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| document_type = Press release
| publication_date = 2026-05-05
| market_timing = PrePost-market
| language = English
| pages = 16
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/afoMp8BOoF08xomN_AXA_PR_20260505.pdf
| archive_file = File:AXA-2026-1Q-Activity_indicators_press_release.md
| intro_sentence = This article summarizes AXA's 1Q 2026 activity indicators press release, published on 5 May 5, 2026.
}}
 
''This article summarizes AXA's 1Q 2026 activity indicators press release, published on 5 May 5, 2026.''
 
== 1Q26 highlights ==
 
* '''Property & Casualty''' premiums +4% to EUR 21.5bn <sup>p. 1</sup>
** '''Retail premiums''' premiums +7%, with +4% from price effect and +3% from volumes <sup>p. 1</sup>
** '''Commercial premiums''' premiums +3%, with equal contributions from price effect and volumes <sup>p. 1</sup>
* '''Life & Health''' premiums +8% to EUR 16.5bn <sup>p. 1</sup>
** '''Life premiums''' premiums +8% <sup>p. 1</sup>
** '''Health premiums''' premiums +8% <sup>p. 1</sup>
* Life & Health NB CSM +4% <sup>p. 1</sup>
* '''Net flows''' (Life & Health) +EUR 2.7bn <sup>p. 1</sup>
* '''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 <sup>p. 1</sup>
 
Line 32:
* AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range {{footnote|1=Expected underlying earnings per share (“UEPS”) growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group’s current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements. 5 “Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.}} <sup>p. 1</sup>
* AXA will present its new strategic plan for 2027-2029 on September 15, 2026 <sup>p. 1</sup>
<blockquote>"AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy," said Alban de Mailly Nesle, Chief Financial Officer of AXA . "This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year's strong momentum." <small>(Alban de Mailly Nesle, Chief Financial Officer of AXA <sup>p. 1</sup>)</small></blockquote>
<blockquote>"In the context of a volatile macro environment, we operate from a position of strength, supported by a robust balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident in our ability to deliver underlying earnings per share growth for 2026 at the top end of our target range and to sustain growth beyond the current plan." <sup>p. 1</sup></blockquote>
<blockquote>"I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA ." <sup>p. 1</sup></blockquote>
* The pressPress release was issued from Paris on, May 5, 2026, at (5:45pm CET) <sup>p. 1</sup>▼
* '''1Q26 Activity indicators''' show sustained revenue momentum <sup>p. 1</sup>
 
== Press1Q26 releasekey highlights ==
 
▲* The press release was issued from Paris on May 5, 2026, at 5:45pm CET <sup>p. 1</sup>
* All footnotes for this press release are on page 7 <sup>p. 1</sup>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Key figures for gross written premiums and other revenues in 1Q25 and 1Q26. <sup>p. 2</sup>
! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change on a comparable basisLFL
|-
| style="text-align:left" | Gross written premiums and other revenues {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.}}
Line 78 ⟶ 77:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II ratio for FY25, January 1, 2026, and 1Q26. <sup>p. 2</sup>
! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | January 1, 2026
Line 93 ⟶ 92:
</div>
 
== Activity indicators ==
* Driven by '''Property & Casualty''' (+4%) <sup>p. 2</sup>▼
 
** '''Personal lines''' +7%, driven by higher volumes and favorable price effect {{footnote|1=Price effect is calculated as a percentage of total gross written premiums of the prior year.}} <sup>p. 2</sup>▼
▲* Driven by '''Property & Casualty''' (+4%), driven by: <sup>p. 2</sup>
** '''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) <sup>p. 2</sup>▼
▲** '''Personal lines''' +7%, driven byfrom higher volumes and favorable price effect {{footnote|1=Price effect is calculated as a percentage of total gross written premiums of the prior year.}} <sup>p. 2</sup>
** Partly offset by '''AXA XL Reinsurance''' (-7%), reflecting discipline in softening market conditions <sup>p. 2</sup>▼
▲** '''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) <sup>p. 2</sup>
* Driven by '''Life & Health''' (+8%) <sup>p. 2</sup>
▲** Partly offset by '''AXA XL Reinsurance''' (-7%), reflecting discipline in softening market conditions <sup>p. 2</sup>
** Life premiums +8%, driven by strong sales in Unit-Linked (+16%), G/A {{footnote|1=General account.}} (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan <sup>p. 2</sup>▼
** '''Life & Health premiums''' +8%, driven by favorable price effects across all geographies: <sup>p. 2</sup>
▲** '''Life premiums''' +8%, driven byfrom strong sales in Unit-Linked (+16%), G/A {{footnote|1=General account.}} (+9%) across all geographies, and Protection (+4%) (from strong sales in Protection with Savings in Hong Kong and Japan) <sup>p. 2</sup>
* Solvency II ratio {{footnote|1=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).}} was 211% as of March 31, 2026 <sup>p. 2</sup>▼
** '''Health premiums''' +8%, from favorable price effects across all geographies <sup>p. 2</sup>
** On January 1, 2026, the Solvency II ratio was 215% following the end of the grandfathering period {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, 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.}} (-10 points vs. December 31, 2025) <sup>p. 2</sup>▼
▲* '''Solvency II ratio''' {{footnote|1=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).}} was 211% as of March 31, 2026 <sup>p. 2</sup>
** The Solvency II ratio was -4 points vs. January 1, 2026, reflecting: <sup>p. 2</sup>▼
▲** On January 1, 2026, the Solvency II ratio was 215% on January 1, 2026, following the end of the grandfathering period {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, 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.}} (-10 points vs. December 31, 2025) <sup>p. 2</sup>
*** A strong operating return (+7 points), less accrued dividend and annual share buyback for 1Q26 (-6 points) <sup>p. 2</sup>▼
▲** The Solvency II ratio was -4 points vs. January 1, 2026, reflecting: <sup>p. 2</sup>
*** More than offset by unfavorable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility <sup>p. 2</sup>▼
** Strong operating return (+7 points) <sup>p. 2</sup>
▲*** A strong operating return (+7 points), lessLess accrued dividend and annual share buyback for 1Q26 (-6 points) <sup>p. 2</sup>
▲*** More than offset by unfavorableUnfavorable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility <sup>p. 2</sup>
 
== Property & Casualty ==
Line 110 ⟶ 112:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&C grossGross written premiums and other revenues infor 1Q25property and& 1Q26casualty. <sup>p. 3</sup>
! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change on a comparable basisLFL
! class="col-s" style="text-align:right" | 1Q26 Price effect 6 (in %) {{footnote|1=Price effect is calculated as a percentage of total gross written premiums of the prior year.}}
|-
Line 143 ⟶ 145:
</div>
 
* '''Personal lines''' +7% to EUR 7.0bn, driven by: <sup>p. 3</sup>
** '''Europe''' (+7%), from favorable price effects across geographies (except UK & Ireland) and higher volumes <sup>p. 3</sup>
** '''France''' (+8%), with strong volume growth from (direct business and proprietary agent networks,) combined withand favorable price effect <sup>p. 3</sup>
** Asia, Africa & EME LATAM (+7%), mainly driven byfrom higher average premiums in Türkiye and higher volumes in Mexico <sup>p. 3</sup>
* '''Commercial lines''' +3% to EUR 13.2bn, mainly from: <sup>p. 3</sup>
** '''AXA XL Insurance''' (+2%), from growth in Property and Specialty where(attractive margins remain attractive), partly offset by lower volumes in Casualty; pricing overall remains stable vs. 1Q25 <sup>p. 3</sup>
** France (+6%), from both favorable price effect and higher volumes <sup>p. 3</sup>
** Asia, Africa & EME-LATAM (+10%), mainly driven byfrom higher average premiums in Türkiye <sup>p. 3</sup>
* '''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% <sup>p. 3</sup>
* Group '''natural catastrophe {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} experience''' in 1Q26 was slightly below the prorated annual budget <sup>p. 3</sup>
* TheAnnual annual '''natural catastrophe budget''' of ca. 4.5 points of combined ratio {{footnote|1=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.}} is maintained <sup>p. 3</sup>
 
== Life & Health ==
Line 159 ⟶ 161:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & Health key figures for grossGross written premiums and other revenues for life & health. <sup>p. 4</sup>
! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q25 Updated {{footnote|1=For the sake of comparability, please note that 1Q25 PVEP, NB CSM, NBV and NBV margin have all 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 given on a comparable basis versus the updated 1Q25 figures. (See Appendix 5).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change vs. 1Q25 updated on a comparable basisLFL
|-
| style="text-align:left" | Gross written premiums and other revenues
Line 184 ⟶ 186:
| style="text-align:right" | +8%
|-
| style="text-align:left" | PVEPPVNBP
| style="text-align:right" | 13.7
| style="text-align:right" | 13.0
Line 190 ⟶ 192:
| style="text-align:right" | +8%
|-
| style="text-align:left" | NBNew business CSM (pre-tax)
| style="text-align:right" | 0.6
| style="text-align:right" | 0.6
Line 196 ⟶ 198:
| style="text-align:right" | +4%
|-
| style="text-align:left" | NBVNew business value (post-tax)
| style="text-align:right" | 0.7
| style="text-align:right" | 0.6
Line 202 ⟶ 204:
| style="text-align:right" | +1%
|-
| style="text-align:left" | NBVNew business value margin
| style="text-align:right" | 4.9%
| style="text-align:right" | 4.8%
Line 216 ⟶ 218:
</div>
 
* 1Q25 PVEP {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (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.) (“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.}}, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability, with all YoY changes on a comparable basis vs. updated 1Q25 figures <sup>p. 4</sup>
** '''Life premiums''' +8% to EUR 10.5bn, driven by: <sup>p. 4</sup>
*** '''Unit-Linked''' (+16%), from continuation ofcontinued positive sales momentum across geographies <sup>p. 4</sup>
*** '''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 <sup>p. 4</sup>
*** '''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 <sup>p. 4</sup>
** '''Health premiums''' +8% to EUR 5.9bn, driven by favorable price effects across all geographies <sup>p. 4</sup>
* '''PVEP''' +8% to EUR 13.8bn, driven by: <sup>p. 4</sup>
** '''Life''' (+10%), reflecting strong sales across geographies in both Savings (+14%) and Protection (+6%), partly offset by lower Group Life sales in Switzerland <sup>p. 4</sup>
** '''Health''' (+4%), mainly due to higher Group business volumes in France, partly offset by Japan <sup>p. 4</sup>
* '''NB CSM''' (pre-tax)''' {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.}} +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) <sup>p. 4</sup>
* '''NBV''' (post-tax)''' {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.}} +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 <sup>p. 4</sup>
* '''NBV margin''' -0.3 points to 4.4% <sup>p. 4</sup>
* '''Net flows''' {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.}} were +EUR 2.7bn (vs.prior: +EUR 2.5bn in 1Q25), driven by: <sup>p. 4</sup>
** Protection (+EUR 1.8bn), mainly in Hong Kong and Switzerland in (Individual Life,) and in Japan in (Protection with Unit-Linked product) <sup>p. 4</sup>
** Unit-Linked (+EUR 0.7bn), primarily in France <sup>p. 4</sup>
** 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) <sup>p. 4</sup>
** Health (+EUR 1.0bn), mostly from Germany, France and Japan <sup>p. 4</sup>
 
== Ratings ==
Line 238 ⟶ 240:
<div style="overflow-x:auto">
{| class="wikitable"
|+ Insurer financial strength ratings and AXA's credit ratings by agency. <sup>p. 5</sup>
! style="text-align:left" | —
! class="col-s" style="text-align:centerright" | —
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | AXA's credit ratings {{footnote|1=Restricted Tier 1: “A-” by Standard & Poor’s and “A3(hyb)” by Moody’s. Tier 2: “A” by Standard & Poor’s and “A1(hyb)” by Moody’s.}}
|-
! style="text-align:left" | Agency
! class="col-m" style="text-align:right" | Date of last review
! class="col-m" style="text-align:right" | AXA SA
! class="col-m" style="text-align:right" | AXA's principal insurance subsidiaries
! class="col-m" style="text-align:right" | Outlook
! class="col-m" style="text-align:right" | Senior debt of the Company
! class="col-m" style="text-align:right" | Short-term debt of the Company
|-
| style="text-align:left" | S&P Global Ratings
| class="col-ms" style="text-align:right" | March 11, 2026
| class="col-ms" style="text-align:right" | AA-
| class="col-ms" style="text-align:right" | AA
| class="col-ms" style="text-align:right" | Stable
| class="col-ms" style="text-align:right" | AA-
| class="col-ms" style="text-align:right" | A-1+
|-
| style="text-align:left" | Moody's Investor Service
| class="col-ms" style="text-align:right" | October 8, 2025
| class="col-ms" style="text-align:right" | Aa2
| class="col-ms" style="text-align:right" | Aa2
| class="col-ms" style="text-align:right" | Stable
| class="col-ms" style="text-align:right" | Aa3
| class="col-ms" style="text-align:right" | P-1
|-
| style="text-align:left" | AM Best
| class="col-ms" style="text-align:right" | October 9, 2025
| class="col-ms" style="text-align:right" | A+ Superior
| class="col-ms" style="text-align:right" | —
| class="col-ms" style="text-align:right" | Stable
| class="col-ms" style="text-align:right" | aa Superior
| class="col-ms" style="text-align:right" | —
|}
</div>
 
== Glossary ==
* '''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 <sup>p. 5</sup>
* '''Gross written premiums and other revenues''' areinclude insurance premiums collected during the period (including risk premiums, premiums from pure investment contractscontract with no discretionary participating featurespremiums, fees, and revenues, (net of commissions paid on assumed reinsurance business); Other Revenues, representplus premiums and fees collectedfrom onnon-insurance activities other than insurance (i.e., banking, services, and asset management activities) <sup>p. 5</sup>
* '''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 <sup>p. 5</sup>
* '''New business value ('NBV')''' is the value of newly issued contracts during the current year, consisting of the sum of (i)comprising 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 IFRS 9 pure investment contracts accounted for under IFRS 9, net of (iv)reinsurance cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 5</sup>
* '''New business value margin ('NBV Margin')''' is the ratio of (i) NBV to (ii) PVEP <sup>p. 5</sup>
* '''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; PVEP is, discounted at the reference interest rate, and is Group share <sup>p. 5</sup>
* '''AM''': AMA.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
* '''IFRS''': International Financial Reporting Standards
* '''II''': Solvency II
* '''LATAMLFL''': Latin AmericaLike-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 InvestmentInvesting
* '''UEPS''': Underlying Earnings Per Share
* '''UK''': United Kingdom
Line 312 ⟶ 307:
 
* '''France''' includes insurance activities, banking activities, and holding <sup>p. 6</sup>
* '''Europe''' includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium, and Luxemburg (insurance activities and holding)Luxembourg, UnitedUK Kingdom and& Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insuranceacquired Nov 28, activities2025), AXA Health International (insurance activities), and AXA Life Europe (all insurance activities and/or holding) <sup>p. 6</sup>
* '''AXA XL''' includes insurance and reinsurance activities and holding <sup>p. 6</sup>
* Asia, Africa & EME-LATAM includes: <sup>p. 6</sup>
** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excludingexcl. bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S (bancassurance entity) (consolidated under equity method, contributing only to NBV, PVEP, underlying earnings, and net income) <sup>p. 6</sup>
** '''Africa''': Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) (fully consolidated) <sup>p. 6</sup>
** '''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 equity method, contributing only to net income) <sup>p. 6</sup>
** '''AXA Mediterranean Holdings''' <sup>p. 6</sup>
* '''Transversal & Other''' includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings <sup>p. 6</sup>
* '''AXA Investment Managers''' disposal to BNP Paribas was completed on July 1, 2025 <sup>p. 6</sup>
 
== Exchange rates ==
Line 330 ⟶ 325:
! colspan="2" style="text-align:center" | End of Period Exchange rate
! colspan="2" style="text-align:center" | Average Exchange rate
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q26
|-
| style="text-align:left" | USD
Line 371 ⟶ 360:
== 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 <sup>p. 7</sup>
* '''Solvency II ratio''' is estimated using AXA's internal model calibrated based on an adverse 1/200 years shock <sup>p. 7</sup>
** It'''Solvency II ratio estimate''' includes a theoretical amount for dividends and share buybacks accrued for the first three months of 20261Q26, based on thea full-year dividend of EUR 2.32 per share to be paid in 2026 (for FY25) and an annual share buyback of EUR 1.25bn (announced on FebruaryFeb 26, 2026) <sup>p. 7</sup>
** Dividends and share buybacks are proposed by the Board, at its discretion, and submitted to shareholders for approval <sup>p. 7</sup>▼
* '''Annual share buybacks''' exclude anti-dilutive buybacks related to disposals/in-force management and buybacks to offset dilutive effects from employee share offerings/stock-based compensation <sup>p. 7</sup>
** This estimate should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year <sup>p. 7</sup>
▲** '''Dividends and share buybacks''' are proposed by the Board, at its discretion, and submitted to shareholders for approval <sup>p. 7</sup>
** Further information on AXA's internal model and Solvency II disclosures is available in AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on axa.com <sup>p. 7</sup>▼
* '''UnderlyingSolvency earningsII perratio share ('UEPS') growth for 2026estimate''' is anot forward-lookingan statementindication providingof one-offactual guidancedividend forand theshare lastbuyback yearamounts of the Group's current strategicfor planFY26 <sup>p. 7</sup>
▲** '''Further information on AXA's internal model and Solvency II disclosures''' is available in AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on www.axa.com <sup>p. 7</sup>
* '''G/A''' refers to General account <sup>p. 7</sup>
* '''Underlying earnings per share ('UEPS') growth for 2026''' is a forward-looking statement providing one-off guidance for the last year of the current strategic plan <sup>p. 7</sup>
* '''General account''' is abbreviated as G/A <sup>p. 7</sup>
* '''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 <sup>p. 7</sup>
* '''RestrictedCombined Tier 1ratio''' is rateda 'A'non-GAAP byfinancial Standard & Poor's and 'A3measure (hybAPM)' by Moody's <sup>p. 7</sup>
* '''Restricted Tier 21''' is rated 'A' by Standard S& Poor'sP and 'A1A3 (hyb)' by Moody's <sup>p. 7</sup>
* AXA'''Tier completed2''' itsis acquisitionrated of'A' aby majorityS&P stakeand in '''Prima inA1 Italy''(hyb)' onby November 28, 2025Moody's <sup>p. 7</sup>
* All'''AXA commentscompleted andits changesacquisition forof activitya indicatorsmajority arestake onin aPrima '''comparablein basisItaly''' (constanton forex,November scope28, and methodology)2025 <sup>p. 7</sup>
* '''ActuarialAll comments and financial assumptionschanges''' forare NBVon anda PVEPcomparable calculationbasis arefor updatedactivity semi-annuallyindicators at(constant halfforex, yearscope, and full yearmethodology) <sup>p. 7</sup>
* Financial figures'''Actuarial and information in this press release havefinancial assumptions'''not beenfor audited'''NBV and havePVEP notare beenupdated subjectsemi-annually to(half anyyear limited review by AXA'sand statutoryfull auditorsyear) <sup>p. 7</sup>
* '''Financial figures and information''' in this press release have not been audited or subject to limited review by AXA's statutory auditors <sup>p. 7</sup>
 
== 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 <sup>p. 8</sup>
* '''In 2025, ''', revenues''' amounted to EUR 115.5bn and '''underlying earnings''' to EUR 8.4bn <sup>p. 8</sup>
* The '''AXA ordinary share''' is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA) <sup>p. 8</sup>
* AXA's '''American Depository Share''' is quoted on the OTC QX platform under ticker symbol AXAHY <sup>p. 8</sup>
* The AXA Group is included in main international '''SRI indexes''', such as (Dow Jones Sustainability Index, (DJSIFTSE4GOOD) and FTSE4GOOD <sup>p. 8</sup>
* It'''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 <sup>p. 8</sup>
* This press release and regulated information are available on the '''AXA Group website''' (axa.com) <sup>p. 8</sup>
* '''Forward-looking statements''' are subject to known and unknown risks and uncertainties, many outside AXA's control, andwhich could cause actual results mayto differ materially <sup>p. 8</sup>
* '''AXA specifically disclaims''' any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulationslaw <sup>p. 8</sup>
* This press release refers to certain non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position <sup>p. 8</sup>
* These non'''Non-GAAP financial measures''' generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies <sup>p. 8</sup>
* None of these nonNon-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS <sup>p. 8</sup>
* '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 <sup>p. 8</sup>
* A reconciliation'''Reconciliation of APMs to financial statements and/or their calculation methodology''' is provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' <sup>p. 8</sup>
 
== Appendix 1: Earnings ==
 
* '''Banking revenues''' were EUR 26m in 1Q26 and EUR 25m in 1Q25 <sup>p. 9</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Gross written premiums and& other revenues by regiongeography and business line. <sup>p. 9</sup>
! style="text-align:left" | EUR million
! colspan="5" style="text-align:center" | Gross Written Premiums & Other Revenues
! colspan="2" style="text-align:center" | o/w Property & Casualty
! colspan="2" style="text-align:center" | o/w Life & Health
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1Q25 Published
! class="col-s" style="text-align:right" | 1Q25 Adjusted {{footnote|1=• 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).&#10;• International protection and health premiums previously recorded 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 that is part of Europe.}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change on a reported basis vs. 1Q25 Adjusted
! class="col-s" style="text-align:right" | Change on a comparable basisLFL
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change on a comparable basisLFL
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change on a comparable basisLFL
|-
| style="text-align:left" | France {{footnote|1=• Including Banking revenues amounting to Euro 26 million in 1Q26 and Euro 25 million in 1Q25.&#10;• 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).&#10;• International protection and health premiums previously recorded 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 that is part of Europe.}}
Line 505 ⟶ 490:
</div>
 
* Portfolio'''Banking ofrevenues''': lifestyleEUR and26m incomein protection1Q26 (CLP)prior: premiumsEUR were25m reallocatedin from France to Transversal1Q25) <sup>p. 9</sup>.
** '''1Q25 CLP premiums''': EUR 198m, with (EUR 68m in P&C and, EUR 130m in Life & Health) <sup>p. 9</sup>.
** '''1Q26 CLP premiums''': EUR 201m, with (EUR 68m in P&C and, EUR 132m in Life & Health) <sup>p. 9</sup>.
** '''1Q25 International protection and health premiums''': EUR 319m, with (EUR 104m in Life and, EUR 215m in Health) <sup>p. 9</sup>.
** '''1Q26 International protection and health premiums''': EUR 336m, with (EUR 103m in Life and, EUR 233m in Health) <sup>p. 9</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&C gross writtenInternational premiums and other revenues by region and business line. <sup>p. 10</sup>
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Commercial lines
Line 621 ⟶ 606:
</div>
 
*=== '''Interest Ratesrates (5Y)''' are used for the discounting of P&C Claims Reservesclaims <sup>p.reserves 10</sup>.===
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ ExchangeInterest rates (5Y) for variousthe currenciesdiscounting inof FY25P&C andclaims 1Q26reserves. <sup>p. 10</sup>
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY25 {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}
Line 658 ⟶ 643:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&C price effect by country and business line in 1Q26. <sup>p. 11</sup>
! colspan="4" style="text-align:center" | P&C: Price effect i by country and business line {{footnote|1=Price effect calculated as a percentage of total gross written premiums in the prior year.}}
! style="text-align:left" | 1Q26 (in %)
! class="col-s" style="text-align:right" | Commercial lines
! class="col-s" style="text-align:right" | Personal lines
! class="col-s" style="text-align:right" | AXA XL Reinsurance
|-
| style="text-align:left" | France
Line 720 ⟶ 702:
|}
</div>
 
* PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions <sup>p. 13</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & Healthhealth gross written premiums and& other revenues byand regiongrowth andby business line. <sup>p. 12</sup>
! style="text-align:left" | EURGross millionwritten premiums & other revenues
! colspan="2" style="text-align:center" | Total {{footnote|1=Including Euro 4,431 million gross written premiums in Employee Benefits (+5% vs. 1Q25). Employee Benefits include Group Protection and Group Health contracts.}}
! colspan="2" style="text-align:center" | o/w Protection
! colspan="2" style="text-align:center" | o/w G/A Savings {{footnote|1=General account.}}
! colspan="2" style="text-align:center" | o/w Unit-Linked
! colspan="2" style="text-align:center" | o/w Health
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
|-
| style="text-align:left" | France
Line 831 ⟶ 799:
</div>
 
* PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have all been updated based on FY25 actuarial and financial assumptions <sup>p. 13</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1Q25Updated updatedPVEP, figuresNB forCSM, lifeNBV, and healthNBV bymargin regionfor 1Q25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! colspan="4" style="text-align:center" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
Line 929 ⟶ 892:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1H25Updated updatedPVEP, figuresNB forCSM, lifeNBV, and healthNBV bymargin regionfor 1H25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! colspan="4" style="text-align:center" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
Line 1,023 ⟶ 981:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 9M25 updated figures forUpdated PVEP, NB CSM, NBV, and NBV margin for 9M25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | PVEP
Line 1,112 ⟶ 1,070:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1Q25 updated figures forUpdated NB CSM to NBV for 1Q25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | LifeNB CSM (pre-tax)
! class="col-s" style="text-align:right" | HealthNBV {{footnote|1=Includes Health business written predominantly in Life entities.}}(pre-tax)
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
Line 1,142 ⟶ 1,100:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1H25 updated figures forUpdated NB CSM to NBV for 1H25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | LifeNB CSM (pre-tax)
! class="col-s" style="text-align:right" | HealthNBV {{footnote|1=Includes Health business written predominantly in Life entities.}}(pre-tax)
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
Line 1,172 ⟶ 1,130:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 9M25 updated figures forUpdated NB CSM to NBV for 9M25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | LifeNB CSM (pre-tax)
! class="col-s" style="text-align:right" | HealthNBV {{footnote|1=Includes Health business written predominantly in Life entities.}}(pre-tax)
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
Line 1,200 ⟶ 1,158:
</div>
 
* '''Change vs. 1Q25''' figures are updated based on FY25 financial and actuarial assumptions <sup>p. 14</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life and health new business metrics for 1Q26 by region. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! colspan="8" style="text-align:center" | Life New Business Metrics 1Q26
! colspan="8" style="text-align:center" | Healthⁱ New Business Metrics 1Q26
! colspan="8" style="text-align:center" | Totalⁱ New Business Metrics 1Q26 {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
|-
! style="text-align:left" | —
Line 1,370 ⟶ 1,328:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ NB CSM to NBV for life and health. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | LifeNB CSM (pre-tax)
! class="col-s" style="text-align:right" | HealthNBV {{footnote|1=Includes Health business written predominantly in Life entities.}}(pre-tax)
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
Line 1,398 ⟶ 1,356:
</div>
 
* '''Health business''' written predominantly in Life entities is included <sup>p. 14</sup>.
 
'''=== Net flows by business line''' ===
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Net flows by business line in 1Q25 and 1Q26. <sup>p. 15</sup>
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | 1Q25
Line 1,417 ⟶ 1,375:
| style="text-align:right" | +1.8
|-
| style="text-align:left" | G/A Savings {{footnote|1=General account.}}
| style="text-align:right" | -0.7
| style="text-align:right" | -0.8
Line 1,433 ⟶ 1,391:
| style="text-align:right" | +0.7
|-
| style="text-align:left; font-weight:bold" | Total Life & Health i net flows {{footnote|1=LifeNatural &catastrophe Health net flows, PVEP, NB CSM, NBV, and NBV margincharges include Healthnatural businesscatastrophe predominantlylosses writtenregardless inof Lifeevent entitiessize.}}
| style="text-align:right; font-weight:bold" | +2.5
| style="text-align:right; font-weight:bold" | +2.7
Line 1,439 ⟶ 1,397:
</div>
 
* '''Health business''' written predominantly in Life entities is included <sup>p. 15</sup>.
* '''Investment contracts''' with no discretionary participation features ('DPF') are included <sup>p. 15</sup>.
* Main transactions in 2026: AXA announcedAnnounced the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.25bn on (February 27, 2026) <sup>p. 16</sup>.
* Next main investor events: <sup>p. 16</sup>
** '''HY26 Earnings Release''' on (July 31, 2026) <sup>p. 16</sup>.
** '''AXA Investor Day''' on (September 15, 2026) <sup>p. 16</sup>.
** '''AXA Investor roundtable''' on the strategy for AXA key markets on (September 21, 2026) <sup>p. 16</sup>.
** '''9M26 Activity Indicators''' on (October 29, 2026) <sup>p. 16</sup>.
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