AXA/2026/1Q activity indicators press release

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

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

1Q26 highlights

• Gross written premiums & other revenues (1) were up +6% vs. 1Q25 to Euro 38.0bn ^{p. 1}.
  • Property & Casualty premiums were up +4% to Euro 21.5bn ^{p. 1}.
    • Retail premiums were up +7%, with +4% from price effect and +3% from volumes ^{p. 1}.
    • Commercial premiums were up +3%, with equal contributions from price effect and volumes ^{p. 1}.
  • Life & Health premiums were up +8% to Euro 16.5bn ^{p. 1}.
    • Life premiums were up +8% ^{p. 1}.
    • Health premiums were up +8% ^{p. 1}.
• Life & Health NB CSM was up +4% ^{p. 1}.
• Net flows were Euro +2.7bn ^{p. 1}.
• Solvency II ratio (2) was 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 (4) ^{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 5:45 pm CET ^{p. 1}.
• The 1Q26 activity indicators show sustained revenue momentum ^{p. 1}.

1Q26 key highlights

Key figures for gross written premiums and other revenues. ^{p. 2}

Key figures (EUR billion)	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.

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

Key figures (in 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 (1) were up +6%, driven by: ^{p. 2}
  • Property & Casualty (+4%), with growth in: ^{p. 2}
    • Personal lines (+7%), driven by higher volumes and favorable price effect ^{p. 2}.
    • Commercial lines (5) (+3%), from both higher volumes, notably at AXA XL Insurance, and favorable price effect (6) mainly in the SME & Mid-market business in Europe and France ^{p. 2}.
    • Partly offset by AXA XL Reinsurance (-7%), reflecting discipline in softening market conditions ^{p. 2}.
  • Life & Health (+8%), with: ^{p. 2}
    • Life premiums up +8%, driven by strong sales in Unit-Linked (+16%) and G/A (7) (+9%) across all geographies, and Protection (+4%), from strong sales in Protection with Savings in Hong Kong and Japan ^{p. 2}.
    • Health premiums up +8%, driven by favorable price effects across all geographies ^{p. 2}.
• Solvency II ratio (2) 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 (8) (-10 points vs. December 31, 2025) ^{p. 2}.
• The Solvency II ratio was down -4 points vs. January 1, 2026, reflecting: ^{p. 2}
  • A strong operating return (+7 points), less accrued dividend and annual share buyback for 1Q26 (-6 points) ^{p. 2}.
  • More than offset by 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 %)
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 (1) were up +4% to Euro 21.5bn ^{p. 3}.
• Personal lines grew by 7% to Euro 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 Euro 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 overall 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 Euro 1.2bn, reflecting lower volumes, consistent with a 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 (9) budget of approximately 4.5 points of combined ratio (10) is maintained ^{p. 3}.

Life & Health

Life & Health key figures including premiums, PVEP, NB CSM, and NBV. ^{p. 4}

Key figures (EUR billion)	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 (see Appendix 5) ^{p. 4}.
• All year-on-year changes are given on a comparable basis versus the updated 1Q25 figures ^{p. 4}.
• Gross written premiums & other revenues (1) were up +8% to Euro 16.5bn ^{p. 4}.
• Life premiums increased by 8% to Euro 10.5bn, driven by: ^{p. 4}
  • Unit-Linked (+16%), from the continuation of positive sales momentum across geographies ^{p. 4}.
  • G/A Savings (+9%), mainly resulting 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 the 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 Euro 5.9bn, driven by favorable price effects across all geographies ^{p. 4}.
• PVEP (1,11) was up +8% to Euro 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) (1,11) increased by 4% to Euro 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) (1,11) was up +1% to Euro 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 (1,11) decreased by 0.3 points to 4.4% ^{p. 4}.
• Net flows (1,11) were Euro +2.7bn, compared to Euro +2.5bn in 1Q25, driven by: ^{p. 4}
  • Protection (Euro +1.8bn), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product ^{p. 4}.
  • Unit-Linked (Euro +0.7bn), primarily in France ^{p. 4}.
  • G/A Savings (Euro -0.8bn), reflecting inflows in capital-light G/A savings (Euro +0.7bn), more than offset by outflows in traditional G/A Savings (Euro -1.5bn) ^{p. 4}.
  • Health (Euro +1.0bn), mostly from Germany, France and Japan ^{p. 4}.

Ratings

Insurer financial strength and 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') 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 are 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) ^{p. 5}.
• 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') 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) 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') is 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') 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 PVEP is Group share ^{p. 5}.
• AM: A.M. 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
• GAAP: Generally Accepted Accounting Principles
• GWP: Gross Written Premiums
• 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 (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: ^{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 ^{p. 6}.
  • 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}.
  • Russia (Reso) (insurance activities) is consolidated under the equity method and 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 (including the Group's internal reinsurance activity), and other Central Holdings ^{p. 6}.
• AXA Investment Managers' disposal to BNP Paribas was completed on July 1, 2025 ^{p. 6}.

Exchange rates

End of period and average exchange rates for various currencies. ^{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

• 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 ^{p. 7}.
• These and other terms are defined in the glossary section of this press release ^{p. 7}.
• The Solvency II ratio (2) is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock ^{p. 7}.
• It includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, based on the full-year dividend of Euro 2.32 per share to be paid in 2026 for FY25 and an annual share buyback of Euro 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 relating to employee share offerings and stock-based compensation ^{p. 7}.
• Dividends and share buybacks are proposed by the Board, at its discretion, based on various factors described in AXA's 2025 Universal Registration Document, and then submitted to AXA's shareholders for approval ^{p. 7}.
• This estimate should not be considered an indication of the actual dividend and share buyback amounts for the 2026 financial year ^{p. 7}.
• For further information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on axa.com ^{p. 7}.
• Underlying earnings per share ('UEPS') growth for 2026 (4) is a forward-looking statement providing one-off guidance for the last year of the Group's current strategic plan, qualified by cautionary statements in this press release regarding forward-looking statements ^{p. 7}.
• 'Commercial lines' (5) refers to P&C Commercial lines excluding AXA XL Reinsurance ^{p. 7}.
• Price effect (6) is calculated as a percentage of total gross written premiums of the prior year ^{p. 7}.
• General account (7) ^{p. 7}.
• 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 ^{p. 7}.
• This was disclosed in AXA's respective press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, published on axa.com ^{p. 7}.
• Natural catastrophe charges (9) include natural catastrophe losses regardless of event size ^{p. 7}.
• Combined ratio (10) is a non-GAAP financial measure, or alternative performance measure ('APM') ^{p. 7}.
• See the paragraph 'Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures' in this press release for important information about APMs used by AXA ^{p. 7}.
• Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin (11) include Health business predominantly written in Life entities ^{p. 7}.
• Restricted Tier 1 (12) is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's ^{p. 7}.
• Tier 2 (12) 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 (13) 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 used for the calculation of NBV and PVEP are updated semi-annually at half year and full year ^{p. 7}.
• Financial figures and information in this press release have not been audited and have not been subject to any limited review by AXA's statutory auditors ^{p. 7}.

About the AXA Group

• 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 Euro 115.5bn and underlying earnings to Euro 8.4bn ^{p. 8}.
• The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA) ^{p. 8}.
• AXA's American Depository Share is quoted on the OTC QX platform under the ticker symbol AXAHY ^{p. 8}.
• The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD ^{p. 8}.
• It 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 made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers' General Regulation are available on the AXA Group website (axa.com) ^{p. 8}.
• This press release contains forward-looking statements, including predictions of future events, trends, plans, expectations, or objectives, and other non-historical information ^{p. 8}.
• Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs such as 'would' and 'could' ^{p. 8}.
• Statements regarding expected underlying earnings per share ('UEPS') growth for 2026 are forward-looking statements for one-off guidance in the context of the current strategic plan's last year ^{p. 8}.
• These statements are based on Management's current views and intentions and are subject to change ^{p. 8}.
• Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which can cause actual results to differ materially ^{p. 8}.
• Each forward-looking statement speaks only at the date of this press release ^{p. 8}.
• Refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2025 (the '2025 Universal Registration Document') for a description of certain important factors, risks, and uncertainties ^{p. 8}.
• AXA disclaims any obligation to publicly update or revise any forward-looking statements, except as required by applicable laws and regulations ^{p. 8}.
• This press release refers to certain non-GAAP financial measures, or alternative performance 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 used by other companies ^{p. 8}.
• None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS ^{p. 8}.
• 'Underlying earnings', UEPS ('underlying earnings per share'), '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}.
• AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology) in the 2025 Universal Registration Document, on the pages indicated in Section 2.3.3 'Alternative Performance Measures' ^{p. 8}.
• For further information on the above-mentioned and other non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document ^{p. 8}.

• For investor relations, contact +33.1.40.75.48.42 or investor.relations@axa.com ^{p. 8}.
• For individual shareholder relations, contact +33.1.40.75.48.43 ^{p. 8}.
• For media relations, contact +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}.

Appendix 1: Earnings

• No prose content in this section. ^{p. 9}

GWP & Other Revenues by region and business line. ^{p. 9}

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

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

Commercial and Personal lines, and AXA XL Reinsurance by region. ^{p. 10}

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

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

Currency exchange rates for FY25 and 1Q26. ^{p. 10}

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

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

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%

• No prose content in this section. ^{p. 12}

GWP & Other Revenues by type of protection and savings. ^{p. 12}

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

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

1Q25 updated figures for Life and Health by region. ^{p. 13}

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

1H25 updated figures for Life and Health by region. ^{p. 13}

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

9M25 updated figures for PVEP, NB CSM, NBV, and NBV margin. ^{p. 13}

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 (%)
Franceᶦᶦ,ᶦᶦᶦ	9,911	277	344	3.5%	4,788	—	116	2.4%	14,698	277	459	3.1%
Europeᶦᶦᶦ	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%
Transversalᶦᶦ	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 for NB CSM to NBV by Life and Health. ^{p. 13}

EUR million	Life	Health	Total
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 for NB CSM to NBV by Life and Health. ^{p. 13}

EUR million	Life	Health	Total
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 for NB CSM to NBV by Life and Health. ^{p. 13}

EUR million	Life	Health	Total
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}

1Q26 Life, Health, and Total New Business Metrics by region. ^{p. 14}

	Life New Business Metrics 1Q26								Health New Business Metrics 1Q26								Total New Business Metrics 1Q26
in Euro million	PVEP	Change	NB CSM (pre-tax)	Change	NBV (post-tax)	Change	NBV margin (%)	Change	PVEP	Change	NB CSM (pre-tax)	Change	NBV (post-tax)	Change	NBV margin (%)	Change	PVEP	Change	NB CSM (pre-tax)	Change	NBV (post-tax)	Change	NBV margin (%)	Change
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 for Life, Health, and Total. ^{p. 14}

EUR million	Life	Health	Total
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 for 1Q25 and 1Q26. ^{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 ii	+0.6	+0.7
o/w traditional G/A	-1.3	-1.5
Unit-Linked iii	+0.5	+0.7
Total Life & Health i net flows	+2.5	+2.7

• Health business written predominantly in Life entities is included. ^{p. 15}
• Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with 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: ^{p. 16}
  • A share repurchase agreement was announced on February 27, 2026, for AXA's share buyback program of up to EUR 1.25bn. ^{p. 16}
• Next main investor events: ^{p. 16}
  • HY26 Earnings Release: July 31, 2026. ^{p. 16}
  • AXA Investor Day: September 15, 2026. ^{p. 16}
  • AXA Investor roundtable on the strategy for AXA key markets: September 21, 2026. ^{p. 16}
  • 9M26 Activity Indicators: October 29, 2026. ^{p. 16}