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 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.''

** '''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}.

* '''NetLife & Health net flows''' +EUR +2.7bn ^{p. 1}.

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

* AXA will present its new strategic plan for 2027-2029 on September 15, 2026 ^{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," said Alban de Mailly Nesle, Chief Financial Officer of AXA . "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>

<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 ." ^{p. 1}</blockquote>

|+ AXA's1Q26 key highlights: gross written premiums and other revenues for 1Q25 and 1Q26. ^{p. 2}

! 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; padding-left:1.5em" | o/w Property & Casualty {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}

| style="text-align:left; padding-left:1.5em" | o/w Asset Management {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}

|+ AXA's1Q26 Solvencykey highlights: solvency II ratio for FY25, January 1, 2026, and 1Q26. ^{p. 2}

| style="text-align:left" | Solvency II ratio (%) {{footnote|1=The• Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 yearsyear shock.&#10;• It includesIncludes 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 to be paid in 2026 forand FY25 andthe 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, as well asand 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 a variety of factors described in AXA’s 2025 Universal Registration Document and, then submitted to AXA’s shareholders for approval.&#10;• This estimate should not be considered in any way to be an indication of the actual dividend and share buyback amounts, if any, for the 2026 financial year.&#10;• For further information on AXA’s internal model and Solvency II disclosures, please refer tosee AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA’s website (www.axa.com).}}

** '''Property & Casualty''' +4%, driven^{p. by:2}

*** '''Personal lines''' +7%, duedriven toby 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 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%, driven^{p. by:2}

*** '''Life premiums''' +8%, duedriven toby 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%, duedriven toby favorable price effects across all geographies ^{p. 2}.

* 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) ^{p. 2}.

* The '''Solvency II ratio''' was down -4 points vs. January 1, 2026, reflecting: ^{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}.

|+ PProperty &C casualty: gross written premiums and other revenues for 1Q25 and 1Q26. ^{p. 3}

! class="col-s" style="text-align:right" | 1Q26 Price effect 6 (in %) {{footnote|1=Price effect is calculated as a percentage of total gross written premiums ofin 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^{p. by: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^{p. from: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}.

*** 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 budget'''was of approximatelydown -4.5 points of combined ratio is maintained% ^{p. 3}.

|+ Life & Healthhealth: keygross figureswritten for 1Q25premiums and 1Q26other revenues. ^{p. 4}

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

* All year-on-year changes are on a comparable basis vs.versus the updated 1Q25 figures ^{p. 4}.

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

*** '''Unit-Linked''' (+16%), from continued positive sales momentum across geographies ^{p. 4}.

*** '''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 ^{p. 4}.

*** '''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 ^{p. 4}.

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

* '''PVEP''' +8% to EUR 13.8bn, driven^{p. by:4}

** '''Life''' (+10%), reflecting strong sales across geographies in both Savings (+14%) and Protection (+6%), partly offset by lower Group Life sales in Switzerland ^{p. 4}.

** '''Health''' (+4%), mainly due to higher Group business volumes in France, partly offset by Japan ^{p. 4}.

* '''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) ^{p. 4}.

* '''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 ^{p. 4}.

* '''NBV margin''' -decreased by 0.3 points to 4.4% ^{p. 4}.

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

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

** '''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) ^{p. 4}.

** '''Health''' (EUR +1.0bn), mostly from Germany, France, and Japan ^{p. 4}.

|+ Insurer financial strength and AXA's credit ratings by agency. ^{p. 5}

! colspan="2" style="text-align:center" | AXA's credit ratings {{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.}}

! 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 CSM')''' is a component of the valuecarrying amount of the asset or liability for newly issued insurance contracts during the current yearperiod, consistingrepresenting of:the unearned profit to be recognized as insurance contract services are provided ^{p. 5}

** TheNBV consists of the sum of: (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts during the period, (carried by Life entities, considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9 ^{p. 5}.

** TheNBV presentis valuenet of: future(iv) profitscost of purereinsurance, investment(v) contractstaxes, accountedand for(vi) underminority IFRS 9interests ^{p. 5}.

** Net'''New ofbusiness thevalue costmargin of('NBV reinsurance,Margin')''' taxes,is andthe minorityratio interestsof NBV to PVEP ^{p. 5}.

* '''New businessPresent value marginof expected premiums ('NBV MarginPVEP')''' is the rationew business volume, equal to the present value at the time of NBVissue of the total premiums expected to PVEPbe received over the policy term ^{p. 5}.

* '''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 theis Group share ^{p. 5}.

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

* '''Europe''' includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxembourgLuxemburg (insurance activities and holding), United 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}.

* '''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 (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 (the bancassurance entity) (consolidated under the equity method, contributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 6}.

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

** '''EME-LATAMAfrica''': 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 the equity method, contributing only to net income) ^{p. 6}.

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

|+ ExchangeEnd ratesof forperiod majorand currenciesaverage inexchange FY25,rates 1Q25,for and1 1Q26euro. ^{p. 6}

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

! classcolspan="col-s2" style="text-align:rightcenter" | FY25End of Period Exchange rate

! classcolspan="col-s2" style="text-align:rightcenter" | 1Q26Average Exchange rate

* '''ChangesChange 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 ^{p. 7}.

* These'''Solvency andII otherratio''' termsis areestimated definedusing inAXA's theinternal glossarymodel, sectioncalibrated offor thea press1/200 releaseyears shock ^{p. 7}.

* The '''Solvency II ratio''' isincludes estimateda usingtheoretical AXA'samount internalfor model,dividends calibratedand basedshare onbuybacks anaccrued adversefor 1/200the yearsfirst shockthree months of 2026 ^{p. 7}.

|+ GrossGWP written premiums and& other revenues by segment for 1Q25 and 1Q26region. ^{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.}}

|+ P&C gross writtenInternational premiums andby otherline revenuesof bybusiness segment forand 1Q26region. ^{p. 10}

! classcolspan="col-s2" style="text-align:rightcenter" | TotalCommercial Commerciallines

! classcolspan="col-s5" style="text-align:rightcenter" | ChangePersonal lines

! classcolspan="col-s2" style="text-align:rightcenter" | PersonalAXA XL MotorReinsurance

! classcolspan="col-s2" style="text-align:rightcenter" | ChangeTotal P&C

! class="col-s" style="text-align:right" | Personal Non-Motor—

|+ Interest rates (5Y) for the discounting of P&C claims reserves in FY25 and 1Q26. ^{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.}}

|+ Interest rates (5Y) for discounting P&C claimsprice reserveseffect by linecountry ofand business line. ^{p. 11}

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

|+ PGWP &C gross written premiums and other revenues by segmentbusiness forline and 1Q26region. ^{p. 12}

! style="text-align:left" | —GWP & Other Revenues

! classcolspan="col-s2" style="text-align:rightcenter" | 1Q26Total

! classcolspan="col-s2" style="text-align:rightcenter" | Changeo/w Protection

! classcolspan="col-s2" style="text-align:rightcenter" | 1Q26o/w G/A Savings {{footnote|1=General account.}}

! classcolspan="col-s2" style="text-align:rightcenter" | Changeo/w Unit-Linked

! classcolspan="col-s2" style="text-align:rightcenter" | 1Q26o/w Health

|+ Life &and Healthhealth grossnew writtenbusiness premiums and other revenuesmetrics by segment for 1Q26region. ^{p. 13}

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

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

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

|+ Life &and Healthhealth grossnew writtenbusiness premiums and other revenuesmetrics by segment for 1Q26region. ^{p. 13}

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

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

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

|+ PVEP, NB CSM, NBV, and NBV margin by segment for 1Q26region. ^{p. 13}

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

|+ 1Q25 updated figures: NB CSM to NBV figures for Life and Health. ^{p. 13}

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

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

|+ 1H25 updated figures: NB CSM to NBV figures for Life and Health. ^{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: NB CSM to NBV figures for Life and Health. ^{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.}}

|+ PVEP,Life NBand CSM,health NBV,new andbusiness NBVmetrics margin1Q26 by segment for 1Q26region. ^{p. 14}

! classcolspan="col-s8" style="text-align:rightcenter" | PVEPLife New Business Metrics 1Q26

! classcolspan="col-s8" style="text-align:rightcenter" | ChangeHealth New Business Metrics 1Q26

! classcolspan="col-s8" style="text-align:rightcenter" | NBTotal CSMNew (pre-tax)Business Metrics 1Q26

| style="text-align:left" | FranceFranceⁱⁱⁱ,ⁱᵛ

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

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

|+ NB CSM to NBV for Life and Health. ^{p. 14}

! 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.}}

|+ Life & Health netNet flows for 1Q25by andbusiness 1Q26line. ^{p. 15}

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

| style="text-align:left" | G/A Savings {{footnote|1=General account.}}

| style="text-align:left; padding-left:1.5em" | o/w capital light {{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 {{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.}}