AXA/2026/Q1 earnings press release

Document info
Organization	AXA
Year	2026
Period	1Q
Period label	1Q26
Document type	Earnings press release
Publication date	2026-05-05
Market timing	Pre-market
Language	English
Pages	16
Source	Original URL
Archive	.md file

This article summarizes AXA's first quarter 2026 earnings press release, published on May 5, 2026.

1Q26 highlights

• Gross written premiums & other revenues +6% vs. 1Q25 to EUR 38.0bn ^{p. 1}
• Property & Casualty premiums +4% to EUR 21.5bn ^{p. 1}
  • Retail premiums +7% (+4% from price effect, +3% from volumes) ^{p. 1}
  • Commercial premiums +3% (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}
• Net flows of EUR +2.7bn ^{p. 1}
• Solvency II ratio at 211% as of March 31, 2026, -4 points vs. January 1, 2026 (post-grandfathering period) ^{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 ^{p. 1}
• AXA will present its new strategic plan for 2027-2029 on September 15, 2026 ^{p. 1}
• > "AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy," — Alban de Mailly Nesle, Chief Financial Officer of AXA ^{p. 1}
• This performance highlights the continued robust expansion of P&C businesses in both Retail and Commercial, with growth balanced between pricing and volumes ^{p. 1}
• Life & Health revenues reflect the continuation of strong momentum from the previous year ^{p. 1}
• > "In the context of a volatile macro environment, we operate from a position of strength, supported by a robust balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident in our ability to deliver underlying earnings per share growth for 2026 at the top end of our target range and to sustain growth beyond the current plan." ^{p. 1}
• > "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}

Press release

• The 1Q26 activity indicators were released on May 5, 2026 (5:45pm CET) ^{p. 1}
• The activity indicators show sustained revenue momentum ^{p. 1}

1Q26 key highlights

Key financial figures for 1Q25 and 1Q26, including changes in USD and LFL. ^{p. 2}

Key figures	1Q25	1Q26	Change USD	Change LFL
Gross written premiums and other revenues	37.0	38.0	+3%	+6%
o/w Property & Casualty	21.0	21.5	+2%	+4%
o/w Life & Health	15.5	16.5	+7%	+8%
o/w Asset Management	0.4	n.m.	n.m.	n.m.

Solvency II ratio for FY25, January 1, 2026, and 1Q26, with changes. ^{p. 2}

Key figures (in Euro billion, unless otherwise noted)	FY25	January 1, 2026	1Q26	Change vs. January 1, 2026
Solvency II ratio (%)	224%	215%	211%	-4pts

Activity indicators

• Total gross written premiums & other revenues were +6% ^{p. 2}
  • Property & Casualty +4% ^{p. 2}
    • Personal lines +7%, driven by higher volumes and favorable price effect ^{p. 2}
    • Commercial lines (excluding AXA XL Reinsurance) +3%, from higher volumes (notably at AXA XL Insurance) and favorable price effect, mainly in 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% ^{p. 2}
    • Life premiums +8%, driven by strong sales in Unit-Linked (+16%) and G/A (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan ^{p. 2}
    • Health premiums +8%, driven by favorable price effects across all geographies ^{p. 2}
• Solvency II ratio 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 (-10 points vs. December 31, 2025) ^{p. 2}
• The Solvency II ratio decreased by -4 points vs. January 1, 2026, due to: ^{p. 2}
  • Strong 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}

Property & Casualty

Property & Casualty key figures for 1Q25 and 1Q26, including price effect. ^{p. 3}

Key figures	1Q25	1Q26	Change LFL	1Q26 Price effect (in %)
Gross written premiums and other revenues	21.0	21.5	+4%	+1.9%
o/w Commercial lines	13.2	13.2	+3%	+1.5%
o/w Personal lines	6.4	7.0	+7%	+4.0%
o/w AXA XL Reinsurance	1.4	1.2	-7%	-3.9%

• Gross written premiums & other revenues for P&C were +4% to EUR 21.5bn ^{p. 3}
• Personal lines grew by 7% to EUR 7.0bn, driven by: ^{p. 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 from: ^{p. 3}
  • AXA XL Insurance (+2%), from growth in Property and Specialty where margins remain attractive, partly offset by lower volumes in Casualty; pricing remains stable vs. 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 consistent with focus on profitability in a softer market environment, with pricing down -4% ^{p. 3}
• Group natural catastrophe 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 is maintained ^{p. 3}

Life & Health

Life & Health key figures for 1Q25 and 1Q26, including PVEP, NB CSM, and NBV. ^{p. 4}

Key figures	1Q25	1Q25 Updated*	1Q26	Change vs. 1Q25 updated LFL
Gross written premiums and other revenues	15.5	—	16.5	+8%
o/w Life	9.8	—	10.5	+8%
o/w Health	5.6	—	5.9	+8%
PVEP	13.7	13.0	13.8	+8%
NB CSM (pre-tax)	0.6	0.6	0.6	+4%
NBV (post-tax)	0.7	0.6	0.6	+1%
NBV margin	4.9%	4.8%	4.4%	-0.3pt

• 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability ^{p. 4}
• All year-on-year changes are on a comparable basis vs. the updated 1Q25 figures ^{p. 4}
• Gross written premiums & other revenues were +8% to EUR 16.5bn ^{p. 4}
• Life premiums increased by 8% to EUR 10.5bn, driven by: ^{p. 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 (Present Value of Expected Premiums) was +8% to EUR 13.8bn, driven by: ^{p. 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) 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) was +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 point to 4.4% ^{p. 4}
• Net flows were EUR +2.7bn, compared to EUR +2.5bn in 1Q25, driven by: ^{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}

Ratings

Insurer financial strength and credit ratings from S&P, Moody's, and AM Best. ^{p. 5}

—	—	Insurer financial strength ratings	Insurer financial strength ratings	Insurer financial strength ratings	AXA's credit ratings	AXA's credit ratings
S&P Global Ratings	March 11, 2026	AA-	AA	Stable	AA-	A-1+
Moody's Investor Service	October 8, 2025	Aa2	Aa2	Stable	Aa3	P-1
AM Best	October 9, 2025	A+ Superior	—	Stable	aa Superior	—

Glossary

• Capital-light G/A products encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% ^{p. 5}
• Contractual service margin ('CSM') is a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders ^{p. 5}
• 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 on assumed reinsurance) and premiums/fees from non-insurance activities (banking, services, asset management) ^{p. 5}
• New business contractual service margin ('NB CSM') is a component of the carrying amount for newly issued insurance contracts, representing the unearned profit to be recognized as services are provided ^{p. 5}
• New business value ('NBV') is the value of newly issued contracts during the current year, comprising NB CSM, present value of future profits of Short-Term Business (Life entities, considering renewals), present value of future profits of pure investment contracts (IFRS 9), net of reinsurance cost, taxes, and minority interests ^{p. 5}
• New business value margin ('NBV Margin') is the ratio of NBV to PVEP ^{p. 5}
• Present value of expected premiums ('PVEP') is the new business volume, equal to the present value at issue of total premiums expected over the policy term, discounted at the reference interest rate, and is Group share ^{p. 5}
• AM: AM Best
• AMF: Autorité des Marchés Financiers
• APM: Alternative Performance Measure
• CLP: Credit and Lifestyle Protection
• CSM: Contractual Service Margin
• DJSI: Dow Jones Sustainability Index
• DPF: Discretionary Participation Features
• EME: Emerging Markets Europe
• ESMA: European Securities and Markets Authority
• GWP: Gross Written Premiums
• IFRS: International Financial Reporting Standards
• LATAM: Latin America
• LFL: Like-for-Like
• NB CSM: New Business Contractual Service Margin
• NBV: New Business Value
• OTC QX: Over The Counter QX
• PVEP: Present Value of Expected Premiums
• SFCR: Solvency and Financial Condition Report
• SME: Small and Medium-sized Enterprises
• SRI: Socially Responsible Investment
• UEPS: Underlying Earnings Per Share
• UN: United Nations
• UNEP FI: United Nations Environment Programme's Finance Initiative

Scope

• France includes insurance activities, banking activities, and holding ^{p. 6}
• Europe includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxemburg (insurance and holding), UK and Ireland (insurance and holding), Spain (insurance and holding), Italy (insurance), Prima (insurance), AXA Health International (insurance), and AXA Life Europe (insurance) ^{p. 6}
• AXA XL includes insurance and reinsurance activities and holding ^{p. 6}
• Asia, Africa & EME-LATAM includes: ^{p. 6}
  • Asia: Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, Indonesia L&S (excl. bancassurance), 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}
  • Africa: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) (fully consolidated) ^{p. 6}
  • EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) (fully consolidated); Russia (Reso) (insurance) (equity method, contributing only to net income) ^{p. 6}
  • AXA Mediterranean Holdings ^{p. 6}
• Transversal & Other includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings ^{p. 6}
• AXA Investment Managers' disposal to BNP Paribas was completed on July 1, 2025 ^{p. 6}

Exchange rates

End of period and average exchange rates for various currencies against the Euro. ^{p. 6}

For 1 Euro	End of Period Exchange rate	End of Period Exchange rate	Average Exchange rate	Average Exchange rate
USD	1.17	1.15	1.05	1.17
CHF	0.93	0.93	0.95	0.92
GBP	0.87	0.87	0.84	0.87
JPY	184	183	160	184
HKD	9.14	9.03	8.19	9.14

Notes

• Changes 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}
• These terms are defined in the glossary section of the press release ^{p. 7}
• The Solvency II ratio is estimated using AXA's internal model, calibrated based on an adverse 1/200 years shock ^{p. 7}
• It includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, based on the full-year dividend of EUR 2.32 per share for FY25 and an annual share buyback of EUR 1.25bn announced on February 26, 2026 ^{p. 7}
• Annual share buybacks exclude anti-dilutive buybacks related to disposals and in-force management, and 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 submitted to shareholders for approval ^{p. 7}
• This estimate is not an indication of actual dividend and share buyback amounts for FY26 ^{p. 7}
• For more information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on www.axa.com ^{p. 7}
• The underlying earnings per share ('UEPS') growth for 2026 is a forward-looking statement providing one-off guidance for the last year of the current strategic plan ^{p. 7}
• 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance ^{p. 7}
• Price effect is calculated as a percentage of total gross written premiums of the prior year ^{p. 7}
• G/A refers to General Account ^{p. 7}
• Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, after which they ceased to qualify as capital under Solvency II ^{p. 7}
• Natural catastrophe charges include natural catastrophe losses regardless of event size ^{p. 7}
• Combined ratio is a non-GAAP financial measure (Alternative Performance Measure or APM) ^{p. 7}
• Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities ^{p. 7}
• Restricted Tier 1 is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's ^{p. 7}
• Tier 2 is rated 'A' by Standard & Poor's and 'A (hyb)' by Moody's ^{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 NBV and PVEP 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}

About the AXA Group

• AXA Group is a global insurance leader with 156,000 employees serving over 92 million clients in 52 countries ^{p. 8}.
• In 2025, AXA's revenues were EUR 115.5bn and underlying earnings were EUR 8.4bn ^{p. 8}.
• AXA's ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA) ^{p. 8}.
• AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY ^{p. 8}.
• AXA Group is included in major international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD ^{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}.
• This press release and regulated information are available on the AXA Group website (axa.com) ^{p. 8}.
• Forward-looking statements in the press release, including expected underlying earnings per share (UEPS) growth for 2026, are based on Management's current views and intentions and are subject to change ^{p. 8}.
• Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially ^{p. 8}.
• AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law ^{p. 8}.
• Non-GAAP financial measures (APMs) are used by Management for analyzing operating trends, financial performance, and position, and may not be comparable to measures used by other companies ^{p. 8}.
• APMs 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}.
• "Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA's guidelines and AMF's position statement issued in 2015 ^{p. 8}.
• Reconciliations of APMs to IFRS financial statements are provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' ^{p. 8}.
• Investor Relations can be reached at +33.1.40.75.48.42 or investor.relations@axa.com ^{p. 8}.
• Individual Shareholder Relations can be reached at +33.1.40.75.48.43 ^{p. 8}.
• Media Relations can be reached at +33.1.40.75.46.74 or ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{p. 8}.
• Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments ^{p. 8}.
• SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes ^{p. 8}.

Gross written premiums by region and business line for 1Q25 and 1Q26. ^{p. 9}

in Euro million	GWP 1Q25 Published	GWP 1Q25 Adjusted ii,iii	GWP 1Q26	GWP Change USD vs. 1Q25 Adjusted	GWP Change LFL	o/w P&C 1Q26	o/w P&C Change LFL	o/w Life & Health 1Q26	o/w Life & Health Change LFL
France	8,440	7,923	8,393	+6%	+5%	3,355	+6%	5,012	+4%
Europe iii	15,289	15,608	16,905	+8%	+6%	9,328	+4%	7,577	+9%
AXA XL	6,984	6,984	6,488	-7%	0%	6,459	0%	29	-1%
Asia, Africa & EME-LATAM	5,286	5,286	5,403	+2%	+11%	1,719	+8%	3,684	+13%
Transversal ii	525	723	764	+6%	+6%	601	+8%	163	-2%
AXA Investment Managers	443	443	—	n.m.	n.m.	—	—	—	—
Total i	36,967	36,967	37,953	+3%	+6%	21,462	+4%	16,464	+8%

• Banking revenues were EUR 26m in 1Q26 and EUR 25m in 1Q25 ^{p. 9}.
• Portfolio of lifestyle and income protection (CLP) premiums were reallocated from France to Transversal ^{p. 9}.
  • CLP premiums in 1Q25 were EUR 198m, with EUR 68m in P&C and EUR 130m in Life & Health ^{p. 9}.
  • CLP premiums in 1Q26 were EUR 201m, with EUR 68m in P&C and EUR 132m in Life & Health ^{p. 9}.
• International protection and health premiums previously recorded in AXA France are now reported under the new carrier AXA Health International, which is part of Europe ^{p. 9}.
  • These premiums were EUR 319m in 1Q25, with EUR 104m in Life and EUR 215m in Health ^{p. 9}.
  • These premiums were EUR 336m in 1Q26, with EUR 103m in Life and EUR 233m in Health ^{p. 9}.

Gross written premiums for Commercial, Personal, and Reinsurance lines by region. ^{p. 10}

	Commercial lines			Personal lines					AXA XL Reinsurance		Total P&C
in Euro million	Total Commercial	Change i	Personal Motor	Change i	Personal Non-Motor	Change i	Total Personal	Change	Total Reinsurance	Change i	1Q26	Change
France	2,061	+6%	766	+10%	528	+4%	1,294	+8%	—	—	3,355	+6%
Europe	4,388	+1%	3,370	+10%	1,570	+2%	4,940	+7%	—	—	9,328	+4%
AXA XL	5,215	+2%	—	—	—	—	—	—	1,244	-7%	6,459	0%
Asia, Africa & EME-LATAM	952	+10%	577	+8%	190	+2%	767	+7%	—	—	1,719	+8%
Transversal	601	+8%	—	—	—	—	—	—	—	—	601	+8%
Total	13,217	+3%	4,712	+9%	2,288	+2%	7,001	+7%	1,244	-7%	21,462	+4%

• Changes are presented on a comparable basis (constant forex, scope, and methodology) ^{p. 10}.

Exchange rates for various currencies against the Euro for FY25 and 1Q26. ^{p. 10}

—	FY25 i	1Q26 ii
EUR	2.6%	2.7%
USD	4.2%	4.0%
JPY	1.0%	1.6%
GBP	4.3%	4.2%
CHF	0.2%	0.2%
HKD	3.2%	2.8%

Property & Casualty price effect by country and business line for 1Q26. ^{p. 11}

P&C: Price effect i by country and business line
1Q26 (in %)	Commercial lines	Personal lines	AXA XL Reinsurance
France	+3.5%	+2.6%	—
Europe	+3.0%	+4.2%	—
Switzerland	+4.0%	+5.1%	—
Germany	+2.5%	+4.2%	—
Belgium & Luxembourg	+2.2%	+2.4%	—
UK & Ireland	+0.5%	-0.9%	—
Spain	+5.7%	+6.0%	—
Italy	+2.7%	+3.8%	—
AXA XL ii	-0.2%	—	-3.9%
Asia, Africa & EME-LATAM	+0.4%	+5.6%	—
Total	+1.5%	+4.0%	-3.9%

• [Chart/image description: A table titled "Interest Rates (5Y) For the Discounting of P&C Claims Reserves" shows the following data:
  • Country: France, Germany, Italy, Spain, Switzerland, UK, US, Japan, Other Europe, Other Asia, Other
  • 1Q26: 2.9%, 2.9%, 3.0%, 3.0%, 0.9%, 4.2%, 4.6%, 0.6%, 3.0%, 3.0%, 3.0%
  • 1Q25: 2.7%, 2.7%, 2.8%, 2.8%, 0.8%, 4.0%, 4.4%, 0.5%, 2.8%, 2.8%, 2.8%
  • Change (bps): +20, +20, +20, +20, +10, +20, +20, +10, +20, +20, +20] ^{p. 12}
• The 5-year interest rate for discounting P&C claims reserves in France was 2.9% in 1Q26, up 20bps from 2.7% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in Germany was 2.9% in 1Q26, up 20bps from 2.7% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in Italy was 3.0% in 1Q26, up 20bps from 2.8% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in Spain was 3.0% in 1Q26, up 20bps from 2.8% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in Switzerland was 0.9% in 1Q26, up 10bps from 0.8% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in the UK was 4.2% in 1Q26, up 20bps from 4.0% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in the US was 4.6% in 1Q26, up 20bps from 4.4% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in Japan was 0.6% in 1Q26, up 10bps from 0.5% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in Other Europe was 3.0% in 1Q26, up 20bps from 2.8% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in Other Asia was 3.0% in 1Q26, up 20bps from 2.8% in 1Q25 ^{p. 12}.
• The 5-year interest rate for discounting P&C claims reserves in Other regions was 3.0% in 1Q26, up 20bps from 2.8% in 1Q25 ^{p. 12}.

Gross written premiums by business line and region, including protection and savings. ^{p. 12}

GWP	Total i		o/w Protection		o/w G/A Savings		o/w Unit-Linked		o/w Health
in Euro million	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii
France	5,012	+4%	996	+3%	1,325	+1%	1,437	+7%	1,253	+4%
Europe	7,577	+9%	1,986	0%	1,263	+16%	1,044	+24%	3,283	+8%
AXA XL	29	-1%	15	+1%	14	-2%	—	—	—	—
Asia, Africa & EME-LATAM	3,684	+13%	1,764	+10%	319	+27%	224	+35%	1,377	+10%
Transversal	163	-2%	132	-1%	—	—	—	—	31	-5%
Total	16,464	+8%	4,893	+4%	2,922	+9%	2,705	+16%	5,944	+8%
o/w short-term iii	5,436	+6%	1,183	+1%	—	—	—	—	4,253	+7%

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

Updated 1Q25 figures for various regions and business lines. ^{p. 13}

1Q25 Updated figures
									Total i
in Euro million	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
France ii,iii	3,026	94	103	3.4%	1,565	—	44	2.8%	4,591	94	147	3.2%
Europe iii	2,982	183	161	5.4%	1,627	74	66	4.0%	4,609	257	227	4.9%
Asia, Africa & EME-LATAM	3,128	178	185	5.9%	612	67	61	9.9%	3,740	245	246	6.6%
Transversal ii	63	5	3	5.2%	—	—	—	—	63	5	3	5.2%
Total	9,199	460	452	4.9%	3,805	141	170	4.5%	13,003	601	623	4.8%

Updated 1H25 figures for various regions and business lines. ^{p. 13}

1H25 Updated figures
									Total i
in Euro million	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
France ii,iii	6,969	204	245	3.5%	3,261	—	82	2.5%	10,229	204	327	3.2%
Europe iii	5,585	328	271	4.8%	2,109	83	76	3.6%	7,694	410	347	4.5%
Asia, Africa & EME-LATAM	6,228	389	380	6.1%	1,120	140	120	10.7%	7,347	529	500	6.8%
Transversal ii	153	12	8	5.2%	—	—	—	—	153	12	8	5.2%
Total	18,934	934	904	4.8%	6,490	223	278	4.3%	25,424	1,156	1,182	4.6%

Updated 9M25 figures for various regions and business lines. ^{p. 13}

9M25 Updated figures
	Life								Total i
in Euro million	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
France ii,iii	9,911	277	344	3.5%	4,788	—	116	2.4%	14,698	277	459	3.1%
Europe iii	7,900	450	365	4.6%	3,215	114	104	3.2%	11,115	564	469	4.2%
Asia, Africa & EME-LATAM	9,408	600	592	6.3%	1,502	199	167	11.1%	10,910	799	759	7.0%
Transversal ii	230	18	12	5.2%	—	—	—	—	230	18	12	5.2%
Total	27,448	1,345	1,312	4.8%	9,505	313	387	4.1%	36,953	1,659	1,698	4.6%

NB CSM to NBV breakdown for 1Q25 updated figures. ^{p. 13}

NB CSM to NBV 1Q25 Updated figures	NB CSM to NBV 1Q25 Updated figures	NB CSM to NBV 1Q25 Updated figures	NB CSM to NBV 1Q25 Updated figures
NB CSM (pre-tax)	460	141	601
Other NBV(pre-tax)	133	82	215
Tax	-141	-53	-194
Total NBV	452	170	623

NB CSM to NBV breakdown for 1H25 updated figures. ^{p. 13}

1H25 Updated figures NB CSM to NBV	1H25 Updated figures NB CSM to NBV	1H25 Updated figures NB CSM to NBV	1H25 Updated figures NB CSM to NBV
NB CSM (pre-tax)	934	223	1,156
Other NBV(pre-tax)	258	144	402
Tax	-288	-89	-377
Total NBV	904	278	1,182

NB CSM to NBV breakdown for 9M25 updated figures. ^{p. 13}

NB CSM to NBV 9M25 Updated figures	NB CSM to NBV 9M25 Updated figures	NB CSM to NBV 9M25 Updated figures	NB CSM to NBV 9M25 Updated figures
NB CSM (pre-tax)	1,345	313	1,659
Other NBV(pre-tax)	384	198	583
Tax	-418	-125	-543
Total NBV	1,312	387	1,698

• Changes are compared to 1Q25 updated figures based on FY25 financial and actuarial assumptions ^{p. 14}.

Life and Health new business metrics by region for 1Q26. ^{p. 14}

	Life New Business Metrics 1Q26								Health i New Business Metrics 1Q26							Total i New Business Metrics 1Q26
in Euro million	PVEP	Change ii	NB CSM (pre-tax)	Change	NBV (post-tax)	Change ii	NBV margin (%)	Change ii	PVEP	Change	ii NB CSM (pre-tax)	Change ii	NBV (post-tax) Change	NBV margin (%)	Change ii	PVEP	Change ii	NB CSM (pre-tax)	Change ii	NBV (post-tax)	Change ii	NBV margin (%)	Change ii
France iii,iv	3,348	+11%	96	+2%	112	+8%	3.3%	-0.1 pt	1,815	+16%	—	—	46 +5%	2.5%	-0.3 pt	5,162	+12%	96	+2%	158	+7%	3.1%	-0.1 pt
Europe iv	3,287	+8%	187	-1%	156	-5%	4.8%	-0.7 pt	—	1,707 +4%	89	+17%	77 +15%	4.5%	+0.4 pt	4,994	+7%	275	+4%	233	0%	4.7%	-0.3 pt
Asia, Africa & EME-LATAM	3,129	+11%	178	+13%	178	+7%	5.7%	-0.2 pt	—	407 -26%	46	-22%	37 -32%	9.1%	-0.8 pt	3,536	+5%	224	+4%	215	-2%	6.1%	-0.5 pt
Transversal iii	67	+7%	5	+7%	3	+7%	5.2%	0.0 pt	—	—	—	—	—	—	—	67	+7%	5	+7% 3	—	+7%	5.2%	0.0 pt
Total	9,831	+10%	466	+5%	450	+3%	4.6%	-0.3 pt	3,929	+4%	135	-1%	160 -4%	4.1%	-0.4 pt	13,760	+8%	601	+4%	609	+1%	4.4%	-0.3 pt

NB CSM to NBV breakdown for 1Q26. ^{p. 14}

NB CSM to NBV	NB CSM to NBV	NB CSM to NBV	NB CSM to NBV
NB CSM (pre-tax)	466	135	601
Other NBV(pre-tax)	125	73	198
Tax	-142	-48	-190
NBV	450	160	609

Net flows by business line

Net flows by business line for 1Q25 and 1Q26. ^{p. 15}

in Euro billion	1Q25	1Q26
Health i	+0.8	+1.0
Protection	+1.8	+1.8
G/A Savings	-0.7	-0.8

Net flows for capital light and traditional G/A for 1Q25 and 1Q26. ^{p. 15}

o/w capital light ii	+0.6	+0.7
o/w traditional G/A	-1.3	-1.5

Total Life & Health net flows, including Unit-Linked, for 1Q25 and 1Q26. ^{p. 15}

Unit-Linked iii	+0.5	+0.7
Total Life & Health i net flows	+2.5	+2.7

• Health business written predominantly in Life entities is included ^{p. 15}.
• Capital light G/A encompasses products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0% ^{p. 15}.
• Investment contracts with no discretionary participation features ('DPF') are included ^{p. 15}.
• On February 27, 2026, AXA announced the execution of a share repurchase agreement for its share buyback program of up to EUR 1.25bn ^{p. 16}.
• The HY26 Earnings Release is scheduled for July 31, 2026 ^{p. 16}.
• AXA Investor Day is scheduled for September 15, 2026 ^{p. 16}.
• An AXA Investor roundtable on the strategy for AXA key markets is scheduled for September 21, 2026 ^{p. 16}.
• 9M26 Activity Indicators are scheduled for October 29, 2026 ^{p. 16}.