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

| document_typedocument_category = Press release

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

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

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

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

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

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

* '''Life & Health netNB flowsCSM''' +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}

! class="col-s" style="text-align:right" | Change LFL {{footnote|1=Changes are aton 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.}}

| 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.
• 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.
• 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.
• 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.
• 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.
• 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%, reflecting discipline in softening market conditions ^{p. 2}

*** '''HealthLife premiums''' +8%, driven by favorablestrong pricesales effectsin 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}

* '''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.
• 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.
• 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.
• 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.
• 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.
• 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).}} was 211% as of March 31, 2026 ^{p. 2}

* On January 1, 2026, the '''Solvency II ratio''' was 215% following the end of the grandfathering period {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which pointwhen they ceased to qualify as capital under Solvency II, as disclosed in AXA’s respective 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}

* '''Solvency II ratio''' was down -4 points vs. January 1, 2026, reflecting: ^{p. 2}

| 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.}}

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

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

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

* '''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 ^{p. 3}

* 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”). Please see the paragraphSee “Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures” in this press release for important information about APMs used by AXA.}} is maintained ^{p. 3}

! 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.
• All year- on-year changes are given on a comparable basis versus the updated 1Q25 figures. (See Appendix 5).}}

* 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}

* '''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}

* '''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 (compared to EUR +2.5bn in 1Q25) ^{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}

! 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.
• Tier 2: “A” by Standard & Poor’s and “A1(hyb)” by Moody’s.}}

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

** '''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 ^{p. 6}

** '''EME-LATAM''': Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income ^{p. 6}

* ThisThe theoretical dividend amount is based on a full-year dividend of EUR 2.32 per share for FY25, payable in 2026, and an annual share buyback of EUR 1.25bn announced on February 26, 2026 ^{p. 7}.

* '''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 ^{p. 7}.

* '''Dividends and share buybacks''' are proposed by the Board and subject to shareholder approval ^{p. 7}.

* The '''estimate of the Solvency II ratio estimate''' should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year ^{p. 7}.

* '''Tier 2''' is rated 'A' by Standard & Poor's and 'AA1 (hyb)' by Moody's ^{p. 7}.

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

* 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''' ^{p. 8}.

* '''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 ^{p. 8}.

* '''Investor Relations''' can be reached atcontact: +33.1.40.75.48.42 or, investor.relations@axa.com ^{p. 8}.

* '''Individual Shareholder Relations''' can be reached atcontact: +33.1.40.75.48.43 ^{p. 8}.

* '''Media Relations''' can be reached atcontact: +33.1.40.75.46.74 or, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{p. 8}.

| style="text-align:left" | France {{footnote|1=• Including Banking revenues amounting toof Euro 26 million in 1Q26 and Euro 25 million in 1Q25.
• 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).
• 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.}}

=== '''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).}}

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

| 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”).
• Short-term business margin is analyzed using the Combined Ratio.
• Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.}}

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

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

| 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.}}

|+ Life and health new business metrics 1Q26 by region. ^{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%.}}

* AXA announced theA '''execution of a share repurchase agreement''' for up to EUR 1.25bn was announced on February 27, 2026 ^{p. 16}.

** TheHY26 '''AXAEarnings InvestorRelease Day'''on isJuly scheduled for September 1531, 2026 ^{p. 16}.

** The '''AXA Investor roundtableDay on the strategy for AXA key markets''' is scheduled for September 2115, 2026 ^{p. 16}.

** TheAXA '''9M26Investor Activityroundtable Indicators'''on arekey scheduledmarkets forstrategy Octoberon 29September 21, 2026 ^{p. 16}.