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

== 1Q26 highlights ==

 

** Property & Casualty premiums '''+4%''' to '''EUR 21.5bn''' ^{p. 1}

*** Retail premiums '''+7%''' (+4% from price effect, +3% from volumes) ^{p. 1}

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

*** Health premiums '''+8%''' ^{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}

<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>

<blockquote>"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." <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." <small>(Alban de Mailly Nesle, Chief Financial Officer of AXA ^{p. 1})</small></blockquote>

 

 

* The press release was issued in Paris on May 5, 2026, at 5:45pm CET ^{p. 1}

* All footnotes for this press release are on page 7 ^{p. 1}

 

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** Property & Casualty '''+4%''' ^{p. 2}

*** Personal lines '''+7%''' (driven by higher volumes and favorable price effect) ^{p. 2}

*** AXA XL Reinsurance '''-7%''' (reflecting discipline in softening market conditions) ^{p. 2}

** Life & Health '''+8%''' ^{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}

 

== Property & Casualty ==

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* Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget ^{p. 3}

 

== Life & Health ==

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

* Gross written premiums & other revenues for Life & Health were '''+8%''' to '''EUR 16.5bn''' ^{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}

 

== Ratings ==

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== Glossary ==

* '''APM''': Alternative Performance Measure

* '''CLP''': Credit and Lifestyle Protection

* '''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

* '''LFL''': Like-for-Like

* '''NB CSM''': New Business Contractual Service Margin

* '''SFCR''': Solvency and Financial Condition Report

* '''SME''': Small and Medium-sized Enterprises

* '''UEPS''': Underlying Earnings Per Share

* '''UN''': United Nations

== Scope ==

 

* '''AXA XL''': includes insurance and reinsurance activities and holding ^{p. 6}

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

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

 

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== Notes ==

 

* These and other terms are defined in the glossary section of this press release ^{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 relating to employee share offerings and stock-based compensation ^{p. 7}

* This estimate should not be considered an indication of the actual dividend and share buyback amounts for the 2026 financial year ^{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}

* Combined ratio is a non-GAAP financial measure, or alternative performance measure ('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}

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

* Actuarial and financial assumptions used for the calculation of 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 and have not been subject to any limited review by AXA's statutory auditors ^{p. 7}

== About the AXA Group ==

 

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

* AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol '''AXAHY''' ^{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}.

* 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 applicable laws and regulations ^{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}.

* Reconciliations of APMs to financial statements are provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' ^{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}.

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! colspan="5" style="text-align:center" | GWP & Other Revenues

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* 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}.

 

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! colspan="2" style="text-align:center" | Commercial lines

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

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

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! style="text-align:right; width:6em" | PVEP

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

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=== Net flows by business line ===

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