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}

* '''Net flows''' for Life & Health: EURNB CSM''' +2.7bn4% ^{p. 1}

* '''SolvencyLife II& ratioHealth net flows''' at 211% as of March 31,+EUR 20262.7bn ^{p. 1}

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

|+ 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 IIkey ratiohighlights: keysolvency figuresII ratio. ^{p. 2}

! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)

| 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%, 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}

|+ Property & casualty: gross written premiums and other revenues. ^{p. 3}

! class="col-s" style="text-align:right" | 1Q26 Price effect (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.}}

** '''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 ^{p. 3}

*** Pricing overallfor AXA XL Insurance remains stable versus 1Q25 ^{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}

* '''AXA XL Reinsurance''' decreased -by 7% to EUR 1.2bn, reflecting lower volumes consistentand witha focus on maintaining profitability in a softer market environment ^{p. 3}

** Pricing for AXA XL Reinsurance pricing was down -4% ^{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}

|+ Life & health: gross written premiums and other revenues. ^{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" | PVEPPVNBP

* For comparability, 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 tofor reflect their contribution to FY25 figurescomparability ^{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}

* '''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 (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.&#10;• Tier 2: “A” by Standard & Poor’s and “A1(hyb)” by Moody’s.}}

* '''Gross written premiums and other revenues''' include insurance premiums collected (risk premiums, premiums from pure investment contracts with no discretionary participating features, fees, and revenues, net of commissions paid on assumed reinsurance business) ^{p. 5}

* '''New business value ('NBV')''' is the value of newly issued contracts during the current year, consisting of the sum of NB CSM, present value of future profits of Short-Term Business newly issued contracts (carried by Life entities, considering expected renewals), and present value of future profits of pure investment contracts accounted for under IFRS 9, net of cost of reinsurance, taxes, and minority interests ^{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 the Group share ^{p. 5}

* '''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, 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) ^{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 equity method, contributing only to net income) ^{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}

* These'''Solvency termsII areratio''' definedis inestimated theusing glossaryAXA's sectioninternal ofmodel, thecalibrated pressfor releasea 1/200 years shock ^{p. 7}.

* The '''Solvency II ratio''' isincludes estimateda usingtheoretical AXA'samount internalfor model,dividends calibratedand share buybacks accrued for anthe first adversethree 1/200months yearsof shock2026 ^{p. 7}.

* The Solvencytheoretical IIdividend ratioamount includesis based on a theoreticalfull-year amountdividend forof dividendsEUR and2.32 per share buybacks accrued for theFY25, firstpayable three months ofin 2026 ^{p. 7}.

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

* Dividends and share buybacks are proposed by the Board, at its discretion, based on factors described in AXA's 2025 Universal Registration Document, and are 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}.

* 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 ^{p. 7}.

* AXA completed its '''acquisition of a majority stake in Prima in Italy''' on November 28, 2025 ^{p. 7}.

* All comments and changes for activity indicators are on a '''comparable basis''' (constant forex, scope, and methodology) ^{p. 7}.

* '''Actuarial and financial assumptions for ''' for NBV and PVEP''' calculations are updated semi-annually at half-year and full-year ^{p. 7}.

* Financial figures and information in this press release have '''not been audited''' or subject to limited review by AXA's statutory auditors ^{p. 7}.

* The '''AXA Group''' is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries ^{p. 8}.

* AXAIn has2025, '''156,000 employeesrevenues''' servingamounted overto '''92EUR million115.5bn and clients'''underlying in earnings'''52 countries'''to EUR 8.4bn ^{p. 8}.

* In 2025,The '''revenuesAXA ordinary share''' amountedis tolisted '''EURon 115.5bn'''compartment andA '''underlyingof earnings'''Euronext toParis '''EURunder 8.4bn'''ticker symbol CS (ISN FR 0000120628) ^{p. 8}.

* The '''AXA's ordinaryAmerican shareDepository Share''' is listedquoted on compartmentthe AOTC ofQX Euronext Parisplatform under ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA)AXAHY ^{p. 8}.

* AXA'sThe '''AmericanAXA Depository ShareGroup''' is quotedincluded in main international SRI onindexes thelike OTCDow QXJones platformSustainability underIndex ticker(DJSI) symboland AXAHYFTSE4GOOD ^{p. 8}.

* CertainAXA statementsdisclaims inany theobligation pressto releasepublicly areupdate or revise '''forward-looking statements''', includingexcept predictionsas ofrequired future events, trends, plans, expectations, orby objectiveslaw ^{p. 8}.

* ''''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 issued in 2015 ^{p. 8}.

* AXA provides a reconciliationReconciliations of such APMs to thefinancial moststatements closelyare related line item in the financial statementsprovided in the '''2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures'' ^{p. 8}.

* '''InvestorIndividual Shareholder Relations contact''' contact: +33.1.40.75.48.42, investor.relations@axa.com43 ^{p. 8}.

* '''Individual ShareholderMedia Relations contact''' contact: +33.1.40.75.4846.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.43com ^{p. 8}.

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

! class="col-s" style="text-align:centerright" | Change vs. 1Q25 Adjusted

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

| 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:right" | —-

| 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 and '''EUR 25m''' in 1Q25 ^{p. 9}.

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

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

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

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

|+ 1Q25 and 1Q26International premiums by line of business and 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:leftcenter" | 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.}}

| style="text-align:right" | —+3.0%

| style="text-align:right" | —+4.2%

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

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

! 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.}}

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

| 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 1Q25and PVEP,health NBnew CSM, NBV, andbusiness NBVmetrics marginby figuresregion. ^{p. 13}

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

! colspan="4" style="text-align:center" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}

! colspan="4" style="text-align:center" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}

| 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 1H25and PVEP,health NBnew CSM, NBV, andbusiness NBVmetrics marginby figuresregion. ^{p. 13}

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

! colspan="4" style="text-align:center" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}

! colspan="4" style="text-align:center" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}

| 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 9M25 PVEP, NB CSM, NBV, and NBV margin figuresby region. ^{p. 13}

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

| style="text-align:left" | FranceFranceii, {{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 1Q25 updated figures: NB CSM to NBV figures. ^{p. 13}

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

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

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

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

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

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

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

|+ NB CSM to NBV figures. ^{p. 14}

| 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; padding-left:1.5em" | o/w traditional G/A {{footnote|1=General account.}}