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== 1Q26 highlights ==
 
* '''Gross written premiums & 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.}} +6% vs. 1Q25 to EUR 38.0bn <sup>p. 1</sup>
** '''Property & Casualty premiums''' +4% to EUR 21.5bn <sup>p. 1</sup>
*** '''Retail premiums''' +7%, with +4% from price effect and +3% from volumes <sup>p. 1</sup>
*** '''Commercial 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''' +8% <sup>p. 1</sup>
*** '''Health premiums''' +8% <sup>p. 1</sup>
* '''Life & Health NB CSM''' +4% <sup>p. 1</sup>
* '''Life & Health net flows''' +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) <sup>p. 1</sup>
** Solvency II ratio down -4 points vs. January 1, 2026 (post-grandfathering period) <sup>p. 1</sup>
 
== Outlook ==
 
* AXA is on track to achieve '''underlying earnings per share growth''' for 2026 at the upper end of the 6-8% plan target range {{footnote|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. 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>"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>"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>
<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." <small>(Alban de Mailly Nesle, Chief Financial Officer of AXA <sup>p. 1</sup>)</small></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." <small>(Alban de Mailly Nesle, Chief Financial Officer of AXA <sup>p. 1</sup>)</small></blockquote>
 
'''Press release'''
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Key1Q26 figureskey forhighlights: gross written premiums and other revenues. <sup>p. 2</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
Line 55 ⟶ 53:
! class="col-s" style="text-align:right" | Change LFL {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
|-
| 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.}}
| style="text-align:right" | 37.0
| style="text-align:right" | 38.0
Line 67 ⟶ 65:
| style="text-align:right" | +4%
|-
| style="text-align:left; padding-left:1.5em" | o/w Life & Health {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
| style="text-align:right" | 15.5
| style="text-align:right" | 16.5
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency1Q26 IIkey ratiohighlights: insolvency EURII billionratio. <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 100 ⟶ 98:
== Activity indicators ==
 
* '''Total gross written premiums & 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.}} +6% <sup>p. 2</sup>
** '''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>
Line 109 ⟶ 107:
*** '''Health premiums''' +8%, driven by favorable price effects across all geographies <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>
** 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''' was down -4 points vs. January 1, 2026, reflecting: <sup>p. 2</sup>
*** Strong operating return (+7 points) <sup>p. 2</sup>
*** Less accrued dividend and annual share buyback for 1Q26 (-6 points) <sup>p. 2</sup>
*** Unfavorable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility <sup>p. 2</sup>
 
== Property & Casualty ==
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ GrossProperty & casualty: gross written premiums and other revenues for property & casualty. <sup>p. 3</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
Line 126 ⟶ 124:
! class="col-s" style="text-align:right" | 1Q26 Price effect (in %) {{footnote|1=Price effect calculated as a percentage of total gross written premiums in the prior year.}}
|-
| 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.}}
| style="text-align:right" | 21.0
| style="text-align:right" | 21.5
Line 144 ⟶ 142:
| style="text-align:right" | +4.0%
|-
| style="text-align:left; padding-left:1.5em" | o/w AXA XL Reinsurance {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}
| style="text-align:right" | 1.4
| style="text-align:right" | 1.2
Line 152 ⟶ 150:
</div>
 
* '''Gross written premiums & 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.}} +4% to EUR 21.5bn <sup>p. 3</sup>
* '''Personal lines''' +grew by 7% to EUR 7.0bn <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 with favorable price effect <sup>p. 3</sup>
** '''Asia, Africa & EME LATAM''' +7%, mainly driven by higher average premiums in Türkiye and higher volumes in Mexico <sup>p. 3</sup>
* '''Commercial lines''' +grew by 3% to EUR 13.2bn <sup>p. 3</sup>
** '''AXA XL Insurance''' +2%, from growth in Property and Specialty where margins remain attractive, partly offset by lower volumes in Casualty <sup>p. 3</sup>
*** Pricing overallfor AXA XL Insurance remains stable versus 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 by higher average premiums in Türkiye <sup>p. 3</sup>
* '''AXA XL Reinsurance''' -decreased by 7% to EUR 1.2bn, reflecting lower volumes and a focus on maintaining profitability in a softer market environment <sup>p. 3</sup>
** Pricing in AXA XL Reinsurance pricing was 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>
* The annual natural catastrophe budget of approximately 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>
 
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ GrossLife & health: gross written premiums and other revenues for life & health. <sup>p. 4</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
Line 196 ⟶ 194:
| style="text-align:right" | +8%
|-
| style="text-align:left" | PVEPPVNBP
| style="text-align:right" | 13.7
| style="text-align:right" | 13.0
Line 230 ⟶ 228:
* 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 <sup>p. 4</sup>
* All year-on-year changes are on a comparable basis versus the updated 1Q25 figures <sup>p. 4</sup>
* '''Gross written premiums & 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.}} +8% to EUR 16.5bn <sup>p. 4</sup>
* '''Life premiums''' +increased by 8% to EUR 10.5bn <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''' +increased by 8% to EUR 5.9bn, driven by favorable price effects across all geographies <sup>p. 4</sup>
* '''PVEP''' +8% to EUR 13.8bn <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.}} +increased by 4% to EUR 0.6bn, driven by strong Savings and Protection sales across most geographies, partly offset by unfavorable mix (including lower Group Life sales in Switzerland and Health sales in Japan) <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''' -decreased by 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 (prior:compared to EUR +2.5bn in 1Q25) <sup>p. 4</sup>
** '''Protection''' EUR +1.8bn, mainly in Hong Kong and Switzerland (Individual Life) and Japan (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 ==
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! 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" | Senior debt of the Company {{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.}}
! class="col-m" style="text-align:right" | Short-term debt of the Company
|-
Line 293 ⟶ 291:
 
== 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% <sup>p. 5</sup>
* '''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% <sup>p. 5</sup>
* '''Contractual service margin ('CSM')''': a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders <sup>p. 5</sup>
* '''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''': 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) <sup>p. 5</sup>
* '''Gross written premiums and other revenues''' include insurance premiums collected (risk premiums, premiums from pure investment contracts with no discretionary participating features, fees, and revenues, net of commissions paid on assumed reinsurance business) <sup>p. 5</sup>
** Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities) <sup>p. 5</sup>
* '''Other Revenues''' represent premiums and fees collected on activities other than insurance (banking, services, and asset management activities) <sup>p. 5</sup>
* '''New business contractual service margin ('NB CSM')''': a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided <sup>p. 5</sup>
* '''New business valuecontractual service margin ('NBVNB CSM')''': is a component of the valuecarrying amount of the asset or liability for newly issued insurance contracts during the currentperiod, representing the unearned profit to be recognized as insurance contract services are yearprovided <sup>p. 5</sup>
* '''New business value ('NBV')''' is the value of newly issued contracts during the current year <sup>p. 5</sup>
** It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 5</sup>
* '''New business value margin ('NBV Margin')''':consists of the ratiosum of: (i) NBVNB CSM, (representingii) thepresent value of future profits of Short-Term Business newly issued contracts during(carried theby Life entities, considering currentexpected yearrenewals), toand (iiiii) PVEPpresent value of future profits of pure investment contracts accounted for under IFRS 9 <sup>p. 5</sup>
* NBV is net of: (iv) cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 5</sup>
* '''Present value of expected premiums ('PVEP')''': the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term <sup>p. 5</sup>
** PVEP'''New isbusiness discountedvalue atmargin the('NBV referenceMargin')''' interestis ratethe andratio isof GroupNBV shareto 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 <sup>p. 5</sup>
* '''AA''': Senior Debt Rating
* PVEP is discounted at the reference interest rate and is Group share <sup>p. 5</sup>
* '''AM''': AM Best
 
* '''AMF''': Autorité des Marchés Financiers
* '''APM''': Alternative Performance Measure
* '''CLP''': Credit and Lifestyle Protection
* '''CSM''': Contractual Service Margin
* '''DJSI''': Dow Jones Sustainability Index
* '''DPF''': Discretionary Participation Features
* '''EME LATAM''': Emerging Markets Europe and Latin America
* '''EME''': Emerging Markets Europe
* '''ESMA''': European Securities and Markets Authority
* '''GWP''': Gross Written Premiums
* '''IFRS''': International Financial Reporting Standards
* '''II''': Solvency II
* '''ISN FR''': International Securities Identification Number France
* '''LATAM''': Latin America
* '''LFL''': Like-for-Like
* '''NB CSM''': New Business Contractual Service Margin
* '''NBV''': New Business Value
* '''OTC QX''': Over The Counter QX
* '''PVEP''': Present Value of Expected Premiums
* '''SFCR''': Solvency and Financial Condition Report
* '''SME''': Small and Medium-sized Enterprises
* '''SRI''': Socially Responsible Investment
* '''UEPS''': Underlying Earnings Per Share
* '''UK''': United Kingdom
* '''UN''': United Nations
* '''UNEP FI''': United Nations Environment Programme's Finance Initiative
== Scope ==
 
* '''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), 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) <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 (excluding the bancassurance entity), China P&C, South Korea, and Asia Holdings are (fully consolidated) <sup>p. 6</sup>
** '''Asia''': China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (the bancassurance entity) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income <sup>p. 6</sup>
** '''Africa''': Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are 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) are fully consolidated <sup>p. 6</sup>
** '''EME-LATAM''': Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income <sup>p. 6</sup>
** Also includes '''AXA Mediterranean Holdings''' <sup>p. 6</sup>
* '''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 <sup>p. 6</sup>
* The disposal of '''AXA Investment Managers''': disposal to BNP Paribas was completed on July 1, 2025 <sup>p. 6</sup>
 
== Exchange rates ==
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! 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 395 ⟶ 362:
== Notes ==
 
* '''Change in gross written premiums & other revenues, NBV, PVEP, and NBV Margin''' isare on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated <sup>p. 7</sup>.
* These'''Solvency termsII areratio''' definedis inestimated theusing glossaryAXA's sectioninternal ofmodel, thecalibrated pressfor releasea 1/200 years shock <sup>p. 7</sup>.
* The '''Solvency II ratio''' isincludes estimateda usingtheoretical AXA'samount internalfor model,dividends calibratedand basedshare onbuybacks anaccrued adversefor 1/200the yearsfirst shockthree months of 2026 <sup>p. 7</sup>.
* TheThis Solvencytheoretical IIamount ratiois includesbased on a theoreticalfull-year amountdividend of EUR 2.32 per share for dividendsFY25, payable in 2026, and an annual share buybacksbuyback accruedof forEUR the1.25bn firstannounced threeon monthsFebruary of26, 2026 <sup>p. 7</sup>.
* '''Annual share buybacks''' exclude anti-dilutive share buybacks related to certain disposals and in-force management transactions, as well as share buybacks to offset dilutive effects from employee share offerings and stock-based compensation <sup>p. 7</sup>.
* This theoretical amount is based on a 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 February 26, 2026 <sup>p. 7</sup>.
* '''Dividends and share buybacks''' are proposed by the Board, at its discretion, based on factors described in AXA's 2025 Universal Registration Document, and are subject to shareholder approval <sup>p. 7</sup>.
* ThisThe '''Solvency II ratio estimate''' should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year <sup>p. 7</sup>.
* For more information on AXA's internal model and Solvency II disclosures, refer to the '''AXA Group's Solvency and Financial Condition Report (SFCR)''' as of December 31, 2024, available on axa.com <sup>p. 7</sup>.
* '''Expected underlying earnings per share ('UEPS') growth for 2026''' is a forward-looking statement providing one-off guidance for the last year of the Group's current strategic plan <sup>p. 7</sup>.
* This guidance assumes no significant deterioration in current operating, pricing, and market conditions <sup>p. 7</sup>.
* It is based on a '''Nat Cat load''' of approximately 4.5 points, defined as normalized natural catastrophe losses expected in a year expressed as a percentage of gross earned premiums in the same year <sup>p. 7</sup>.
* '''General account''' is referenced <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>.
* '''Combined ratio''' is a non-GAAP financial measure (APM) <sup>p. 7</sup>.
* This was disclosed in AXA's press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings <sup>p. 7</sup>.
* Information about APMs used by AXA is provided in the 'Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures' section of this press release <sup>p. 7</sup>.
* '''Restricted Tier 1''' is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's <sup>p. 7</sup>.
* '''Tier 2''' is rated 'A' by Standard & Poor's and 'A1A (hyb)' by Moody's <sup>p. 7</sup>.
* AllAXA commentscompleted andits changes'''acquisition forof activitya indicatorsmajority arestake onin aPrima comparablein basisItaly''' (constanton forex,November scope28, and methodology)2025 <sup>p. 7</sup>.
* ActuarialAll comments and financial assumptionschanges for NBVactivity andindicators PVEPare calculationson area '''comparable updatedbasis''' semi-annually(constant atforex, half-yearscope, and full-yearmethodology) <sup>p. 7</sup>.
* '''Actuarial and financial assumptions''' for NBV and PVEP calculations are updated semi-annually at half-year and full-year <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>.
* 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>.
* The '''AXA Group''' is a worldwide leader in insurance <sup>p. 8</sup>.
* The '''AXA has 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, '''revenues2025''', amountedAXA's torevenues were '''EUR 115.5bn''' and '''underlying earnings''' towere '''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 ''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 aslike Dow Jones Sustainability Index (DJSI) and FTSE4GOOD <sup>p. 8</sup>.
* 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''' inare thissubject pressto release,known includingand thoseunknown regardingrisks expected underlying earnings per share ('UEPS') growth forand 2026uncertainties, are basedmany onoutside ManagementAXA's currentcontrol, viewswhich andcould intentionscause andactual areresults subjectto todiffer changematerially <sup>p. 8</sup>.
* UndueAXA reliancedisclaims shouldany notobligation beto placedpublicly onupdate or revise forward-looking statements due to known and unknown risks and uncertainties, manyexcept outsideas AXA's control, which could cause actual results torequired differby materiallylaw <sup>p. 8</sup>.
* This press release refers to '''non-GAAP financial measures (APMs)''' used by Management for analyzing operating trends, financial performance, and position <sup>p. 8</sup>.
* Each forward-looking statement speaks only at the date of this press release <sup>p. 8</sup>.
* These '''non-GAAP financial measures''' generally have no standardized meaning and may not be comparable to similarly labeled measures from other companies <sup>p. 8</sup>.
* Refer to Part 5 'Risk Factors and Risk Management' of AXA's 2025 Universal Registration Document for a description of important factors, risks, and uncertainties <sup>p. 8</sup>.
* '''Non-GAAP financial measures''' should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS <sup>p. 8</sup>.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations <sup>p. 8</sup>.
* This''''Underlying pressearnings', releaseUEPS, refers'underlying toreturn on equity', 'combined ratio'non-GAAP, financialand measures'debt gearing'''' are (APMs) usedas bydefined Managementin forESMA's analyzing operating trends, financial performance,guidelines and AMF's position statement <sup>p. 8</sup>.
* Reconciliations of APMs to financial statements are provided in the '''2025 Universal Registration Document''' <sup>p. 8</sup>.
* These 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>.
* '''Investor Relations''' can be reached at +33.1.40.75.48.42 or investor.relations@axa.com <sup>p. 8</sup>.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS <sup>p. 8</sup>.
* '''Individual Shareholder Relations''' can be reached at +33.1.40.75.48.43 <sup>p. 8</sup>.
* ''''Underlying earnings'''', '''UEPS''', ''''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>.
* '''Media Relations''' can be reached at +33.1.40.75.46.74 or ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 8</sup>.
* AXA provides a reconciliation of such APMs to the most closely related line item in the financial statements in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' <sup>p. 8</sup>.
* For more information on non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document <sup>p. 8</sup>.
* '''Investor Relations contact''': +33.1.40.75.48.42, investor.relations@axa.com <sup>p. 8</sup>.
* '''Individual Shareholder Relations contact''': +33.1.40.75.48.43 <sup>p. 8</sup>.
* '''Media Relations contacts''': +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 8</sup>.
* '''Corporate Responsibility strategy''' information is available at axa.com/en/about-us/strategy-commitments <sup>p. 8</sup>.
* '''SRI ratings''' information is available at axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 8</sup>.
Line 443 ⟶ 402:
{| class="wikitable fintable"
|+ GWP & other revenues by region. <sup>p. 9</sup>
! style="text-align:left" | EUR million—
! colspan="3" style="text-align:center" | GWP & Other Revenues
! class="col-s" style="text-align:centerright" | Change on a reported basis vs. 1Q25 Adjusted
! class="col-s" style="text-align:centerright" | Change LFL
! colspan="2" style="text-align:center" | o/w P&C
! 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
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Change LFL
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change LFL
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change LFL
|-
| 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 540 ⟶ 488:
</div>
 
* '''Banking revenues''' amounted to '''EUR 26m''' in 1Q26 and '''EUR 25m''' in 1Q25 <sup>p. 9</sup>.
* '''Portfolio of lifestyle and income protection (CLP) premiums''' were reallocated from France to Transversal <sup>p. 9</sup>.
** '''1Q25 CLP premiums''': '''were EUR 198m''' (of, whichwith '''EUR 68m''' in P&C and '''EUR 130m''' in Life & Health) <sup>p. 9</sup>.
** '''1Q26 CLP premiums''': '''were EUR 201m''' (of, whichwith '''EUR 68m''' in P&C and '''EUR 132m''' in Life & Health) <sup>p. 9</sup>.
** '''1Q25 international premiums''': '''were EUR 319m''', (ofwith which '''EUR 104m''' in Life and '''EUR 215m''' in Health) <sup>p. 9</sup>.
** '''1Q26 international premiums''': '''were EUR 336m''', (ofwith which '''EUR 103m''' in Life and '''EUR 233m''' in Health) <sup>p. 9</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1Q25 and 1Q26International premiums by line of business and region. <sup>p. 10</sup>
! style="text-align:left" | EUR million—
! colspan="2" style="text-align:center" | Commercial lines
! colspan="5" style="text-align:center" | Personal lines
! colspan="2" style="text-align:center" | AXA XL Reinsurance
! colspan="2" style="text-align:center" | Total P&C
! class="col-s" style="text-align:centerright" | —
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | France
Line 657 ⟶ 591:
</div>
 
=== '''Interest rates (5Y) for the discounting of P&C claims reserves ==='''
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Interest rates (5Y) for the discounting of P&C claims reserves. <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 695 ⟶ 629:
{| class="wikitable fintable"
|+ P&C price effect by country and business line. <sup>p. 11</sup>
! colspan="4" style="text-align:leftcenter" | 1Q26P&C: Price effect by country and (inbusiness %)line
! 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 735 ⟶ 666:
| style="text-align:right" | —
|-
| style="text-align:left" | Italy {{footnote|1=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}
| style="text-align:right" | +2.7%
| style="text-align:right" | +3.8%
Line 756 ⟶ 687:
|}
</div>
 
* No facts.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ TotalGWP gross written premiums and& other revenues by line of business and region. <sup>p. 12</sup>
! style="text-align:left" | EURGWP million& Other Revenues
! colspan="2" style="text-align:center" | Total
! colspan="2" style="text-align:center" | o/w Protection
Line 768 ⟶ 697:
! 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
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | France
Line 871 ⟶ 788:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ UpdatedLife PVEP,and NBhealth CSM, NBV, andnew NBVbusiness marginmetrics forby 1Q25region. <sup>p. 13</sup>
! style="text-align:left" | EUR million—
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! colspan="4" style="text-align:center" | Total
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | France {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.&#10;• International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.}}
Line 965 ⟶ 868:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ UpdatedLife PVEP,and NBhealth CSM, NBV, andnew NBVbusiness marginmetrics forby 1H25region. <sup>p. 13</sup>
! style="text-align:left" | EUR million—
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! colspan="4" style="text-align:center" | Total
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | France {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.&#10;• International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.}}
Line 1,059 ⟶ 948:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated PVEP, NB CSM, NBV, and NBV margin forby 9M25region. <sup>p. 13</sup>
! style="text-align:left" | EUR million—
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
Line 1,074 ⟶ 963:
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | FranceFranceii, {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.&#10;• International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.}}
| style="text-align:right" | 9,911
| style="text-align:right" | 277
Line 1,148 ⟶ 1,037:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated1Q25 updated figures: NB CSM to NBV for 1Q25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,178 ⟶ 1,067:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated1H25 updated figures: NB CSM to NBV for 1H25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,208 ⟶ 1,097:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated9M25 updated figures: NB CSM to NBV for 9M25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,236 ⟶ 1,125:
</div>
 
* '''Change vs. 1Q25''' updated 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 forby 1Q26region. <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" | Health New Business Metrics 1Q26
! colspan="8" style="text-align:center" | Total New Business Metrics 1Q26
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Change
|-
| style="text-align:left" | Franceⁱⁱⁱ,ⁱᵛ
Line 1,406 ⟶ 1,269:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ NB CSM to NBV by life and health. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,434 ⟶ 1,297:
</div>
 
* '''Health business''' written predominantly in Life entities is included <sup>p. 14</sup>.
=== Net flows by business line ===
 
'''Net flows by business line'''
 
<div style="overflow-x:auto">
Line 1,467 ⟶ 1,332:
| style="text-align:right" | +0.7
|-
| style="text-align:left; font-weight:bold" | Total Life & Health i net flows {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
| style="text-align:right; font-weight:bold" | +2.5
| style="text-align:right; font-weight:bold" | +2.7
Line 1,473 ⟶ 1,338:
</div>
 
* '''Health business''' written predominantly in Life entities is included <sup>p. 15</sup>.
* '''Capital light G/A''' encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% <sup>p. 15</sup>.
* '''Capital light G/A''' encompasses products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0% <sup>p. 15</sup>.
* AXA announced the execution of a '''share repurchase agreement''' for its share buyback program of up to '''EUR 1.25bn''' on February 27, 2026 <sup>p. 16</sup>.
* '''Investment contracts''' with no discretionary participation features ('DPF') are included <sup>p. 15</sup>.
* '''Next main investor events''':
** HY26AXA Earningsannounced Releasethe (July'''execution 31of a share repurchase agreement''' for up to EUR 1.25bn on February 27, 2026) <sup>p. 16</sup>.
** AXAThe Investor'''HY26 DayEarnings (SeptemberRelease''' 15is scheduled for July 31, 2026) <sup>p. 16</sup>.
** The '''AXA Investor roundtableDay''' onis the strategyscheduled for AXA key markets (September 2115, 2026) <sup>p. 16</sup>.
** 9M26The Activity'''AXA IndicatorsInvestor (Octoberroundtable 29on the strategy for AXA key markets''' is scheduled for September 21, 2026) <sup>p. 16</sup>.
* The '''9M26 Activity Indicators''' are scheduled for October 29, 2026 <sup>p. 16</sup>.
 
== Abbreviations ==
 
* '''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''': Emerging Markets Europe
* '''ESMA''': European Securities and Markets Authority
* '''GWP''': Gross Written Premiums
* '''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
* '''PVNBP''': Present Value of New Business Premiums
* '''SFCR''': Solvency and Financial Condition Report
* '''SME''': Small and Medium-sized Enterprises
* '''SRI''': Socially Responsible Investing
* '''UEPS''': Underlying Earnings Per Share
* '''UK''': United Kingdom
* '''UN''': United Nations
* '''UNEP FI''': United Nations Environment Programme's Finance Initiative
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