AXA/2026/1Q/Activity indicators press release: Difference between revisions

* '''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 termsTerms are defined in the glossary.}} +6% vs. 1Q25 to EUR 38.0bn ^{p. 1}

! class="col-s" style="text-align:right" | Change LFL {{footnote|1=Changes are aton a 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 termsTerms are defined in the glossary.}}

| style="text-align:left" | Solvency II ratio (%) {{footnote|1=The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 yearsyear shock. It• includesIncludes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, based on the FY25 full-year dividend of Euro 2.32 per share to be paid in 2026 forand FY25 andthe 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 asand 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• furtherFor information on AXA’s internal model and Solvency II disclosures, please refer tosee AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA’s website (www.axa.com).}}

* '''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 termsTerms are defined in the glossary.}} +6% ^{p. 2}

*** '''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.}} ^{p. 2}

* '''Solvency II ratio''' {{footnote|1=The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 yearsyear shock. It• includesIncludes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, based on the FY25 full-year dividend of Euro 2.32 per share to be paid in 2026 forand FY25 andthe 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 asand 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• furtherFor information on AXA’s internal model and Solvency II disclosures, please refer tosee 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 ^{p. 2}

* 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 pointwhen 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) ^{p. 2}

| 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 termsTerms are defined in the glossary.}}

* '''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 termsTerms are defined in the glossary.}} +4% to EUR 21.5bn ^{p. 3}

* 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 paragraphSee “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 ^{p. 3}

! 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).}}

* 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 termsTerms 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 ^{p. 4}

* '''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 termsTerms are defined in the glossary.}} +8% to EUR 16.5bn ^{p. 4}

* '''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 termsTerms are defined in the glossary.}} increased by 4% to EUR 0.6bn, driven by strong Savings and Protection sales across most geographies, partly offset by unfavorable mix (including lower Group Life sales in Switzerland and Health sales in Japan) ^{p. 4}

* '''NBV (post-tax)''' {{footnote|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 termsTerms are defined in the glossary.}} +1% to EUR 0.6bn, as NB CSM growth was partly offset by lower sales and a less favorable mix in Joint Ventures in Thailand and China ^{p. 4}

* '''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 termsTerms are defined in the glossary.}} were EUR +2.7bn (compared to EUR +2.5bn in 1Q25) ^{p. 4}

! 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" | France {{footnote|1=• Including Banking revenues amounting toof Euro 26 million in 1Q26 and Euro 25 million in 1Q25.
• 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).
• 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.}}

| style="text-align:left" | Europe {{footnote|1=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.}}

| style="text-align:left" | Transversal {{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).}}

| style="text-align:left; font-weight:bold" | Total {{footnote|1=Including Banking revenues amounting toof Euro 26 million in 1Q26 and Euro 25 million in 1Q25.}}

! class="col-s" style="text-align:right" | FY25 {{footnote|1=Changes are aton a comparable basis (constant forex, scope, and methodology).}}

| style="text-align:left; padding-left:1.5em" | o/w short-term {{footnote|1=Short-term business refers to insurance activities measured using the Premium Allocation Approach (“PAA”). • Short-term business margin is analyzed using the Combined Ratio. • Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.}}

| style="text-align:left" | France {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.
• 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:left" | Europe {{footnote|1=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:left" | France {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.
• 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:left" | Europe {{footnote|1=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:left" | Franceii, {{footnote|1=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:left" | Europe {{footnote|1=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:left; padding-left:1.5em" | o/w capital light {{footnote|1=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.}}