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

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

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Latest revision as of 19:49, 3 July 2026

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

1Q26 highlights

Gross written premiums & other revenues (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. Terms are defined in the glossary.) +6% vs. 1Q25 to EUR 38.0bn ^{p. 1}
- Property & Casualty premiums +4% to EUR 21.5bn ^{p. 1}
  - Retail premiums +7%, with +4% from price effect and +3% from volumes ^{p. 1}
  - Commercial premiums +3%, with 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}
Life & 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}

Outlook

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: 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}

"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." (Alban de Mailly Nesle, Chief Financial Officer of AXA ^{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 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}

1Q26 key highlights

1Q26 key highlights: gross written premiums and other revenues. ^{p. 2}
Key figures (EUR billion)	1Q25	1Q26	Change	Change LFL (footnote: Changes are on a comparable basis (constant forex, scope, and methodology).)
Gross written premiums and other revenues (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. Terms are defined in the glossary.)	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.

1Q26 key highlights: solvency II ratio. ^{p. 2}
Key figures (EUR billion)	FY25	January 1, 2026	1Q26	Change vs. January 1, 2026
Solvency II ratio (%) (footnote: • Solvency II ratio estimated primarily using AXA’s internal model calibrated on an adverse 1/200 year shock. • Includes 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 paid in 2026 and the 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, and 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 factors described in AXA’s 2025 Universal Registration Document, then submitted to AXA’s shareholders for approval. • This estimate should not be considered an indication of actual dividend and share buyback amounts, if any, for the 2026 financial year. • For information on AXA’s internal model and Solvency II disclosures, see AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on www.axa.com.)	224%	215%	211%	-4pts

Activity indicators

Total gross written premiums & other revenues (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. Terms are defined in the glossary.) +6% ^{p. 2}
- Property & Casualty +4% ^{p. 2}
  - Personal lines +7%, driven by higher volumes and favorable price effect (footnote: Price effect calculated as a percentage of total gross written premiums of the prior year.) ^{p. 2}
  - Commercial lines +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 (footnote: General account.) (+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 (footnote: • Solvency II ratio estimated primarily using AXA’s internal model calibrated on an adverse 1/200 year shock. • Includes 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 paid in 2026 and the 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, and 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 factors described in AXA’s 2025 Universal Registration Document, then submitted to AXA’s shareholders for approval. • This estimate should not be considered an indication of actual dividend and share buyback amounts, if any, for the 2026 financial year. • For information on AXA’s internal model and Solvency II disclosures, see AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on 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: 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}
Solvency II ratio was down -4 points vs. January 1, 2026, reflecting: ^{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: gross written premiums and other revenues. ^{p. 3}
Key figures (EUR billion)	1Q25	1Q26	Change LFL	1Q26 Price effect (in %) (footnote: Price effect calculated as a percentage of total gross written premiums in the prior year.)
Gross written premiums and other revenues (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. Terms are defined in the glossary.)	21.0	21.5	+4%	+1.9%
o/w Commercial lines 5	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 (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. Terms are defined in the glossary.) +4% to EUR 21.5bn ^{p. 3}
Personal lines grew by 7% to EUR 7.0bn ^{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 ^{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 for 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}
AXA XL Reinsurance pricing was down -4% ^{p. 3}
Group natural catastrophe (footnote: 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: Combined ratio is a non-GAAP financial measure, or alternative performance measure (“APM”). See “Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures” in this press release for information about APMs used by AXA.) is maintained ^{p. 3}

Life & Health

Life & health: gross written premiums and other revenues. ^{p. 4}
Key figures (EUR billion)	1Q25	1Q25 Updated (footnote: • For comparability, 1Q25 PVEP, NB CSM, NBV, and NBV margin have 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 on a comparable basis versus the updated 1Q25 figures (See Appendix 5).)	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%
PVNBP	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
Net flows	+2.5	—	+2.7	—

1Q25 PVEP (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. 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}
All year-on-year changes are on a comparable basis versus the updated 1Q25 figures ^{p. 4}
Gross written premiums & other revenues (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. Terms are defined in the glossary.) +8% to EUR 16.5bn ^{p. 4}
Life premiums increased by 8% to EUR 10.5bn ^{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 ^{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) (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. Terms are defined in the glossary.) 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: 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.) +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: 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.) 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}

Ratings

Insurer financial strength and AXA's credit ratings. ^{p. 5}
		Insurer financial strength ratings			AXA's credit ratings (footnote: • 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.)
Agency	Date of last review	AXA SA	AXA's principal insurance subsidiaries	Outlook	Senior debt of the Company	Short-term debt of the Company
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 paid on assumed reinsurance business) ^{p. 5}
Other Revenues represent premiums and fees collected on activities other than insurance (banking, services, and asset management activities) ^{p. 5}
New business contractual service margin ('NB CSM') is a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided ^{p. 5}
New business value ('NBV') is the value of newly issued contracts during the current year ^{p. 5}
NBV consists of the sum of: (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts (carried by Life entities, considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9 ^{p. 5}
NBV is net of: (iv) cost of reinsurance, (v) taxes, and (vi) 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 the time of issue of the total premiums expected to be received over the policy term ^{p. 5}
PVEP is discounted at the reference interest rate and is Group share ^{p. 5}

Scope

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 (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 (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 and 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 and contributes 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 the Group's internal reinsurance activity), and other Central Holdings ^{p. 6}
The disposal of AXA Investment Managers to BNP Paribas was completed on July 1, 2025 ^{p. 6}

Exchange rates

End of period and average exchange rates for 1 euro. ^{p. 6}
For 1 Euro	End of Period 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

Change 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}.
Solvency II ratio is estimated using AXA's internal model, calibrated for a 1/200 years shock ^{p. 7}.
The Solvency II ratio includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026 ^{p. 7}.
The theoretical dividend amount is based on a full-year dividend of EUR 2.32 per share for FY25, payable in 2026 ^{p. 7}.
The theoretical share buyback amount is based on 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 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}.
Expected underlying earnings per share ('UEPS') growth for 2026 is a forward-looking statement providing one-off guidance for the last year of the Group's current strategic plan ^{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}.
Combined ratio is a non-GAAP financial measure (APM) ^{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 'A1 (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 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}.
In 2025, revenues amounted to EUR 115.5bn and underlying earnings to EUR 8.4bn ^{p. 8}.
The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628) ^{p. 8}.
AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY ^{p. 8}.
The AXA Group is included in main international SRI indexes like 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 are subject 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}.
This press release refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position ^{p. 8}.
These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures from other companies ^{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}.
'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 ^{p. 8}.
Reconciliations of APMs to financial statements are provided in the 2025 Universal Registration Document ^{p. 8}.
Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com ^{p. 8}.
Individual Shareholder Relations contact: +33.1.40.75.48.43 ^{p. 8}.
Media Relations contact: +33.1.40.75.46.74, 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}.

GWP & other revenues by region. ^{p. 9}
—	GWP & Other Revenues			Change vs. 1Q25 Adjusted	Change LFL	o/w P&C		o/w Life & Health
France (footnote: • Including Banking revenues of 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 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, part of Europe.)	8,440	7,923	8,393	+6%	+5%	3,355	+6%	5,012	+4%
Europe (footnote: International protection and health premiums previously 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, part of Europe.)	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 (footnote: 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).)	525	723	764	+6%	+6%	601	+8%	163	-2%
AXA Investment Managers	443	443	-	n.m.	n.m.	—	—	—	—
Total (footnote: Including Banking revenues of Euro 26 million in 1Q26 and Euro 25 million in 1Q25.)	36,967	36,967	37,953	+3%	+6%	21,462	+4%	16,464	+8%

Banking revenues amounted to 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}.
- 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}.

International premiums by line of business and region. ^{p. 10}
—	Commercial lines		Personal lines					AXA XL Reinsurance		Total P&C		—
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%

Interest rates (5Y) for the discounting of P&C claims reserves

Interest rates (5Y) for the discounting of P&C claims reserves. ^{p. 10}
—	FY25 (footnote: Changes are on a comparable basis (constant forex, scope, and methodology).)	1Q26 (footnote: Average of monthly opening discount rates in 1Q26.)
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%

No facts available for this section.

P&C price effect by country and business line. ^{p. 11}
P&C: Price effect by country and business line
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 (footnote: Price decrease on renewals at -0.2% in Insurance and -3.1% in Reinsurance. Price decrease on renewals calculated as a percentage of renewed premiums Page 11 GIE_AXA_Internal GIE_AXA_Secret.)	-0.2%	—	-3.9%
Asia, Africa & EME-LATAM	+0.4%	+5.6%	—
Total	+1.5%	+4.0%	-3.9%

GWP & other revenues by business line and region. ^{p. 12}
GWP & Other Revenues	Total		o/w Protection		o/w G/A Savings (footnote: General account.)		o/w Unit-Linked		o/w Health
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 (footnote: • 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 to Life Pure Protection and Health when measured using the PAA period.)	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}.

Life and health new business metrics by region. ^{p. 13}
—	Life				Health				Total
France (footnote: • Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal. • International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.)	3,026	94	103	3.4%	1,565	—	44	2.8%	4,591	94	147	3.2%
Europe (footnote: International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.)	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 (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.)	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%

Life and health new business metrics by region. ^{p. 13}
—	Life				Health				Total
France (footnote: • Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal. • International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.)	6,969	204	245	3.5%	3,261	—	82	2.5%	10,229	204	327	3.2%
Europe (footnote: International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.)	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 (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.)	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%

PVEP, NB CSM, NBV, and NBV margin by region. ^{p. 13}
—	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 (%)
Franceii, (footnote: International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.)	9,911	277	344	3.5%	4,788	—	116	2.4%	14,698	277	459	3.1%
Europe (footnote: International protection and health Portfolio previously in AXA France is now reported under new carrier AXA Health International, part of Europe.)	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 (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.)	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%

1Q25 updated figures: NB CSM to NBV. ^{p. 13}
EUR million	Life	Health (footnote: Includes Health business written predominantly in Life entities.)	Total (footnote: Includes Health business written predominantly in Life entities.)
NB CSM (pre-tax)	460	141	601
Other NBV (pre-tax)	133	82	215
Tax	-141	-53	-194
Total NBV	452	170	623

1H25 updated figures: NB CSM to NBV. ^{p. 13}
EUR million	Life	Health (footnote: Includes Health business written predominantly in Life entities.)	Total (footnote: Includes Health business written predominantly in Life entities.)
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

9M25 updated figures: NB CSM to NBV. ^{p. 13}
EUR million	Life	Health (footnote: Includes Health business written predominantly in Life entities.)	Total (footnote: Includes Health business written predominantly in Life entities.)
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

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

Life and health new business metrics 1Q26 by region. ^{p. 14}
—	Life New Business Metrics 1Q26								Health New Business Metrics 1Q26								Total New Business Metrics 1Q26
Franceⁱⁱⁱ,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
Europeⁱᵛ	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
Transversalⁱⁱⁱ	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. ^{p. 14}
EUR million	Life	Health (footnote: Includes Health business written predominantly in Life entities.)	Total (footnote: Includes Health business written predominantly in Life entities.)
NB CSM (pre-tax)	466	135	601
Other NBV (pre-tax)	125	73	198
Tax	-142	-48	-190
NBV	450	160	609

Health business written predominantly in Life entities is included ^{p. 14}.

Net flows by business line

Net flows by business line. ^{p. 15}
EUR billion	1Q25	1Q26
Health (footnote: Includes Health business written predominantly in Life entities.)	+0.8	+1.0
Protection	+1.8	+1.8
G/A Savings	-0.7	-0.8
o/w capital light (footnote: Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.)	+0.6	+0.7
o/w traditional G/A	-1.3	-1.5
Unit-Linked (footnote: Including Investment contracts with no discretionary participation features (“DPF”).)	+0.5	+0.7
Total Life & Health i net flows (footnote: Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.)	+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}.
A share repurchase agreement for up to EUR 1.25bn was announced on February 27, 2026 ^{p. 16}.
Next main investor events include:
- HY26 Earnings Release on July 31, 2026 ^{p. 16}.
- AXA Investor Day on September 15, 2026 ^{p. 16}.
- AXA Investor roundtable on key markets strategy on September 21, 2026 ^{p. 16}.
- 9M26 Activity Indicators on October 29, 2026 ^{p. 16}.

Abbreviations

AM: A.M. Best
AMF: Autorité des Marchés Financiers
APM: Alternative Performance Measure
AXA SA: AXA Société Anonyme
CLP: Credit and Lifestyle Protection
CSM: Contractual Service Margin
DJSI: Dow Jones Sustainability Index
DPF: Discretionary Participation Features
EME LATAM: Emerging Markets Europe Latin America
EME: Emerging Markets Europe
ESMA: European Securities and Markets Authority
GAAP: Generally Accepted Accounting Principles
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
PVNBP: Present Value of New Business Premiums
SFCR: Solvency and Financial Condition Report
SME: Small and Medium-sized Enterprises
SRI: Socially Responsible Investing
UEPS: Underlying Earnings Per Share
UK: United Kingdom
UN: United Nations
UNEP FI: United Nations Environment Programme's Finance Initiative