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

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

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Latest revision as of 23:43, 6 June 2026

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

1Q26 highlights

Gross written premiums & other revenues (footnote: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities).) up +6% vs. 1Q25 to EUR 38.0bn ^{p. 1}
- Property & Casualty premiums up +4% to EUR 21.5bn ^{p. 1}
  - Retail premiums up +7% with +4% from price effect and +3% from volumes ^{p. 1}
  - Commercial premiums up +3% with equal contributions from price effect and volumes ^{p. 1}
- Life & Health premiums up +8% to EUR 16.5bn ^{p. 1}
  - Life premiums up +8% ^{p. 1}
  - Health premiums up +8% ^{p. 1}
Life & Health NB CSM (pre-tax) (footnote: 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.) up +4% ^{p. 1}
Net flows (footnote: Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) of EUR +2.7bn ^{p. 1}
Solvency II ratio (footnote: estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. 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 Euro 2.32 per share to be paid in 2026 for FY25 and 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, as well as share buybacks to offset dilutive effects relating to employee share offerings and stockbased compensation. 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. 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. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com).) at 211% as of March 31, 2026, down -4 points vs. January 1, 2026 (post-grandfathering period), reflecting resilience in a volatile environment ^{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 (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.) ^{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." — Alban de Mailly Nesle, Chief Financial Officer of AXA ^{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." — Alban de Mailly Nesle, Chief Financial Officer of AXA ^{p. 1}

Press release

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

1Q26 activity indicators sustained revenue momentum

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

1Q26 key highlights

1Q26 Key Highlights: Gross Written Premiums and Other Revenues ^{p. 2}
Key figures (EUR billion, unless otherwise noted)	1Q25	1Q26	Change	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.

1Q26 Key Highlights: Solvency II Ratio ^{p. 2}
Key figures (EUR 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 (footnote: Change in gross written premiums & other revenues, new business value ('NBV'), present value of expected premiums ('PVEP') and new business value margin ('NBV Margin') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.) were up +6% ^{p. 2}
- Property & Casualty: +4% ^{p. 2}
  - Personal lines: +7%, driven by higher volumes and favorable price effect ^{p. 2}
  - Commercial lines (footnote: 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.): +3%, from higher volumes (notably at AXA XL Insurance) and favorable price effect (footnote: Price effect is calculated as a percentage of total gross written premiums of the prior year.) mainly in the 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 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, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's respective press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, each published on www.axa.com.), which was -10 points vs. December 31, 2025 ^{p. 2}
The Solvency II ratio was down -4 points vs. January 1, 2026, reflecting: ^{p. 2}
- Strong operating return: +7 points, 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, unless otherwise noted)	1Q25	1Q26	Change LFL	1Q26 Price effect 6 (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 , present value of expected premiums ('PVEP') and new business value margin ('NBV Margin') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.) were up +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 both 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 overall 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 maintaining 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 (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) budget of approximately 4.5 points of combined ratio (footnote: Combined ratio is a nonGAAP financial measure, or alternative performance measure ('APM'). Please see the paragraph 'Important legal information and cautionary statements concerning forward-looking statements and the use of nonGAAP financial measures' in this press release for important information about APMs used by AXA.) is maintained ^{p. 3}

Life & Health

Life & Health: Gross Written Premiums, PVEP, NB CSM, NBV, and Net Flows ^{p. 4}
Key figures (EUR billion, unless otherwise noted)	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
Net flows	+2.5	—	+2.7	—

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 figures ^{p. 4}
All year-on-year changes are on a comparable basis vs. the updated 1Q25 figures ^{p. 4}
Gross written premiums & other revenues , present value of expected premiums ('PVEP') and new business value margin ('NBV Margin') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.) were up +8% to EUR 16.5bn ^{p. 4}
Life premiums increased by 8% to EUR 10.5bn, driven by: ^{p. 4}
- Unit-Linked: +16%, from continuation of 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 (footnote: Present value of expected premiums ('PVEP'): 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. PVEP is discounted at the reference interest rate and PVEP is Group share.) was up +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) (footnote: New business value ('NBV'): the value of newly issued contracts during the current year. It consists of the sum of (i) the NB CSM, (ii) 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 IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests.) was up +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 (footnote: New business value margin ('NBV Margin'): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.) 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 (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 by Agency ^{p. 5}
		Insurer financial strength ratings			AXA's credit ratings
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'): 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: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business); Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities) ^{p. 5}
New business contractual service margin ('NB CSM'): 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'): the value of newly issued contracts during the current year, consisting of the sum of (i) the NB CSM, (ii) 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 IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests ^{p. 5}
New business value margin ('NBV Margin'): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP ^{p. 5}
Present value of expected premiums ('PVEP'): 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; PVEP is discounted at the reference interest rate and PVEP 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 LATAM: Emerging Markets Europe and Latin America
EME: Emerging Markets Europe
ESMA: European Securities and Markets Authority
IFRS: International Financial Reporting Standards
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 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 (footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.) (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: ^{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 are fully consolidated; 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; Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income ^{p. 6}
- AXA Mediterranean Holdings is also included ^{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}
AXA Investment Managers: disposal to BNP Paribas completed on July 1, 2025 ^{p. 6}

Exchange rates

End of Period and Average Exchange Rates for Major Currencies ^{p. 6}
For 1 Euro	End of Period Exchange rate		Average Exchange rate
—	FY25	1Q26	1Q25	1Q26
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

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 calculation 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 any limited review by AXA's statutory auditors ^{p. 7}

About the AXA Group

AXA Group is a worldwide leader in insurance 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}.
The AXA ordinary share is listed on Euronext Paris (compartment A) 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}.
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}.
Press releases and regulated information from AXA are available on the AXA Group website (axa.com) ^{p. 8}.
Statements regarding expected underlying earnings per share (UEPS) growth for 2026 are forward-looking and provide one-off guidance for the last year of the Group's current strategic plan ^{p. 8}.
Forward-looking statements are based on Management's current views and intentions and are subject to change, risks, and uncertainties, as detailed in Part 5 'Risk Factors and Risk Management' of AXA's 2025 Universal Registration Document ^{p. 8}.
AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by law ^{p. 8}.
The press release refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends and financial performance ^{p. 8}.
Non-GAAP financial measures like 'Underlying earnings', UEPS, 'underlying return on equity', 'combined ratio', and 'debt gearing' are defined as APMs under ESMA's guidelines and AMF's position statement ^{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 via 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}.

Appendix 1: Earnings

Appendix 1 provides Gross Written Premiums & Other Revenues by Geography and Business Line ^{p. 9}.

Caption: Appendix 1: Earnings ^{p. 9}

| | | | | | | | | | | | | | | | | | | | | |

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}.
- CLP premiums in 1Q25 were EUR 198m (of which EUR 68m in P&C and EUR 130m in Life & Health) ^{p. 9}.
- CLP premiums in 1Q26 were EUR 201m (of which EUR 68m in P&C and EUR 132m in Life & Health) ^{p. 9}.
International protection and health premiums previously reported in AXA France are now under AXA Health International, part of Europe ^{p. 9}.
- These premiums in 1Q25 were EUR 319m (of which EUR 104m in Life and EUR 215m in Health) ^{p. 9}.
- These premiums in 1Q26 were EUR 336m (of which EUR 103m in Life and EUR 233m in Health) ^{p. 9}.

Gross Written Premiums and Other Revenues by Business Line and Region ^{p. 10}
	Commercial lines		Personal lines					AXA XL Reinsurance		Total P&C
EUR million	Total Commercial	Changeⁱ	Personal Motor	Changeⁱ	Personal Non-Motor	Changeⁱ	Total Personal	Changeⁱ	Total Reinsurance	Changeⁱ	1Q26	Changeⁱ
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 calculated on a comparable basis (constant forex, scope, and methodology) ^{p. 10}.
Interest Rates (5Y) are used for the Discounting of P&C Claims Reserves ^{p. 10}.

Exchange Rates for Major Currencies ^{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%

P&C Price Effect by Country and Business Line ^{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%

Appendix 4 details Property & Casualty revenue contribution and growth by business line ^{p. 12}.
Appendix 4 also details Life & Health Gross Written Premiums & Other Revenues and growth by business line ^{p. 12}.

Gross Written Premiums & Other Revenues by Business Line and Region ^{p. 12}
Gross written premiums & other revenues	Total i		o/w Protection		o/w G/A Savings		o/w Unit-Linked		o/w Health
EUR 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	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 & Health Gross Written Premiums and Other Revenues by Region ^{p. 13}
	Life				Healthⁱ				Totalⁱ
EUR 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	3,026	94	103	3.4%	1,565	—	44	2.8%	4,591	94	147	3.2%
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	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 & Health Gross Written Premiums and Other Revenues by Region ^{p. 13}
	Life				Healthⁱ				Totalⁱ
EUR 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	6,969	204	245	3.5%	3,261	—	82	2.5%	10,229	204	327	3.2%
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	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%

Life & Health Gross Written Premiums and Other Revenues by Region ^{p. 13}
	Life				Healthⁱ				Totalⁱ
EUR 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	9,911	277	344	3.5%	4,788	—	116	2.4%	14,698	277	459	3.1%
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	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 ^{p. 13}
	NB CSM to NBV
EUR million	Life	Healthⁱ	Totalⁱ
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 ^{p. 13}
	NB CSM to NBV
EUR million	Life	Healthⁱ	Totalⁱ
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 ^{p. 13}
	NB CSM to NBV
EUR million	Life	Health i	Total i
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 against 1Q25 updated figures, which are based on FY25 financial and actuarial assumptions ^{p. 14}.

Life and Health New Business Metrics by Region ^{p. 14}
	Life New Business Metrics 1Q26								Health i New Business Metrics 1Q26								Total i New Business Metrics 1Q26
EUR million	PVEP	Change ii	NB CSM (pre-tax)	Change ii	NBV (post-tax)	Change ii	NBV margin (%)	Change ii	PVEP	Change ii	NB CSM (pre-tax)	Change ii	NBV (post-tax)	Change ii	NBV margin (%)	Change ii	PVEP	Change ii	NB CSM (pre-tax)	Change ii	NBV (post-tax)	Change ii	NBV margin (%)	Change ii
France	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	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	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 ^{p. 14}
	NB CSM to NBV
EUR million	Life	Health i	Total i
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}.
Changes are calculated on a comparable basis (constant forex, scope, and methodology) ^{p. 14}.

Net flows by business line

Net Flows by Business Line ^{p. 15}
EUR billion	1Q25	1Q26
Health i	+0.8	+1.0
Protection	+1.8	+1.8
G/A Savings	-0.7	-0.8
o/w capital light	+0.6	+0.7
o/w traditional G/A	-1.3	-1.5
Unit-Linked	+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}.
Main transactions in 2026 include the announcement of a share repurchase agreement for up to EUR 1.25bn (February 27, 2026) ^{p. 16}.
Next main investor events are: HY26 Earnings Release (July 31, 2026), AXA Investor Day (September 15, 2026), AXA Investor roundtable on strategy for key markets (September 21, 2026), and 9M26 Activity Indicators (October 29, 2026) ^{p. 16}.
Appendix 9 and Appendix 8 cover other information, main transactions, and next main investor events ^{p. 16}.