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

| document_typedocument_category = Press release

** '''RetailProperty & Casualty premiums''' premiums +7%, with +4% from price effect and +3%to fromEUR volumes21.5bn ^{p. 1}

*** '''CommercialRetail premiums''' premiums +37%, with equal contributions+4% from price effect and +3% from volumes ^{p. 1}

*** '''LifeCommercial & Healthpremiums''' premiums +83%, with equal contributions from price toeffect EURand 16.5bnvolumes ^{p. 1}

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

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

*** Life & '''Health NB CSMpremiums''' +48% ^{p. 1}

* '''NetLife flows& Health NB CSM''' +EUR 2.7bn4% ^{p. 1}

* AXA is on track to achieve '''underlying earnings per share growth''' for 2026 at the upper end of the 6-8% plan target range {{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," 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>

|+ 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).}}

| 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. These and other termsTerms are defined in the glossary section of this press release.}}

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

*** '''CommercialPersonal lines''' +37%, fromdriven by higher volumes (notablyand atfavorable AXAprice XLeffect Insurance){{footnote|1=Price andeffect favorablecalculated priceas effecta (mainlypercentage inof SMEtotal &gross Mid-marketwritten businesspremiums inof Europethe andprior France)year.}} ^{p. 2}

*** '''AXACommercial XL Reinsurancelines''' -7+3%, reflectingfrom disciplinehigher volumes (notably at AXA XL Insurance) and favorable price effect (mainly in softeningSME & Mid-market conditionsbusiness in Europe and France) ^{p. 2}

*** '''LifeAXA &XL HealthReinsurance''' +8-7%, drivenreflecting by:discipline in softening market conditions ^{p. 2}

*** '''HealthLife premiums''' +8%, fromdriven favorableby pricestrong effectssales 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}

|+ GrossProperty & casualty: gross written premiums and other revenues for property & casualty. ^{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" | 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. These and other termsTerms are defined in the glossary section of this press release.}}

** '''EuropePersonal lines''' +grew by 7%, fromto favorableEUR price effects (except UK & Ireland) and higher volumes7.0bn ^{p. 3}

** '''FranceEurope''' +87%, withfrom strongfavorable volumeprice growtheffects (directacross businessgeographies and(except proprietaryUK agent& networksIreland) and favorable pricehigher effectvolumes ^{p. 3}

** Asia'''France''' +8%, Africawith &strong EMEvolume LATAMgrowth +7%,(from mainlydirect frombusiness higherand averageproprietary premiumsagent innetworks) Türkiye andcombined higherwith volumesfavorable inprice Mexicoeffect ^{p. 3}

** '''CommercialAsia, Africa & EME linesLATAM''' +37%, tomainly EURdriven 13.2bn,by mainlyhigher average premiums in Türkiye and higher volumes in from:Mexico ^{p. 3}

** France'''AXA XL Insurance''' +62%, from favorablegrowth pricein effectProperty and higherSpecialty where margins remain attractive, partly offset by lower volumes in Casualty ^{p. 3}

** Asia,Pricing Africafor &AXA EME-LATAMXL +10%,Insurance mainlyremains fromstable higherversus average premiums in Türkiye1Q25 ^{p. 3}

** '''AXA XL ReinsuranceFrance''' -7+6% to EUR 1.2bn, reflectingfrom lowerboth volumesfavorable consistentprice witheffect focusand onhigher profitability in a softer market, with pricing -4%volumes ^{p. 3}

|+ GrossLife & health: gross written premiums and other revenues for life & health. ^{p. 4}

! class="col-s" style="text-align:right" | 1Q25 Updated {{footnote|1=• For the sake of comparability, please note that 1Q25 PVEP, NB CSM, NBV, and NBV margin have all 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 given on a comparable basis versus the updated 1Q25 figures. (See Appendix 5).}}

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

| style="text-align:left" | New business valueNBV (post-tax)

| style="text-align:left" | New business valueNBV margin

* 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 (footnote: 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. These and other terms are defined in the glossary section of this press release.) (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other termsTerms are defined in the glossary section of this press release.}}, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability ^{p. 4}

* '''LifeAll premiums'''year-on-year +8%changes toare EURon 10.5bn,a drivencomparable by:basis versus the updated 1Q25 figures ^{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 by: ^{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. These and other termsTerms are defined in the glossary section of this press release.}} +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. These and other termsTerms are defined in the glossary section of this press release.}} +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}

* '''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. These and other termsTerms are defined in the glossary section of this press release.}} +were EUR +2.7bn (prior:compared to +EUR +2.5bn in 1Q25), driven by: ^{p. 4}

** '''Protection''' +EUR +1.8bn, mainly in Hong Kong and Switzerland (Individual Life) and Japan (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}

! style="text-align:left" | —

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

! 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-sm" style="text-align:right" | March 11, 2026

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

* '''New business contractualContractual service margin ('NB CSM')''' is a component of the carrying amount of the asset or liability for newlya issuedgroup of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders ^{p. 5}

* '''Present value of expected premiums ('PVEP')''' is the new business volume, equal to the present value ofat totalthe premiumstime expectedof overissue of the policytotal term,premiums discountedexpected atto thebe referencereceived interestover rate,the andpolicy is Group shareterm ^{p. 5}

* '''Europe''' includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium, Luxembourgand Luxemburg (insurance activities and holding), UKUnited &Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (acquired Nov 28,insurance 2025activities), AXA Health International (insurance activities), and AXA Life Europe (all insurance activities and/or 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 (excl.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}

** '''EME-LATAMAfrica''': Mexico,Egypt Colombia,(insurance Brazilactivities and holding), TürkiyeMorocco (fullyinsurance consolidated);activities Russiaand (Resoholding), and Nigeria (equityinsurance method,activities contributingand onlyholding) toare netfully income)consolidated ^{p. 6}

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

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

* '''ChangesChange 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}.

* '''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,the basedfirst onthree a full-year dividendmonths of EUR 2.32 per share (for FY25) and an annual share buyback of EUR 1.25bn (announced Feb 26, 2026) ^{p. 7}.

* '''DividendsThe andtheoretical share buybacks'''buyback areamount proposedis bybased theon Boardan andannual submittedshare tobuyback shareholdersof forEUR approval1.25bn, announced on February 26, 2026 ^{p. 7}.

* '''UnderlyingThe earningsestimate perof sharethe ('UEPS')Solvency growthII forratio 2026'''should isnot abe forward-lookingconsidered statementan providingindication one-offof guidanceactual fordividend theand lastshare yearbuyback ofamounts for the current2026 strategicfinancial planyear ^{p. 7}.

* '''RestrictedCombined Tier 1ratio''' is rateda 'A'non-GAAP byfinancial S&P and 'A3measure (hybAPM)' by Moody's ^{p. 7}.

* '''Restricted Tier 21''' is rated 'A' by SStandard &P Poor's and 'A1A3 (hyb)' by Moody's ^{p. 7}.

* '''AXATier completed2''' itsis acquisitionrated of'A' aby majorityStandard stake& inPoor's Primaand in'A1 Italy''(hyb)' onby November 28, 2025Moody's ^{p. 7}.

* '''AllAXA commentscompleted andits changes'''acquisition are onof a comparablemajority basisstake forin activityPrima indicatorsin (constantItaly''' forex,on November scope28, and methodology)2025 ^{p. 7}.

* '''ActuarialAll comments and financial assumptions'''changes for NBVactivity and PVEPindicators are updatedon semi-annuallya '''comparable basis''' (halfconstant forex, yearscope, and full yearmethodology) ^{p. 7}.

* '''Financial figuresActuarial and informationfinancial assumptions''' infor thisNBV pressand releasePVEP havecalculations notare beenupdated auditedsemi-annually orat subjecthalf-year toand limited review by AXA's statutory auditorsfull-year ^{p. 7}.

* The '''AXA Groupordinary share''' is alisted worldwideon leadercompartment inA insuranceof withEuronext 156,000Paris employeesunder servingticker oversymbol 92CS million(ISN clientsFR in 52 countries0000120628) ^{p. 8}.

* '''InAXA's American Depository 2025Share''', revenuesis amountedquoted toon EURthe 115.5bnOTC andQX underlyingplatform earningsunder toticker EURsymbol 8.4bnAXAHY ^{p. 8}.

* The '''AXA ordinary shareGroup''' is listedincluded onin compartmentmain Ainternational ofSRI Euronextindexes Parislike underDow tickerJones symbolSustainability CSIndex (ISNDJSI) FRand 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA)FTSE4GOOD ^{p. 8}.

* AXAThis Grouppress isrelease includedand inregulated maininformation internationalare SRIavailable indexeson (Dowthe Jones'''AXA SustainabilityGroup Index,website''' FTSE4GOOD(axa.com) ^{p. 8}.

* ThisNon-GAAP pressfinancial releasemeasures refersshould tonot non-GAAPbe financialconsidered measuresin (APMs)isolation usedfrom, byor Managementas a substitute for, analyzingthe operatingGroup's trends,consolidated financial performance,statements andprepared positionin accordance with IFRS ^{p. 8}.

|+ Gross written premiumsGWP & other revenues by geography and business lineregion. ^{p. 9}

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

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

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

| style="text-align:left" | France {{footnote|1=• Including Banking revenues amounting toof 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 recorded 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 that is, part of Europe.}}

| style="text-align:left" | Europe {{footnote|1=International protection and health premiums previously recorded 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 that is, part of Europe.}}

| 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; font-weight:bold" | Total {{footnote|1=Including Banking revenues amounting toof Euro 26 million in 1Q26 and Euro 25 million in 1Q25.}}

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

** '''1Q25Portfolio of lifestyle and income protection (CLP) premiums''': EURwere 198mreallocated (EURfrom 68mFrance P&C,to EUR 130m Life & Health)Transversal ^{p. 9}.

** '''1Q261Q25 CLP premiums''': were EUR 201m198m, with (EUR 68m in P&C, and EUR 132m130m in Life & Health) ^{p. 9}.

** '''1Q251Q26 InternationalCLP premiums''': were EUR 319m201m, with (EUR 104m68m Life,in P&C and EUR 215m132m in Life & Health) ^{p. 9}.

** '''1Q261Q25 Internationalinternational premiums''': were EUR 336m319m, with (EUR 103m104m in Life, and EUR 233m215m in Health) ^{p. 9}.

|+ International premiums by line of business lineand region. ^{p. 10}

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

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

=== '''Interest rates (5Y) for the discounting of P&C claims reserves ==='''

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

! colspan="4" style="text-align:center" | P&C: Price effect i by country and business line {{footnote|1=Price effect calculated as a percentage of total gross written premiums in the prior year.}}

|+ Life & health gross written premiumsGWP & other revenues and growth by business line and region. ^{p. 12}

! style="text-align:left" | Gross written premiumsGWP & otherOther revenuesRevenues

! colspan="2" style="text-align:center" | Total {{footnote|1=Including Euro 4,431 million gross written premiums in Employee Benefits (+5% vs. 1Q25). Employee Benefits include Group Protection and Group Health contracts.}}

| 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 here to Life Pure Protection and Health when measured using the PAA period.}}

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

|+ UpdatedLife PVEP,and NBhealth CSM, NBV, andnew NBVbusiness marginmetrics forby 1Q25region. ^{p. 13}

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

! classcolspan="col-s4" style="text-align:rightcenter" | PVEPLife

! classcolspan="col-s4" style="text-align:rightcenter" | NB CSM (pre-tax)Health

! classcolspan="col-s4" style="text-align:rightcenter" | NBV (post-tax)Total

| 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 recorded in AXA France is now reported under new carrier AXA Health International that is, part of Europe.}}

| style="text-align:left" | Europe {{footnote|1=International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is, part of Europe.}}

|+ UpdatedLife PVEP,and NBhealth CSM, NBV, andnew NBVbusiness marginmetrics forby 1H25region. ^{p. 13}

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

! classcolspan="col-s4" style="text-align:rightcenter" | PVEPLife

! classcolspan="col-s4" style="text-align:rightcenter" | NB CSM (pre-tax)Health

! classcolspan="col-s4" style="text-align:rightcenter" | NBV (post-tax)Total

| 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 recorded in AXA France is now reported under new carrier AXA Health International that is, part of Europe.}}

| style="text-align:left" | Europe {{footnote|1=International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is, part of Europe.}}

|+ Updated PVEP, NB CSM, NBV, and NBV margin forby 9M25region. ^{p. 13}

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

| style="text-align:left" | Franceii, {{footnote|1=International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is, part of Europe.}}

| style="text-align:left" | Europe {{footnote|1=International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is, part of Europe.}}

|+ Updated1Q25 updated figures: NB CSM to NBV for 1Q25. ^{p. 13}

! class="col-s" style="text-align:right" | NB CSM (pre-tax)Life

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

|+ Updated1H25 updated figures: NB CSM to NBV for 1H25. ^{p. 13}

! class="col-s" style="text-align:right" | NB CSM (pre-tax)Life

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

|+ Updated9M25 updated figures: NB CSM to NBV for 9M25. ^{p. 13}

! class="col-s" style="text-align:right" | NB CSM (pre-tax)Life

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

* '''Change vs. 1Q25''' figures are updated based on FY25 financial and actuarial assumptions ^{p. 14}.

|+ Life and health new business metrics for 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 {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}

! class="col-s" style="text-align:right" | NB CSM (pre-tax)Life

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

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

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

| 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; font-weight:bold" | Total Life & Health i net flows {{footnote|1=NaturalLife catastrophe& chargesHealth net flows, PVEP, NB CSM, NBV, and NBV margin include naturalHealth catastrophebusiness lossespredominantly regardlesswritten ofin eventLife sizeentities.}}

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

* '''InvestmentCapital contractslight G/A''' encompasses products with no discretionaryguarantees, participationguarantees featuresat ('DPF')maturity areonly, includedor guarantees equal to or lower than 0% ^{p. 15}.

** AXAHY26 InvestorEarnings DayRelease (Septemberon 15July 31, 2026) ^{p. 16}.

** AXA Investor roundtableDay on the strategy for AXA key markets (September 2115, 2026) ^{p. 16}.

** 9M26AXA ActivityInvestor Indicatorsroundtable (Octoberon 29key markets strategy on September 21, 2026) ^{p. 16}.