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

| document_typedocument_category = Press release

| market_timing = PrePost-market

| intro_sentence = This article summarizes AXA's 1Q 2026 activity indicators press release, published on 5 May 5, 2026.

''This article summarizes AXA's 1Q 2026 activity indicators press release, published on 5 May 5, 2026.''

* '''Gross written premiums & 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. Terms are defined in the glossary.}} +6% vs. 1Q25 to EUR 38.0bn ^{p. 1}

* '''NetLife & Health net flows''' +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}

* 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}

* 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," 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>" 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}</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>

== '''Press release =='''

|+ Key1Q26 figureskey forhighlights: gross written premiums and other revenues in 1Q25 and 1Q26. ^{p. 2}

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

! 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.}}

|+ Solvency II ratio1Q26 key figureshighlights: forsolvency FY25,II January 1, 2026, and 1Q26ratio. ^{p. 2}

! style="text-align:left" | Key figures (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).}}

** Driven by '''Property & Casualty''' (+4%) ^{p. 2}

*** '''Personal lines''' +7%, driven by higher volumes and favorable price effect {{footnote|1=Price effect calculated as a percentage of total gross written premiums of the prior year.}} ^{p. 2}

*** Partially offset by '''AXA XL Reinsurance''' -7%, reflecting discipline in softening market conditions ^{p. 2}

** Driven by '''Life & Health''' (+8%) ^{p. 2}

*** '''Life premiums''' +8%, driven by strong sales 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}

** 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, when they ceased to qualify as capital under Solvency II, as disclosed in AXA’s 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}

** The'''Solvency grandfatheringII periodratio''' endingwas resulted in adown -104 points decrease vs. DecemberJanuary 1, 312026, 2025reflecting: ^{p. 2}

** TheStrong Solvencyoperating IIreturn ratio was down -4(+7 points vs. January 1, 2026) ^{p. 2}

*** Reflects a strong operating return (+7 points), lessLess accrued dividend and annual share buyback for 1Q26 (-6 points) ^{p. 2}

*** More than offset by unfavorableUnfavorable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility ^{p. 2}

|+ Property & Casualtycasualty: gross written premiums and other revenues in 1Q25 and 1Q26. ^{p. 3}

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

! 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.}}

| style="text-align:left; padding-left:1.5em" | o/w Commercial lines 5 {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}

* '''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 ^{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 and a focus on maintaining profitability in a softer market environment ^{p. 3}

** ConsistentAXA withXL focusReinsurance onpricing maintainingwas profitabilitydown in a softer market environment-4% ^{p. 3}

|+ Life & Health key figures forhealth: gross written premiums, NB CSM, NBV, and netother flowsrevenues. ^{p. 4}

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

| style="text-align:left" | NBV margin {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}

* For1Q25 comparabilityPVEP {{footnote|1=Change in gross written premiums & other revenues, 1Q25new PVEPbusiness 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. Terms are defined in the glossary.}}, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability ^{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''' +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'''Protection''' CSMEUR growth+1.8bn, wasmainly partlyin offsetHong by lower salesKong and aSwitzerland less(Individual favorableLife) mixand inJapan Joint(Protection Ventureswith in Thailand andUnit-Linked Chinaproduct) ^{p. 4}

** '''NBV marginUnit-Linked''' -EUR +0.37bn, pointsprimarily toin 4.4%France ^{p. 4}

** '''NetG/A flowsSavings''' EUR +2-0.7bn8bn, comparedreflecting toinflows in capital-light G/A savings (EUR +20.5bn7bn) inmore 1Q25,than drivenoffset by: outflows in traditional G/A Savings (EUR -1.5bn) ^{p. 4}

** '''ProtectionHealth''': EUR +1.8bn0bn, mainlymostly infrom HongGermany, Kong and Switzerland (Individual Life)France, and Japan (Protection with Unit-Linked product) ^{p. 4}

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

! 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 valuecontractual service margin ('NBVNB CSM')''': is a component of the valuecarrying amount of the asset or liability for newly issued insurance contracts during the currentperiod, representing the unearned profit to be recognized as insurance contract services are yearprovided ^{p. 5}

** Consists'''New ofbusiness the sum ofvalue (i'NBV')''' the NB CSM, (ii)is the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRScurrent 9year ^{p. 5}

* '''New business value margin ('NBV Margin')''':is the rationet of: (iiv) NBV representing the valuecost of newlyreinsurance, issued(v) contractstaxes, during the current year toand (iivi) PVEPminority interests ^{p. 5}

* '''PresentNew business value of expected premiumsmargin ('PVEPNBV Margin')''': the new business volume, equal tois the present value at the timeratio of issue of the total premiums expectedNBV to be received over the policy termPVEP ^{p. 5}

* '''France''': includes insurance activities, banking activities, and holding ^{p. 6}

* '''Europe''': includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima 13 (insurance activities), AXA Health International (insurance activities), and AXA Life Europe (insurance activities) ^{p. 6}

* '''AXA XL''': includes insurance and reinsurance activities and 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) ^{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, contributingand contribute only to NBV, PVEP, underlying earnings, and net income) ^{p. 6}

** '''Africa''': Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) (are fully consolidated) ^{p. 6}

** '''EME-LATAM''': Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (are fully consolidated) ^{p. 6}

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

** Also includes '''AXA Mediterranean Holdings''' ^{p. 6}

* '''Transversal & Other''': includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (incl.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}

|+ End of period and average exchange rates for major currencies against the1 euro. ^{p. 6}

* '''ChangesChange in gross written premiums & other revenues''', '''new business value (NBV)''', '''present value of expected premiums (PVEP)''', and '''new business value margin (NBV Margin)''' are on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated ^{p. 7}.

* These'''Solvency termsII andratio''' othersis areestimated definedusing inAXA's theinternal glossarymodel, sectioncalibrated offor thea press1/200 releaseyears shock ^{p. 7}.

* The '''Solvency II ratio estimate''' includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026 ^{p. 7}.

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

* Dividends and share buybacks are proposed by the Board, at its discretion, and submittedsubject to AXA's shareholders forshareholder approval ^{p. 7}.

* ThisThe estimate of the Solvency II ratio 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 www.axa.com ^{p. 7}.

* '''NatExpected Catunderlying load'''earnings isper definedshare as('UEPS') normalizedgrowth naturalfor catastrophe2026''' losses expected inis a year,forward-looking expressedstatement asproviding aone-off percentageguidance offor grossthe earnedlast premiumsyear inof the sameGroup's yearcurrent strategic plan ^{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''' 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 moreto thanEUR '''92115.5bn millionand 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, including those regarding '''expected underlying earnings per shareexcept (UEPS)as growth'''required forby 2026law ^{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}.

* Reconciliations of APMs to financial statements are provided in the '''2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures'' ^{p. 8}.

* For more information, '''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}.

* '''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}.

|+ GrossGWP written premiums and& other revenues by region and business line. ^{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; font-weight:bold" | Total i{{footnote|1=Including Banking revenues of Euro 26 million in 1Q26 and Euro 25 million in 1Q25.}}

* '''Banking revenues''' wereamounted 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}.

** '''International1Q25 protection and healthinternational premiums''' previouslywere recordedEUR in319m, AXAwith FranceEUR are104m nowin reportedLife underand AXAEUR Health215m International,in part of EuropeHealth ^{p. 9}.

** '''1Q251Q26 International protection and healthinternational premiums''': were EUR 319m336m, with (EUR 104m103m in Life, and EUR 215m233m in Health) ^{p. 9}.

|+ P&C gross writtenInternational premiums by commercial,line personal,of business and AXA XL reinsurance linesregion. ^{p. 10}

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

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

|+ ExchangeInterest rates (5Y) for majorthe currenciesdiscounting inof FY25P&C andclaims 1Q26reserves. ^{p. 10}

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

! class="col-s" style="text-align:right" | 1Q26 ii{{footnote|1=Average of monthly opening discount rates in 1Q26.}}

|+ P&C price effect by country and business line in 1Q26. ^{p. 11}

! colspan="4" style="text-align:leftcenter" | 1Q26P&C: Price effect by country and (inbusiness %)line

|+ LifeGWP & Healthother gross written premiumsrevenues by protection, G/A savings,business unit-linked,line and healthregion. ^{p. 12}

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

! colspan="2" style="text-align:center" | Total i

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

|+ 1Q25 updated figures for lifeLife and health new business metrics by region. ^{p. 13}

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

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

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

|+ 1H25 updated figures for lifeLife and health new business metrics by region. ^{p. 13}

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

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

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

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

|+ 9M25PVEP, updatedNB figuresCSM, for lifeNBV, and healthNBV businessmargin by region. ^{p. 13}

! class="col-s" style="text-align:right" | PVNBPPVEP

! class="col-s" style="text-align:right" | PVNBPPVEP

! class="col-s" style="text-align:right" | PVNBPPVEP

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

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

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

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

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

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

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

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

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

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

* '''APPENDIXChange 9:vs. OTHER APPENDIX 61Q25''' coversfigures are updated PVEP,based NBon CSM,FY25 NBV,financial and NBVactuarial marginassumptions ^{p. 14}.

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

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

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

| style="text-align:left" | France iiiFranceⁱⁱⁱ,ivⁱᵛ

| style="text-align:left" | Europe ivEuropeⁱᵛ

| style="text-align:left" | Transversal iiiTransversalⁱⁱⁱ

|+ NB CSM to NBV for life and health. ^{p. 14}

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

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

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

| style="text-align:left" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

| style="text-align:left; padding-left:1.5em" | o/w capital light ii{{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" | Unit-Linked iii{{footnote|1=Including Investment contracts with no discretionary participation features (“DPF”).}}

| style="text-align:left; font-weight:bold" | Total Life & Health i net flows {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}

* '''Capital light G/A''' encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% ^{p. 15}.

* '''Main transactions inA 2026''': AXA announced the execution of a share repurchase agreement''' for its share buyback program of up to EUR 1.25bn was announced on February 27, 2026 ^{p. 16}.

* '''Next main investor events''' include:

** AXA Investor roundtable on the strategy for AXA key markets strategy on September 21, 2026 ^{p. 16}.