange rate
! colspan="2" style="text-align:center" | Average Exchange rate
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q26
|-
| style="text-align:left" | USD
Line 373 ⟶ 362:
== Notes ==
 
* Changes in '''Change in gross written premiums & other revenues''', '''new business value ('NBV')''', '''present value of expected premiums ('PVEP')''', and '''new business value margin ('NBV Margin')''' are on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated <sup>p. 7</sup>.
* The '''Solvency II ratio''' is estimated using AXA's internal model, calibrated basedfor on an adversea 1/200 years shock <sup>p. 7</sup>.
* The '''Solvency II ratio''' includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, based on the full-year dividend of EUR 2.32 per share for FY25 and an annual share buyback of EUR 1.25bn announced on February 26, 2026 <sup>p. 7</sup>.
* The theoretical dividend amount is based on a full-year dividend of EUR 2.32 per share for FY25, payable in 2026 <sup>p. 7</sup>.
* Annual share buybacks exclude anti-dilutive share buybacks related to certain disposals and in-force management transactions, as well as share buybacks to offset dilutive effects relating to employee share offerings and stock-based compensation <sup>p. 7</sup>
* DividendsThe andtheoretical share buybacksbuyback areamount proposedis bybased theon Boardan andannual submittedshare tobuyback shareholdersof forEUR approval1.25bn, announced on February 26, 2026 <sup>p. 7</sup>.
* Annual share buybacks exclude anti-dilutive share buybacks related to certain disposals and in-force management transactions, as well as share buybacks to offset dilutive effects from employee share offerings and stock-based compensation <sup>p. 7</sup>.
* The estimate of the Solvency II ratio should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year <sup>p. 7</sup>
* Dividends and share buybacks are proposed by the Board and subject to shareholder approval <sup>p. 7</sup>.
* Information on AXA's internal model and Solvency II disclosures is available in AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on axa.com <sup>p. 7</sup>
* '''ExpectedThe underlyingestimate earningsof perthe shareSolvency ('UEPS')II growth'''ratio forshould 2026not isbe aconsidered forward-lookingan statementindication providingof one-offactual guidancedividend forand theshare lastbuyback yearamounts offor the current2026 strategicfinancial planyear <sup>p. 7</sup>.
* For more information on AXA's internal model and Solvency II disclosures, refer to the '''AXA Group's Solvency and Financial Condition Report (SFCR)''' as of December 31, 2024, available on axa.com <sup>p. 7</sup>.
* '''Commercial lines''' refers to P&C Commercial lines excluding AXA XL Reinsurance <sup>p. 7</sup>
* '''PriceExpected effectunderlying earnings per share ('UEPS') growth for 2026''' is calculateda asforward-looking astatement percentageproviding ofone-off totalguidance grossfor writtenthe premiumslast year of the priorGroup's yearcurrent strategic plan <sup>p. 7</sup>.
* '''Capital instruments and subordinated debt''' subject to Solvency II transitional measures were grandfathered until January 1, 2026, after which they ceased to qualify as capital under Solvency II <sup>p. 7</sup>.
* '''G/A''' refers to General account <sup>p. 7</sup>
* '''Combined ratio''' is a non-GAAP financial measure (APM) <sup>p. 7</sup>.
* Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, after which they ceased to qualify as capital under Solvency II <sup>p. 7</sup>
* '''NaturalRestricted catastropheTier charges1''' includeis naturalrated catastrophe'A' lossesby regardlessStandard of& eventPoor's sizeand 'A3 (hyb)' by Moody's <sup>p. 7</sup>.
* '''CombinedTier ratio2''' is arated non-GAAP'A' financialby measureStandard & Poor's and 'A1 (hyb)' by Moody's <sup>p. 7</sup>.
* AXA completed its '''acquisition of a majority stake in Prima in Italy''' on November 28, 2025 <sup>p. 7</sup>.
* '''Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin''' include Health business predominantly written in Life entities <sup>p. 7</sup>
* RestrictedAll Tiercomments 1and ratingschanges arefor 'A'activity byindicators Standardare &on a Poor's and''comparable basis'''A3 (hyb)'constant byforex, Moody'sscope, and methodology) <sup>p. 7</sup>.
* Tier'''Actuarial 2and ratings arefinancial assumptions''A' byfor StandardNBV &and Poor'sPVEP andcalculations 'Aare (hyb)'updated bysemi-annually Moody'sat half-year and full-year <sup>p. 7</sup>.
* Financial figures and information in this press release have '''not been audited''' or subject to limited review by AXA's statutory auditors <sup>p. 7</sup>.
* AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 <sup>p. 7</sup>
* The '''AXA Group''' is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries <sup>p. 8</sup>.
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) <sup>p. 7</sup>
* In 2025, '''revenues''' amounted to EUR 115.5bn and '''underlying earnings''' to EUR 8.4bn <sup>p. 8</sup>.
* Actuarial and financial assumptions for NBV and PVEP are updated semi-annually at half year and full year <sup>p. 7</sup>
* The '''AXA ordinary share''' is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628) <sup>p. 8</sup>.
* Financial figures and information in this press release have not been audited or subject to limited review by AXA's statutory auditors <sup>p. 7</sup>
* '''AXA's American Depository Share''' is quoted on the OTC QX platform under ticker symbol AXAHY <sup>p. 8</sup>.
 
* The '''AXA Group''' is included in main international SRI indexes like Dow Jones Sustainability Index (DJSI) and FTSE4GOOD <sup>p. 8</sup>.
== About the AXA Group ==
* AXA 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''' <sup>p. 8</sup>.
 
* This press release and regulated information are available on the '''AXA Group website''' (axa.com) <sup>p. 8</sup>.
* The '''AXA Group''' is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries <sup>p. 8</sup>
* In 2025, '''revenuesForward-looking statements''' amountedare subject to EURknown 115.5bnand unknown risks and '''underlyinguncertainties, earnings''many outside AXA's control, which could cause actual results to EURdiffer 8.4bnmaterially <sup>p. 8</sup>.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law <sup>p. 8</sup>.
* The '''AXA ordinary share''' is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA) <sup>p. 8</sup>
* AXA'sThis press release refers to '''Americannon-GAAP Depositoryfinancial Sharemeasures (APMs)''' isused quotedby onManagement thefor OTCanalyzing QXoperating platformtrends, underfinancial tickerperformance, symboland AXAHYposition <sup>p. 8</sup>.
* TheThese '''AXAnon-GAAP Groupfinancial measures''' isgenerally includedhave inno mainstandardized internationalmeaning SRIand indexes,may suchnot asbe Dowcomparable Jonesto Sustainabilitysimilarly Indexlabeled (DJSI)measures andfrom FTSE4GOODother companies <sup>p. 8</sup>.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS <sup>p. 8</sup>.
* AXA 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 <sup>p. 8</sup>
* ''''Underlying earnings', UEPS, 'underlying return on equity', 'combined ratio', and 'debt gearing'''' are APMs as defined in ESMA's guidelines and AMF's position statement <sup>p. 8</sup>.
* This press release and regulated information are available on the AXA Group website (axa.com) <sup>p. 8</sup>
* Reconciliations of APMs to financial statements are provided in the '''2025 Universal Registration Document''' <sup>p. 8</sup>.
* Certain statements in this press release are forward-looking statements, subject to known and unknown risks and uncertainties, and should not be unduly relied upon <sup>p. 8</sup>
* '''Investor Relations''' contact: +33.1.40.75.48.42, investor.relations@axa.com <sup>p. 8</sup>.
* AXA specifically disclaims any obligation to publicly update or revise forward-looking statements, except as required by law <sup>p. 8</sup>
* '''Individual Shareholder Relations''' contact: +33.1.40.75.48.43 <sup>p. 8</sup>.
* This press release refers to certain non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position <sup>p. 8</sup>
* '''Media Relations''' contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 8</sup>.
* Non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies <sup>p. 8</sup>
* '''Corporate Responsibility strategy''' information is available at axa.com/en/about-us/strategy-commitments <sup>p. 8</sup>.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements <sup>p. 8</sup>
* '''SRI ratings''' information is available at axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 8</sup>.
* '''Underlying earnings''', '''UEPS''', '''underlying return on equity''', '''combined ratio''', and '''debt gearing''' are APMs as defined in ESMA's guidelines and the AMF's related position statement <sup>p. 8</sup>
* A reconciliation of APMs to financial statements is provided in the 2025 Universal Registration Document <sup>p. 8</sup>
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com <sup>p. 8</sup>
* Individual Shareholder Relations contact: +33.1.40.75.48.43 <sup>p. 8</sup>
* Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 8</sup>
* Corporate Responsibility strategy information: axa.com/en/about-us/strategy-commitments <sup>p. 8</sup>
* SRI ratings information: axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 8</sup>
 
== Appendix 1: Earnings ==
 
* '''APPENDIX 1''': Gross Written Premiums & Other Revenues by Geography and Business Line <sup>p. 9</sup>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ GWP & other revenues for P&C and life & health by region. <sup>p. 9</sup>
! style="text-align:left" | EUR million
! colspan="5" style="text-align:center" | GWP & Other Revenues
! colspan="2" style="text-align:center" | P&C
! colspan="2" style="text-align:center" | Life & Health
|-
! style="text-align:left" | —
! classcolspan="col-s3" style="text-align:rightcenter" | 1Q25GWP & Other PublishedRevenues
! class="col-s" style="text-align:right" | Change vs. 1Q25 Adjusted ii,iii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Change LFL
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change LFL
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change LFL
! colspan="2" style="text-align:center" | o/w P&C
! colspan="2" style="text-align:center" | o/w Life & Health
|-
| style="text-align:left" | France {{footnote|1=• Including Banking revenues of Euro 26 million in 1Q26 and Euro 25 million in 1Q25.&#10;• Portfolio of lifestyle and income protection (CLP) premiums reallocated from France to Transversal (Euro 198 million premiums in 1Q25 o/w Euro 68 million in P&C and Euro 130 million in Life & Health; Euro 201 million premiums in 1Q26 o/w Euro 68 million in P&C and Euro 132 million in Life & Health).&#10;• International protection and health premiums previously in AXA France (Euro 319 million in 1Q25 o/w Euro 104 million in Life and Euro 215 million in Health; Euro 336 million in 1Q26 o/w Euro 103 million in Life and Euro 233 million in Health) are now reported under new carrier AXA Health International, part of Europe.}}
| style="text-align:left" | France i,ii,iii
| style="text-align:right" | 8,440
| style="text-align:right" | 7,923
Line 451 ⟶ 421:
| style="text-align:right" | +4%
|-
| style="text-align:left" | Europe {{footnote|1=International protection and health premiums previously in AXA France (Euro 319 million in 1Q25 o/w Euro 104 million in Life and Euro 215 million in Health; Euro 336 million in 1Q26 o/w Euro 103 million in Life and Euro 233 million in Health) are now reported under new carrier AXA Health International, part of Europe.}}
| style="text-align:left" | Europe iii
| style="text-align:right" | 15,289
| style="text-align:right" | 15,608
Line 484 ⟶ 454:
| style="text-align:right" | +13%
|-
| style="text-align:left" | Transversal {{footnote|1=Portfolio of lifestyle and income protection (CLP) premiums reallocated from France to Transversal (Euro 198 million premiums in 1Q25 o/w Euro 68 million in P&C and Euro 130 million in Life & Health; Euro 201 million premiums in 1Q26 o/w Euro 68 million in P&C and Euro 132 million in Life & Health).}}
| style="text-align:left" | Transversal ii
| style="text-align:right" | 525
| style="text-align:right" | 723
Line 506 ⟶ 476:
| style="text-align:right" | —
|-
| style="text-align:left; font-weight:bold" | Total i{{footnote|1=Including Banking revenues of Euro 26 million in 1Q26 and Euro 25 million in 1Q25.}}
| style="text-align:right; font-weight:bold" | 36,967
| style="text-align:right; font-weight:bold" | 36,967
Line 519 ⟶ 489:
</div>
 
* '''Banking revenues''' wereamounted to EUR 26m in 1Q26 and EUR 25m in 1Q25 <sup>p. 9</sup>.
* '''Portfolio of lifestyle and income protection (CLP) premiums''' were reallocated from France to Transversal <sup>p. 9</sup>.
** '''1Q25 CLP premiums''' were EUR 198m in 1Q25, with EUR 68m in P&C and EUR 130m in Life & Health <sup>p. 9</sup>.
** '''1Q26 CLP premiums''' were EUR 201m in 1Q26, with EUR 68m in P&C and EUR 132m in Life & Health <sup>p. 9</sup>.
** '''International1Q25 protection and healthinternational premiums''' previouslywere reportedEUR under319m, AXAwith FranceEUR are104m nowin reportedLife underand AXAEUR Health215m International,in which is part of EuropeHealth <sup>p. 9</sup>.
** '''International1Q26 protection and healthinternational premiums''' were EUR 319m in 1Q25336m, with EUR 104m103m in Life and EUR 215m233m in Health <sup>p. 9</sup>.
** '''International protection and health premiums''' were EUR 336m in 1Q26, with EUR 103m in Life and EUR 233m in Health <sup>p. 9</sup>.
* '''APPENDIX 1''': Earnings <sup>p. 10</sup>.
* '''APPENDIX 2''': Property & Casualty - Gross Written Premiums & Other Revenues by Business Line and Discount Rates <sup>p. 10</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&CInternational commercialpremiums andby personalline lines,of business and AXA XL reinsurance by region. <sup>p. 10</sup>
! style="text-align:left" | EUR million—
! colspan="2" style="text-align:center" | Commercial lines
! colspan="5" style="text-align:center" | Personal lines
! colspan="2" style="text-align:center" | AXA XL Reinsurance
! colspan="2" style="text-align:center" | Total P&C
! class="col-s" style="text-align:centerright" | —
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Changeⁱ
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | Changeⁱ
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | Changeⁱ
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | Changeⁱ
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Changeⁱ
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Changeⁱ
|-
| style="text-align:left" | France
Line 639 ⟶ 592:
</div>
 
'''Interest rates (5Y) for the discounting of P&C claims reserves'''
* '''Changes''' are on a comparable basis (constant forex, scope, and methodology) <sup>p. 10</sup>.
 
=== Interest rates (5Y) for the discounting of P&C claims reserves ===
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Interest rates (5Y) for the discounting of P&C claims reserves. <sup>p. 10</sup>
! style="text-align:left" | —
! 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.}}
|-
| style="text-align:left" | EUR
Line 676 ⟶ 627:
</div>
 
* No facts available for this section.
* '''APPENDIX 3''': Underlying Earnings by Geography and by Business Line <sup>p. 11</sup>.
* '''APPENDIX 3''': Property & Casualty - Price Effect by Business Line <sup>p. 11</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&C price effect by country and business line. <sup>p. 11</sup>
! colspan="4" style="text-align:leftcenter" | 1Q26P&C: Price effect by country and business (%)line
! class="col-s" style="text-align:right" | Commercial lines
! class="col-s" style="text-align:right" | Personal lines
! class="col-s" style="text-align:right" | AXA XL Reinsurance
|-
| style="text-align:left" | France
Line 727 ⟶ 674:
| style="text-align:right" | —
|-
| style="text-align:left" | AXA XL {{footnote|1=Price decrease on renewals at -0.2% in Insurance and -3.1% in Reinsurance. Price decrease on renewals calculated as a percentage of renewed premiums Page 11 GIE_AXA_Internal GIE_AXA_Secret.}}
| style="text-align:left" | AXA XL ii
| style="text-align:right" | -0.2%
| style="text-align:right" | —
Line 743 ⟶ 690:
|}
</div>
 
* '''APPENDIX 4''': Property & Casualty - Revenue Contribution & Growth by Business Line <sup>p. 12</sup>.
* '''APPENDIX 4''': Life & Health - Gross Written Premiums & Other Revenues and Growth by Business Line <sup>p. 12</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LifeGWP & healthother protection,revenues G/Aby savings,business line and unit-linked by region. <sup>p. 12</sup>
! style="text-align:left" | EURGWP million& Other Revenues
! colspan="2" style="text-align:center" | Total i
! colspan="2" style="text-align:center" | o/w Protection
! colspan="2" style="text-align:center" | o/w G/A Savings {{footnote|1=General account.}}
! colspan="2" style="text-align:center" | o/w Unit-Linked
! colspan="2" style="text-align:center" | o/w Health
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
|-
| style="text-align:left" | France
Line 841 ⟶ 773:
| style="text-align:right; font-weight:bold" | +8%
|-
| style="text-align:left; padding-left:1.5em" | o/w short-term {{footnote|1=• Short-term business refers to insurance activities measured using the Premium Allocation Approach (“PAA”).&#10;• Short-term business margin is analyzed using the Combined Ratio.&#10;• Short-term business refers to Life Pure Protection and Health when measured using the PAA period.}}
| style="text-align:left; padding-left:1.5em" | o/w short-term iii
| style="text-align:right" | 5,436
| style="text-align:right" | +6%
Line 855 ⟶ 787:
</div>
 
* '''APPENDIXPVEP, 4NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25''': Property &have Casualtybeen -updated Revenuebased Contributionon &FY25 Growthactuarial byand Businessfinancial Lineassumptions <sup>p. 13</sup>.
* '''APPENDIX 5''': Life & Health - Updated PVEP, NB CSM, NBV, and NBV margin <sup>p. 13</sup>.
* '''PVEP, NB CSM, NBV, and NBV margin''' for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions <sup>p. 13</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1Q25Life updatedand figureshealth fornew lifebusiness and healthmetrics by region. <sup>p. 13</sup>
! style="text-align:left" | EUR million—
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | HealthⁱHealth
! colspan="4" style="text-align:center" | TotalⁱTotal
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | France {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.&#10;• International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.}}
| style="text-align:left" | France ii,iii
| style="text-align:right" | 3,026
| style="text-align:right" | 94
Line 895 ⟶ 811:
| style="text-align:right" | 3.2%
|-
| style="text-align:left" | Europe {{footnote|1=International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.}}
| style="text-align:left" | Europe iii
| style="text-align:right" | 2,982
| style="text-align:right" | 183
Line 923 ⟶ 839:
| style="text-align:right" | 6.6%
|-
| style="text-align:left" | Transversal ii{{footnote|1=Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.}}
| style="text-align:right" | 63
| style="text-align:right" | 5
Line 955 ⟶ 871:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1H25Life updatedand figureshealth fornew lifebusiness and healthmetrics by region. <sup>p. 13</sup>
! style="text-align:left" | EUR million—
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | HealthᶦHealth
! colspan="4" style="text-align:center" | TotalᶦTotal
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | France {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.&#10;• International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.}}
| style="text-align:left" | France ii,iii
| style="text-align:right" | 6,969
| style="text-align:right" | 204
Line 989 ⟶ 891:
| style="text-align:right" | 3.2%
|-
| style="text-align:left" | Europe {{footnote|1=International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.}}
| style="text-align:left" | Europe iii
| style="text-align:right" | 5,585
| style="text-align:right" | 328
Line 1,017 ⟶ 919:
| style="text-align:right" | 6.8%
|-
| style="text-align:left" | Transversal ii{{footnote|1=Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.}}
| style="text-align:right" | 153
| style="text-align:right" | 12
Line 1,049 ⟶ 951:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 9M25PVEP, updatedNB figuresCSM, for lifeNBV, and healthNBV margin by region. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health i
! colspan="4" style="text-align:center" | Total i
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
Line 1,069 ⟶ 966:
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | Franceii, {{footnote|1=International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.}}
| style="text-align:left" | France ii,iii
| style="text-align:right" | 9,911
| style="text-align:right" | 277
Line 1,083 ⟶ 980:
| style="text-align:right" | 3.1%
|-
| style="text-align:left" | Europe {{footnote|1=International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.}}
| style="text-align:left" | Europe iii
| style="text-align:right" | 7,900
| style="text-align:right" | 450
Line 1,111 ⟶ 1,008:
| style="text-align:right" | 7.0%
|-
| style="text-align:left" | Transversal ii{{footnote|1=Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.}}
| style="text-align:right" | 230
| style="text-align:right" | 18
Line 1,143 ⟶ 1,040:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1Q25 updated figures for: NB CSM andto NBV. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! 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.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,173 ⟶ 1,070:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1H25 updated figures for: NB CSM andto NBV. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! 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.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,203 ⟶ 1,100:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 9M25 updated figures for: NB CSM andto NBV. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! 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.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,231 ⟶ 1,128:
</div>
 
* '''APPENDIXChange 9vs. 1Q25''': Otherfigures are updated based on FY25 financial and actuarial assumptions <sup>p. 14</sup>.
* '''APPENDIX 6''': PVEP, NB CSM, NBV, and NBV margin <sup>p. 14</sup>.
* '''Change vs. 1Q25''' updated figures are based on FY25 financial and actuarial assumptions <sup>p. 14</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and health new business metrics for 1Q26 by region. <sup>p. 14</sup>
! style="text-align:left" | EUR million—
! colspan="8" style="text-align:center" | Life New Business Metrics 1Q26
! colspan="8" style="text-align:center" | HealthⁱHealth New Business Metrics 1Q26
! colspan="8" style="text-align:center" | TotalⁱTotal New Business Metrics 1Q26
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Changeⁱⁱ
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Changeⁱⁱ
|-
| style="text-align:left" | Franceⁱⁱⁱ,ⁱᵛ
Line 1,403 ⟶ 1,272:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ NB CSM to NBV for life and health. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! 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.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,432 ⟶ 1,301:
 
* '''Health business''' written predominantly in Life entities is included <sup>p. 14</sup>.
* '''Changes''' are on a comparable basis (constant forex, scope, and methodology) <sup>p. 14</sup>.
* '''APPENDIX 9''': Other <sup>p. 15</sup>.
* '''APPENDIX 7''': Life & Health - Net Flows <sup>p. 15</sup>.
 
=== '''Net flows by business line ==='''
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Net flows by business line for life & health. <sup>p. 15</sup>
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q26
|-
| style="text-align:left" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}
| style="text-align:right" | +0.8
| style="text-align:right" | +1.0
Line 1,457 ⟶ 1,323:
| style="text-align:right" | -0.8
|-
| 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:right" | +0.6
| style="text-align:right" | +0.7
Line 1,465 ⟶ 1,331:
| style="text-align:right" | -1.5
|-
| style="text-align:left" | Unit-Linked iii{{footnote|1=Including Investment contracts with no discretionary participation features (“DPF”).}}
| style="text-align:right" | +0.5
| style="text-align:right" | +0.7
|-
| 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.}}
| style="text-align:right; font-weight:bold" | +2.5
| style="text-align:right; font-weight:bold" | +2.7
Line 1,476 ⟶ 1,342:
 
* '''Health business''' written predominantly in Life entities is included <sup>p. 15</sup>.
* '''Capital light G/A''' encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% <sup>p. 15</sup>.
* '''Investment contracts''' with no discretionary participation features ('DPF') are included <sup>p. 15</sup>.
* '''Main transactions inA 2026''': AXA announced the execution of a share repurchase agreement''' for its share buyback program of up to EUR 1.25bn was announced on February 27, 2026 <sup>p. 16</sup>.
* '''Next main investor events''' include:
** '''HY26 Earnings Release''' on July 31, 2026 <sup>p. 16</sup>.
** '''AXA Investor Day''' on September 15, 2026 <sup>p. 16</sup>.
** '''AXA Investor roundtable''' on the strategy for AXA key markets strategy on September 21, 2026 <sup>p. 16</sup>.
** '''9M26 Activity Indicators''' on October 29, 2026 <sup>p. 16</sup>.
 
* '''APPENDIX 9''': Other <sup>p. 16</sup>.
== Abbreviations ==
* '''APPENDIX 8''': Main Transactions and Next Main Investor Events <sup>p. 16</sup>.
 
* '''AM''': A.M. Best
* '''AMF''': Autorité des Marchés Financiers
* '''APM''': Alternative Performance Measure
* '''AXA SA''': AXA Société Anonyme
* '''CLP''': Credit and Lifestyle Protection
* '''CSM''': Contractual Service Margin
* '''DJSI''': Dow Jones Sustainability Index
* '''DPF''': Discretionary Participation Features
* '''EME LATAM''': Emerging Markets Europe Latin America
* '''EME''': Emerging Markets Europe
* '''ESMA''': European Securities and Markets Authority
* '''GAAP''': Generally Accepted Accounting Principles
* '''GWP''': Gross Written Premiums
* '''IFRS''': International Financial Reporting Standards
* '''LATAM''': Latin America
* '''LFL''': Like-for-Like
* '''NB CSM''': New Business Contractual Service Margin
* '''NBV''': New Business Value
* '''OTC QX''': Over The Counter QX
* '''PVEP''': Present Value of Expected Premiums
* '''PVNBP''': Present Value of New Business Premiums
* '''SFCR''': Solvency and Financial Condition Report
* '''SME''': Small and Medium-sized Enterprises
* '''SRI''': Socially Responsible Investing
* '''UEPS''': Underlying Earnings Per Share
* '''UK''': United Kingdom
* '''UN''': United Nations
* '''UNEP FI''': United Nations Environment Programme's Finance Initiative
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