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 file	.md file

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

1Q26 highlights

• Gross written premiums & other revenues +6% to EUR 38.0bn vs. 1Q25 ^{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}.
• 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), 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 ^{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," said Alban de Mailly Nesle, Chief Financial Officer of AXA . "This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year's strong momentum." ^{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}

• 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

AXA's gross written premiums and other revenues for 1Q25 and 1Q26. ^{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 (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.)	21.0	21.5	+2%	+4%
o/w Life & Health (footnote: Combined ratio is a non-GAAP 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 non-GAAP financial measures” in this press release for important information about APMs used by AXA.)	15.5	16.5	+7%	+8%
o/w Asset Management (footnote: Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.)	0.4	n.m.	n.m.	n.m.

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

Key figures (EUR billion)	FY25	January 1, 2026	1Q26	Change vs. January 1, 2026
Solvency II ratio (%) (footnote: The Solvency II ratio is 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 stock- based 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).)	224%	215%	211%	-4pts

Activity indicators

• Total gross written premiums & other revenues +6% ^{p. 2}.
  • Property & Casualty +4%, driven by:
    • Personal lines +7%, due to higher volumes and favorable price effect ^{p. 2}.
    • Commercial lines +3%, from higher volumes (notably at AXA XL Insurance) and favorable price effect, 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%, driven by:
    • Life premiums +8%, due to strong sales in Unit-Linked (+16%) and G/A (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan ^{p. 2}.
    • Health premiums +8%, due to 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 (-10 points vs. December 31, 2025) ^{p. 2}.
• The Solvency II ratio was -4 points vs. January 1, 2026, reflecting:
  • A 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

P&C gross written premiums and other revenues for 1Q25 and 1Q26. ^{p. 3}

Key figures (EUR billion)	1Q25	1Q26	Change LFL	1Q26 Price effect 6 (in %) (footnote: Price effect is calculated as a percentage of total gross written premiums of the prior year.)
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 +4% to EUR 21.5bn ^{p. 3}.
  • Personal lines +7% to EUR 7.0bn, driven by:
    • 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 +3% to EUR 13.2bn, mainly from:
    • 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 -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 budget of approximately 4.5 points of combined ratio is maintained ^{p. 3}.

Life & Health

Life & Health key figures for 1Q25 and 1Q26. ^{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	—

• 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability, reflecting their contribution to FY25 PVEP, NB CSM, NBV, and NBV margin ^{p. 4}.
• All year-on-year changes are on a comparable basis vs. the updated 1Q25 figures ^{p. 4}.
• Gross written premiums & other revenues +8% to EUR 16.5bn ^{p. 4}.
  • Life premiums +8% to EUR 10.5bn, driven by:
    • 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 +8% to EUR 5.9bn, driven by favorable price effects across all geographies ^{p. 4}.
• PVEP +8% to EUR 13.8bn, driven by:
  • 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) +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) +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 -0.3 points to 4.4% ^{p. 4}.
• Net flows EUR +2.7bn (vs. EUR +2.5bn in 1Q25), driven by:
  • Protection (EUR +1.8bn), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product ^{p. 4}.
  • Unit-Linked (EUR +0.7bn), primarily in France ^{p. 4}.
  • G/A Savings (EUR -0.8bn), reflecting inflows in capital-light G/A savings (EUR +0.7bn), more than offset by outflows in traditional G/A Savings (EUR -1.5bn) ^{p. 4}.
  • 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 (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 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, consisting of:
  • The NB CSM ^{p. 5}.
  • The present value of future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals ^{p. 5}.
  • The present value of future profits of pure investment contracts accounted for under IFRS 9 ^{p. 5}.
  • Net of the cost of reinsurance, taxes, and 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, discounted at the reference interest rate and representing the Group share ^{p. 5}.
• AA: Senior Debt Rating
• AM: AM Best
• BNP: Banque Nationale de Paris
• CLP: Credit and Lifestyle Protection
• CSM: Contractual Service Margin
• EME LATAM: Emerging Markets Europe Latin America
• EME: Emerging Markets Europe
• IFRS: International Financial Reporting Standards
• II: Solvency II
• LATAM: Latin America
• LFL: Like-for-Like
• NB CSM: New Business Contractual Service Margin
• NBV: New Business Value
• PVEP: Present Value of Expected Premiums
• SME: Small and Medium-sized Enterprises
• UK: United Kingdom

Scope

• France includes insurance activities, banking activities, and holding ^{p. 6}.
• Europe includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (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:
  • 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); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (the bancassurance entity) (consolidated under the equity method, contributing 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) (fully consolidated) ^{p. 6}.
  • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated); Russia (Reso) (insurance activities) (consolidated under the equity method, contributing 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

Exchange rates for major currencies in FY25, 1Q25, and 1Q26. ^{p. 6}

—	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

• Changes in gross written premiums & other revenues, new business value (NBV), present value of expected premiums (PVEP), and new business value margin (NBV Margin) are on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated ^{p. 7}.
• These and other terms are defined in the glossary section of the press release ^{p. 7}.
• The Solvency II ratio is estimated using AXA's internal model, calibrated based on an adverse 1/200 years shock ^{p. 7}.

-

Gross written premiums and other revenues by segment for 1Q25 and 1Q26. ^{p. 9}

—	1Q25 Published	1Q25 Adjusted ii,iii	1Q26	Change	Change LFL	1Q26	Change LFL	1Q26	Change LFL
France	8,440	7,923	8,393	+6%	+5%	3,355	+6%	5,012	+4%
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	525	723	764	+6%	+6%	601	+8%	163	-2%
AXA Investment Managers	443	443	-	n.m.	n.m.	—	—	—	—
Total	36,967	36,967	37,953	+3%	+6%	21,462	+4%	16,464	+8%

P&C gross written premiums and other revenues by segment for 1Q26. ^{p. 10}

—	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%

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

Interest rates (5Y) for discounting P&C claims reserves in 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%

Interest rates (5Y) for discounting P&C claims reserves by line of business. ^{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	-0.2%	—	-3.9%
Asia, Africa & EME-LATAM	+0.4%	+5.6%	—
Total	+1.5%	+4.0%	-3.9%

P&C gross written premiums and other revenues by segment for 1Q26. ^{p. 12}

—	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	5,436	+6%	1,183	+1%	—	—	—	—	4,253	+7%

Life & Health gross written premiums and other revenues by segment for 1Q26. ^{p. 13}

—	Life				Healthⁱ				Totalⁱ
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 segment for 1Q26. ^{p. 13}

—	Life				Healthᶦ				Totalᶦ
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%

PVEP, NB CSM, NBV, and NBV margin by segment for 1Q26. ^{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 (%)
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%

1Q25 updated NB CSM to NBV figures for Life and Health. ^{p. 13}

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

1H25 updated NB CSM to NBV figures for Life and Health. ^{p. 13}

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

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

PVEP, NB CSM, NBV, and NBV margin by segment for 1Q26. ^{p. 14}

—	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
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 for Life and Health. ^{p. 14}

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

Life & Health net flows for 1Q25 and 1Q26. ^{p. 15}

EUR billion	1Q25	1Q26
Health i	+0.8	+1.0
Protection	+1.8	+1.8
G/A Savings (footnote: General account.)	-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 net flows	+2.5	+2.7