AXA/2026/Q1 earnings press release: Difference between revisions

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== 1Q26 highlights ==

** Health premiums '''+8%''' ^{p. 1}

* Life & Health NB CSM '''+4%''' ^{p. 1}

* Solvency II ratio was '''211%''' as of March 31, 2026 ^{p. 1}

* Solvency II ratio decreased by '''-4 points''' vs. January 1, 2026 (post-grandfathering period) ^{p. 1}

* AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the '''6-8%''' plan target range ^{p. 1}

* AXA will present its new strategic plan for 2027-2029 on September 15, 2026 ^{p. 1}

* > "In the context of a volatile macro environment, we operate from a position of strength, supported by a robust balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident in our ability to deliver underlying earnings per share growth for 2026 at the top end of our target range and to sustain growth beyond the current plan." ^{p. 1}

* > "I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA." ^{p. 1}

=== Press release ===

 

 

== 1Q26 key highlights ==

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR bn

! style="text-align:right; width:6em" | 1Q25

| style="text-align:right" | n.m.

|}

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR bn

! style="text-align:right; width:6em" | FY25

! style="text-align:right; width:6em" | 1Q26

|-

| style="text-align:left" | Solvency II ratio (%)

| style="text-align:right" | -4pts

|}

 

== Activity indicators ==

 

** Property & Casualty '''+4%''' ^{p. 2}

*** Personal lines '''+7%''' (driven by higher volumes and favorable price effect) ^{p. 2}

*** Health premiums '''+8%''' (driven by favorable price effects across all geographies) ^{p. 2}

* Solvency II ratio was '''211%''' as of March 31, 2026 ^{p. 2}

** Strong operating return ('''+7 points'''), less accrued dividend and annual share buyback for 1Q26 ('''-6 points''') ^{p. 2}

** Unfavorable financial market movements ('''-4 points'''), notably from higher inflation expectations and elevated equity and interest rate volatility ^{p. 2}

== Property & Casualty ==

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR bn

! style="text-align:right; width:6em" | 1Q25

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | Change LFL

|-

| style="text-align:left" | Gross written premiums and other revenues

| style="text-align:right" | -3.9%

|}

 

* Personal lines grew by '''7%''' to '''EUR 7.0bn''', driven by: ^{p. 3}

** France ('''+8%''') with strong volume growth from direct business and proprietary agent networks, combined with favorable price effect ^{p. 3}

* Commercial lines grew by '''3%''' to '''EUR 13.2bn''', mainly from: ^{p. 3}

** France ('''+6%''') from both favorable price effect and higher volumes ^{p. 3}

* Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget ^{p. 3}

 

== Life & Health ==

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR bn

! style="text-align:right; width:6em" | 1Q25

! style="text-align:right; width:6em" | 1Q26

|-

| style="text-align:left" | Gross written premiums and other revenues

| style="text-align:right" | 4.4%

| style="text-align:right" | -0.3pt

|}

 

* 1Q25 PVEP, 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 for Life & Health were '''+8%''' to '''EUR 16.5bn''' ^{p. 4}

* Life premiums increased by '''8%''' to '''EUR 10.5bn''', driven by: ^{p. 4}

** G/A Savings ('''+9%''') mainly from successful commercial campaigns in Spain, strong single-premium sales in Japan, good performance of G/A capital-light products in Italy, and positive momentum in Individual Savings in Switzerland ^{p. 4}

** Protection ('''+4%''') primarily from continued success of Protection with G/A savings in Hong-Kong and Protection with Unit-Linked in Japan, as well as Individual Protection with Savings in Switzerland ^{p. 4}

** Life ('''+10%''') reflecting strong sales across geographies in both Savings ('''+14%''') and Protection ('''+6%'''), partly offset by lower Group Life sales in Switzerland ^{p. 4}

** Health ('''+4%''') mainly due to higher Group business volumes in France, partly offset by Japan ^{p. 4}

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

* NBV margin decreased by '''0.3 points''' to '''4.4%''' ^{p. 4}

 

== Ratings ==

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | Agency

! style="text-align:right; width:9em" | Date of last review

! style="text-align:right; width:9em" | Insurer financial strength ratings AXA SA

|-

| style="text-align:left" | S&P Global Ratings

| style="text-align:right" | —

|}

</table>## Glossary

 

* AXA XL includes insurance and reinsurance activities and holding ^{p. 6}

* Asia, Africa & EME-LATAM includes: ^{p. 6}

** Africa: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) (fully consolidated) ^{p. 6}

** EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) (fully consolidated); Russia (Reso) (insurance) (consolidated under equity method, contributing to net income) ^{p. 6}

** AXA Mediterranean Holdings ^{p. 6}

 

== Exchange rates ==

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | For 1 Euro

! style="text-align:right; width:6em" | FY25

| style="text-align:right" | 9.14

|}

 

== Glossary ==

* Changes in gross written premiums & other revenues, NBV, PVEP, and NBV Margin are on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated ^{p. 7}

* The Solvency II ratio is estimated using AXA's internal model calibrated based on an adverse 1/200 years shock ^{p. 7}

* Annual share buybacks exclude anti-dilutive share buybacks related to disposals and in-force management, and share buybacks to offset dilutive effects from employee share offerings and stock-based compensation ^{p. 7}

* Dividends and share buybacks are proposed by the Board and submitted to shareholders for approval ^{p. 7}

* Expected 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 ^{p. 7}

* 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance ^{p. 7}

* Price effect is calculated as a percentage of total gross written premiums of the prior year ^{p. 7}

* G/A refers to General account ^{p. 7}

* Natural catastrophe charges include natural catastrophe losses regardless of event size ^{p. 7}

* Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities ^{p. 7}

* AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 ^{p. 7}

* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) ^{p. 7}

* '''DPF''': Discretionary Participation Features

* '''EME''': Emerging Markets Europe

* '''ESMA''': European Securities and Markets Authority

* '''GAAP''': Generally Accepted Accounting Principles

* '''IFRS''': International Financial Reporting Standards

* '''LFL''': Like-for-Like

* '''NB CSM''': New Business Contractual Service Margin

* '''SRI''': Socially Responsible Investment

* '''UEPS''': Underlying Earnings Per Share

* '''UN''': United Nations

* '''UNEP FI''': United Nations Environment Programme's Finance Initiative

== About the AXA Group ==

 

* In 2025, revenues amounted to '''EUR 115.5bn''' and underlying earnings to '''EUR 8.4bn''' ^{p. 8}

* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628) ^{p. 8}

* AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY ^{p. 8}

* 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 ^{p. 8}

* This press release and regulated information are available on the AXA Group website (axa.com) ^{p. 8}

* 'Underlying earnings', UEPS, 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and AMF's position statement ^{p. 8}

 

== Appendix 1: Earnings ==

* This section is titled "APPENDIX 1: GROSS WRITTEN PREMIUMS & OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE" ^{p. 9}.

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR m

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | Change LFL

|-

| style="text-align:left" | France i,ii,iii

| style="text-align:right" | +8%

|}

 

* Banking revenues were EUR 26m in 1Q26 and EUR 25m in 1Q25 ^{p. 9}.

* Portfolio of lifestyle and income protection (CLP) premiums were reallocated from France to Transversal ^{p. 9}.

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR m

! style="text-align:right; width:6em" | Commercial lines Change

! style="text-align:right; width:6em" | Personal lines Change

! style="text-align:right; width:6em" | Personal lines Change

! style="text-align:right; width:6em" | Personal lines Change

! style="text-align:right; width:6em" | AXA XL Reinsurance Change

|-

| style="text-align:left" | France

| style="text-align:right" | +4%

|}

 

* This section includes "Interest Rates (5Y) For the Discounting of P&C Claims Reserves" ^{p. 10}.

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | —

|-

| style="text-align:left" | EUR

| style="text-align:right" | 2.8%

|}

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | P&C: Price effect by country and business line 1Q26 (in %)

|-

| style="text-align:left" | France

| style="text-align:right" | +3.5%

| style="text-align:right" | +2.6%

|-

| style="text-align:left" | Europe

| style="text-align:right" | +3.0%

| style="text-align:right" | +4.2%

|-

| style="text-align:left" | Switzerland

| style="text-align:right" | +4.0%

| style="text-align:right" | +5.1%

|-

| style="text-align:left" | Germany

| style="text-align:right" | +2.5%

| style="text-align:right" | +4.2%

|-

| style="text-align:left" | Belgium & Luxembourg

| style="text-align:right" | +2.2%

| style="text-align:right" | +2.4%

|-

| style="text-align:left" | UK & Ireland

| style="text-align:right" | +0.5%

| style="text-align:right" | -0.9%

|-

| style="text-align:left" | AXA XL ii

| style="text-align:right" | —

| style="text-align:right" | -3.9%

|-

| style="text-align:left" | Total

| style="text-align:right" | -3.9%

|}

 

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR m

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | 1Q26

! style="text-align:right; width:6em" | Change

|-

| style="text-align:left" | France

| style="text-align:right" | +7%

|}

 

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

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | —

| style="text-align:right" | Total i

|-

| style="text-align:right" | PVEP

| style="text-align:right" | NB CSM (pre-tax)

| style="text-align:right" | 4.8%

|}

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | —

| style="text-align:right" | Total i

|-

| style="text-align:right" | PVEP

| style="text-align:right" | NB CSM (pre-tax)

| style="text-align:right" | 4.6%

|}

 

{| class="wikitable" style="width:100%"

|-

| style="text-align:left" | —

| style="text-align:right" | Total i

|-

| style="text-align:right" | PVEP

| style="text-align:right" | NB CSM (pre-tax)

| style="text-align:right" | 4.6%

|}

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR m

! style="text-align:right; width:6em" | Life

! style="text-align:right; width:6em" | Health

! style="text-align:right; width:6em" | Total

|-

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:right" | 623

|}

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR m

! style="text-align:right; width:6em" | Life

! style="text-align:right; width:6em" | Health

! style="text-align:right; width:6em" | Total

|-

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:right" | 1,182

|}

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR m

! style="text-align:right; width:6em" | Health

! style="text-align:right; width:6em" | Total

|-

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:right" | 1,698

|}

 

 

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR m

! style="text-align:right; width:6em" | Life

! style="text-align:right; width:6em" | Health

! style="text-align:right; width:6em" | Total

|-

| style="text-align:left" | NB CSM (pre-tax)

| style="text-align:right" | 609

|}

 

* This section is titled "APPENDIX 9: OTHER APPENDIX 7: LIFE & HEALTH -NET FLOWS" ^{p. 15}.

 

=== Net flows by business line ===

 

{| class="wikitable" style="width:100%"

! style="text-align:left" | EUR bn

! style="text-align:right; width:6em" | 1Q25

| style="text-align:right" | -0.7

| style="text-align:right" | -0.8

|-

| style="text-align:left" | Total Life & Health i net flows

| style="text-align:right" | +2.7

|}

 

* Health business written predominantly in Life entities is included ^{p. 15}.

* Investment contracts with no discretionary participation features ('DPF') are included ^{p. 15}.