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

| period = Q11Q

*** RetailGross written premiums +7%,& withother revenues up +46% fromvs. price1Q25 effect and +3%to fromEUR volumes'''38.0bn''' ^{p. 1}

*** CommercialProperty & Casualty premiums up +34%, with equal contributions from price effectto andEUR volumes'''21.5bn''' ^{p. 1}

*** LifeRetail &premiums Healthup premiums+7%, with +84% tofrom price effect and +3% '''EURfrom 16.5bn'''volumes ^{p. 1}

*** LifeCommercial premiums up +83%, with equal contributions from price effect and volumes ^{p. 1}

*** Life & Health premiums up +8% to EUR '''16.5bn''' ^{p. 1}

*** Life &premiums Health NB CSMup +48% ^{p. 1}

*** NetHealth flowspremiums of '''EURup +2.7bn'''8% ^{p. 1}

* All footnotes for this press release arecan be found on page 7 ^{p. 1}

|+ 1Q26 Key Figures: Gross writtenWritten premiumsPremiums and otherOther revenuesRevenues by segment for 1Q25 and 1Q26.Segment ^{p. 2}

! style="text-align:left" | Key figures (in EUR bn, unless otherwise noted)

|+ Solvency II ratioRatio forEvolution (FY25, January 1, 2026, and 1Q26.) ^{p. 2}

! style="text-align:left" | Key figures (in EUR bn, unless otherwise noted)

* Total gross written premiums & other revenues were up +6% ^{p. 2}

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

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

*** Commercial lines (footnote: 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.): +3%, from higher volumes (notably at AXA XL Insurance) and favorable price effect (mainly in SME & Mid-market business in Europe and France) ^{p. 2}

*** AXA XL Reinsurance: -7%, reflecting discipline in softening market conditions ^{p. 2}

** Life & Health: +8% ^{p. 2}

*** Life premiums: +8%, driven by strong sales in Unit-Linked (+16%), and G/A (footnote: General account.) (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan ^{p. 2}

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

* On January 1, 2026, the Solvency II ratio was '''215%''' following the end of the grandfathering period (footnote: 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) ^{p. 2}

|+ Property & Casualty grossGross writtenWritten premiumsPremiums and otherPrice revenuesEffect by line of business.Line ^{p. 3}

! style="text-align:left" | Key figures (in EUR bn, unless otherwise noted)

! style="text-align:right; width:6em" | Change on a comparable basisLFL

* Gross written premiums & other revenues for P&C were up +4% to EUR '''EUR 21.5bn''' ^{p. 3}

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

** Europe: +7%, from favorable price effects across geographies (except UK & Ireland) and higher volumes ^{p. 3}

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

** Asia, Africa & EME LATAM: +7%, mainly driven by higher average premiums in Türkiye and higher volumes in Mexico ^{p. 3}

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

** AXA XL Insurance: +2%, from growth in Property and Specialty where margins remain attractive, partly offset by lower volumes in Casualty; pricing overall stable vs. 1Q25 ^{p. 3}

** FrancePricing +6%,overall fromfor bothAXA favorableXL priceInsurance effectremains andstable higherversus volumes1Q25 ^{p. 3}

** Asia, Africa & EME-LATAMFrance: +106%, mainlyfrom drivenboth byfavorable higherprice averageeffect premiumsand inhigher Türkiyevolumes ^{p. 3}

|+ Life & Health grossKey writtenFigures: premiumsPremiums, andPVEP, otherNB revenuesCSM, and new business metrics.NBV ^{p. 4}

! style="text-align:left" | Key figures (in EUR bn, unless otherwise noted)

! style="text-align:right; width:6em" | Change vs. 1Q25 updated LFL

* 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability, reflecting their contribution to FY25 figures ^{p. 4}

* GrossAll writtenyear-on-year premiumschanges &are otheron revenuesa forcomparable Lifebasis &versus Healththe wereupdated up1Q25 +8% to '''EUR 16.5bn'''figures ^{p. 4}

* LifeGross written premiums increased& other revenues were up +8% to EUR '''EUR 1016.5bn''', driven by: ^{p. 4}

** Unit-LinkedLife +16%,premiums fromincreased continuedby positive8% salesto momentumEUR '''10.5bn''', acrossdriven geographiesby: ^{p. 4}

** ProtectionG/A Savings: +49%, primarilymainly from continuedsuccessful successcommercial ofcampaigns Protectionin withSpain, G/Astrong single-premium savingssales in HongJapan, Konggood andperformance Protectionof withG/A Unitcapital-Linkedlight products in JapanItaly, asand wellpositive asmomentum Individualin Protection withIndividual Savings in Switzerland ^{p. 4}

* PVEPHealth waspremiums upincreased by +8% to EUR '''EUR 135.8bn9bn''', driven by: favorable price effects across all geographies ^{p. 4}

** LifePVEP +10%,(footnote: reflectingLife strong& salesHealth acrossnet geographiesflows, inPVEP, bothNB SavingsCSM, (+14%)NBV, and ProtectionNBV (+6%),margin partlyinclude offsetHealth bybusiness lowerpredominantly Groupwritten in Life salesentities.) inwas Switzerlandup +8% to EUR '''13.8bn''', driven by: ^{p. 4}

** HealthLife: +410%, mainlyreflecting duestrong tosales higheracross Groupgeographies businessin volumesboth inSavings France(+14%) and Protection (+6%), partly offset by Japanlower Group Life sales in Switzerland ^{p. 4}

** NB CSM (pre-tax) increasedHealth: +4% to '''EUR 0.6bn''', drivenmainly bydue strongto Savingshigher andGroup Protectionbusiness salesvolumes across mostin geographiesFrance, partly offset by unfavorable mix, including lower Group Life sales in Switzerland and Health sales in Japan ^{p. 4}

* NBVNB CSM (postpre-tax) was upincreased +1by 4% to EUR '''EUR 0.6bn''', asdriven NBby CSMstrong growthSavings wasand Protection sales across most geographies, partly offset by lowerunfavorable salesmix and(including alower lessGroup favorableLife mixsales in JointSwitzerland Venturesand inHealth Thailandsales andin ChinaJapan) ^{p. 4}

* NetNBV flowsmargin were '''EURdecreased +2by 0.7bn''',3 comparedpoint to '''EUR +24.5bn4%''' in 1Q25, driven by: ^{p. 4}

** ProtectionNet flows were EUR ('''EUR +12.8bn7bn'''), mainlycompared into HongEUR Kong and Switzerland+2.5bn in Individual Life1Q25, and in Japan in Protection with Unit-Linkeddriven productby: ^{p. 4}

** Unit-LinkedProtection: EUR ('''EUR +01.7bn8bn'''), primarilymainly in FranceHong Kong and Switzerland (Individual Life) and Japan (Protection with Unit-Linked product) ^{p. 4}

** G/AUnit-Linked: Savings ('''EUR -0.8bn'''), reflecting inflows in capital-light G/A savings ('''EUR +0.7bn'''), more than offset by outflowsprimarily in traditional G/A Savings ('''EUR -1.5bn''')France ^{p. 4}

|+ Insurer financialFinancial strengthStrength and creditCredit ratingsRatings fromby S&P, Moody's, and AM Best.Agency ^{p. 5}

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

! style="text-align:right; width:6em" | Insurer financial strength ratings AXA's principal insurance subsidiaries

! style="text-align:right; width:6em" | Insurer financial strength ratings Outlook

! style="text-align:right; width:9em" | AXA's credit ratings 12 Senior debt of the Company

! style="text-align:right; width:6em" | AXA's credit ratings 12 Short-term debt of the Company

* '''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 (footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.) (insurance activities), AXA Health International (insurance activities), and AXA Life Europe (insurance activities) ^{p. 6}

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl.excluding the bancassurance entity), China P&C, South Korea, and Asia Holdings are fully consolidated ^{p. 6}

** '''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 ^{p. 6}

** '''EME-LATAM''':Also includes AXA Mediterranean Holdings is included ^{p. 6}

* '''Transversal & Other''': includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (incl.including the Group's internal reinsurance activity), and other Central Holdings ^{p. 6}

* '''AXA Investment Managers''': disposal to BNP Paribas was completed on July 1, 2025 ^{p. 6}

|+ ExchangeEnd ratesof forPeriod 1and EuroAverage againstExchange major currenciesRates for FY25, 1Q25, andMajor 1Q26.Currencies ^{p. 6}

! style="text-align:right; width:6em" | FY25End of Period Exchange rate

! style="text-align:right; width:6em" | 1Q26End of Period Exchange rate

! style="text-align:right; width:6em" | 1Q25Average Exchange rate

! style="text-align:right; width:6em" | 1Q26Average Exchange rate

* ChangesChange in gross written premiums & other revenues, new business value ('NBV'), present value of expected premiums ('PVEP'), and new business value margin ('NBV Margin') areis on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated ^{p. 7}

* These and other terms are defined in the glossary section of thethis press release ^{p. 7}

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

* The Solvency II ratioIt includes a theoretical amount for dividends and share buybacks accrued for 1Q26the first three months of 2026, based on athe full-year dividend of EUR '''EUR 2.32''' per share''' to be paid in 2026 for FY25 and an annual share buyback of EUR '''EUR 1.25bn''' announced on February 26, 2026 ^{p. 7}

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

* Dividends and share buybacks are proposed by the Board, at its discretion, and submitted to AXA's shareholders for approval ^{p. 7}

* This estimate isshould not be considered an indication of actual dividend and share buyback amounts for FY26the 2026 financial year ^{p. 7}

* For more information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on www.axa.com ^{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 Group's current strategic plan ^{p. 7}

* Tier 2 is rated 'A' by Standard & Poor's and 'AA1 (hyb)' by Moody's ^{p. 7}

* AXAAll completedcomments itsand acquisitionchanges ofare on a majoritycomparable stakebasis infor Primaactivity inindicators Italy(constant on Novemberforex, 28scope, 2025and methodology) ^{p. 7}

* All commentsActuarial and changesfinancial assumptions for activityNBV indicatorsand arePVEP oncalculations a comparableare basisupdated (constantsemi-annually forex,at scope,half-year and methodology)full-year ^{p. 7}

* ActuarialFinancial figures and financialinformation assumptionsin forthis NBVpress andrelease PVEPhave arenot updatedbeen semi-annuallyaudited ator halfsubjected yearto andany limited review by AXA's fullstatutory yearauditors ^{p. 7}

* '''GAAPGWP''': GenerallyGross AcceptedWritten Accounting PrinciplesPremiums

* '''OTC QX''': OverOTC TheQX Counter QXplatform

* '''SRI''': Socially Responsible InvestmentInvesting

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

* The AXA Group is a worldwide leader in insurance with '''156,000 employees''' serving over '''92 million clients''' in '''52 countries''' ^{p. 8}.

* In 2025, revenuesAXA's amountedrevenues towere '''EUREuro 115.5bn''' and underlying earnings towere '''EUREuro 8.4bn''' ^{p. 8}.

* 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''') ^{p. 8}.

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

* The AXA Group is included in international SRI indexes like '''Dow Jones Sustainability Index (DJSI)''' and '''FTSE4GOOD''' ^{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}.

* Forward-looking statements are predictionsin ofthis futurepress eventsrelease, trends,including plans,those expectations,regarding orexpected objectivesunderlying earnings per share ('UEPS') growth for 2026, are based on Management's current views and intentions and are notsubject historicalto informationchange ^{p. 8}.

* InvestorCorporate RelationsResponsibility contact:strategy +33.1.40.75.48.42,information is available at investor.relations@axa.com/en/about-us/strategy-commitments ^{p. 8}.

|+ EarningsGross byWritten segmentPremiums forby 1Q25Geography and 1Q26.Business Line ^{p. 9}

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

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

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

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

! style="text-align:right; width:6em" | GWP Change vs. 1Q25 Adjusted

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

! style="text-align:right; width:6em" | o/w Property P& CasualtyC 1Q26

! style="text-align:right; width:6em" | o/w Property P& CasualtyC Change LFL

! style="text-align:right; width:6em" | o/w Life L& HealthH 1Q26

! style="text-align:right; width:6em" | o/w Life L& HealthH Change LFL

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

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

| style="text-align:left" | Transversal ii

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

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

** InCLP 1Q25,premiums thesein reallocated1Q25 premiumswere totaled EUR'''Euro 198m,''' with EUR('''Euro 68m''' in P&C, and EUR'''Euro 130m''' in Life & Health) ^{p. 9}.

** InCLP 1Q26,premiums thesein reallocated1Q26 premiumswere totaled EUR'''Euro 201m,''' with EUR('''Euro 68m''' in P&C, and EUR'''Euro 132m''' in Life & Health) ^{p. 9}.

* International protection and health premiums previously recordedreported in AXA France are now reported under the new carrier '''AXA Health International''', which is part of Europe ^{p. 9}.

** In 1Q25, theseThese premiums totaledwere EUR'''Euro 319m,''' within EUR1Q25 ('''Euro 104m''' in Life, and EUR'''Euro 215m''' in Health) ^{p. 9}.

** In 1Q26, theseThese premiums totaledwere EUR'''Euro 336m,''' within EUR1Q26 ('''Euro 103m''' in Life, and EUR'''Euro 233m''' in Health) ^{p. 9}.

|+ Property & Casualty earningsPremiums by lineCommercial, of businessPersonal, and region.Reinsurance Lines ^{p. 10}

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

! colspan="2" style="text-align:right; width:6emcenter" | Commercial lines Total Commercial

! colspan="5" style="text-align:right; width:6emcenter" | CommercialPersonal lines Change

! colspan="2" style="text-align:right; width:6emcenter" | Personal linesAXA PersonalXL MotorReinsurance

! colspan="2" style="text-align:right; width:6emcenter" | Personal linesTotal ChangeP&C

! style="text-align:right; width:6emcenter" | Personal lines Personal Non-Motor

! style="text-align:right; width:6emleft" | Personal linesin TotalEUR Personalm

! style="text-align:right; width:6em" | PersonalTotal lines ChangeCommercial

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

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

! style="text-align:right; width:6em" | Total P&C 1Q26Change

! style="text-align:right; width:6em" | TotalPersonal P&C ChangeNon-Motor

* Changes are presentedcalculated on a comparable basis (constant forex, scope, and methodology) ^{p. 10}.

|+ Currency Exchange rates for major currencies against the Euro forRates (FY25 and 1Q26.) ^{p. 10}

! style="text-align:left" | EUR—

|+ Property & Casualty pricePrice effectEffect by countryCountry and businessBusiness line for 1Q26.Line ^{p. 11}

! colspan="4" style="text-align:leftcenter" | P&C: Price effect by country and business line 1Q26 (in %)

! style="text-align:right; width:6emleft" | P&C: Price effect by country and business line1Q26 Personal(in lines%)

<div| style="overflowtext-xalign:autoright"> | +5.7%

!| style="text-align:right; width:6emleft" | +5.7%Italy

!| style="text-align:right; width:6em" | +62.07%

!| style="text-align:right; width:6em" | —+3.8%

|}-

<div| style="overflowtext-xalign:autoright"> | +5.6%

{| class="wikitable" style="widthtext-align:100%right" | —

* This section isrefers blankto appendices for Property & Casualty and Life & Health revenue contribution and growth by business line ^{p. 12}.

|+ Life & Health newGross businessWritten metricsPremiums by regionProduct forType 1H25.and Geography ^{p. 1312}

! style="text-align:leftcenter" | EUR mGWP

! colspan="2" style="text-align:right; width:6emcenter" | 1H25 Updated* PVEPTotal

! colspan="2" style="text-align:right; width:6emcenter" | 1H25o/w Updated* NB CSM (pre-tax)Protection

! colspan="2" style="text-align:right; width:6emcenter" | 1H25o/w Updated*G/A NBV (post-tax)Savings

! colspan="2" style="text-align:right; width:6emcenter" | 1H25o/w Updated* NBV margin (%)Unit-Linked

! colspan="2" style="text-align:right; width:6emcenter" | 1H25 Updated*o/w PVEPHealth

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

| style="text-align:right" | Total i31

| style="text-align:right" | Total i-5%

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

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

| style="text-align:left" | Transversal ii

|+ 1H25 Updated Figures for Life & Health new business metrics by region for 9M25.Geography ^{p. 13}

! colspan="13" style="text-align:leftcenter" | EUR1H25 Updated mfigures

|! style="text-align:leftcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! style="text-align:rightcenter" | —

|! colspan="4" style="text-align:rightcenter" | Total i

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

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

|+ Life9M25 &Updated HealthFigures NBfor CSMLife to& NBVHealth by region for 1Q25.Geography ^{p. 13}

! colspan="13" style="text-align:leftcenter" | EUR9M25 Updated mfigures

|! style="text-align:leftcenter" | —

|! colspan="4" style="text-align:rightcenter" | Life

|! style="text-align:rightcenter" | Life

|! style="text-align:rightcenter" | Life

|! style="text-align:rightcenter" | Life

|! style="text-align:rightcenter" | —

|! colspan="4" style="text-align:rightcenter" | —Total

|! style="text-align:left" | in EuroEUR millionm

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

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

|! style="text-align:right; width:6em" | NB CSM (pre-tax)

|! style="text-align:right; width:6em" | NBV (post-tax)

|! style="text-align:right; width:6em" | NBV margin (%)

|+ Life1H25 & HealthUpdated NB CSM to NBV for 1H25.Reconciliation ^{p. 13}

! style="text-align:left" | EURNB mCSM to NBV 1Q25 Updated figures

! style="text-align:right; width:6em" | 1H25 Updated* NB CSM to NBV Life1Q25 Updated figures

! style="text-align:right; width:6em" | 1H25 Updated* NB CSM to NBV Health1Q25 Updated figures

! style="text-align:right; width:6em" | 1H25 Updated* NB CSM to NBV Total1Q25 Updated figures

|+ Life9M25 & HealthUpdated NB CSM to NBV for 9M25.Reconciliation ^{p. 13}

! style="text-align:left" | EUR1H25 mUpdated figures NB CSM to NBV

! style="text-align:right; width:6em" | 9M251H25 Updated* figures NB CSM to NBV Life

! style="text-align:right; width:6em" | 9M251H25 Updated* figures NB CSM to NBV Health

! style="text-align:right; width:6em" | 9M251H25 Updated* figures NB CSM to NBV Total

|+! Lifestyle="text-align:left" & Health| NB CSM to NBV for 9M25. ^{p.Updated 13}figures

! style="text-align:leftright; width:6em" | NB CSM to NBV 9M25 Updated* figures

! style="text-align:right; width:6em" | NB CSM to NBV 9M25 Updated* figures

! style="text-align:right; width:6em" | NB CSM to NBV 9M25 Updated* figures

|+ 1Q26 Life &and Health newNew businessBusiness metricsMetrics by region for 1Q26.Geography ^{p. 14}

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

! colspan="8" style="text-align:right; width:6emcenter" | Life New Business Metrics 1Q26 PVEP

! colspan="7" style="text-align:right; width:6emcenter" | LifeHealth New Business Metrics 1Q26 Change

! colspan="8" style="text-align:right; width:6emcenter" | LifeTotal New Business Metrics 1Q26 NB CSM (pre-tax)

! style="text-align:right; width:6emleft" | Life New Business Metrics 1Q26in NBVEUR (post-tax)m

! style="text-align:right; width:6em" | Life New Business Metrics 1Q26 ChangePVEP

! style="text-align:right; width:6em" | Life New Business Metrics 1Q26 NBV margin (%)Change

! style="text-align:right; width:6em" | LifeNB NewCSM Business Metrics 1Q26 Change(pre-tax)

! style="text-align:right; width:6em" | Health New Business Metrics 1Q26 PVEPChange

! style="text-align:right; width:6em" | HealthNBV New Business Metrics 1Q26 Change(post-tax)

! style="text-align:right; width:6em" | Health New Business Metrics 1Q26 NB CSM (pre-tax)Change

! style="text-align:right; width:6em" | HealthNBV Newmargin Business Metrics 1Q26 Change(%)

! style="text-align:right; width:6em" | Health New Business Metrics 1Q26 NBV (post-tax)Change

! style="text-align:right; width:6em" | Health New Business Metrics 1Q26 ChangePVEP

! style="text-align:right; width:6em" | Health New Business Metrics 1Q26 NBV margin (%)Change

! style="text-align:right; width:6em" | HealthNB NewCSM Business Metrics 1Q26 Change(pre-tax)

! style="text-align:right; width:6em" | Total New Business Metrics 1Q26 PVEPChange

! style="text-align:right; width:6em" | TotalNBV New Business Metrics 1Q26(post-tax) Change

! style="text-align:right; width:6em" | TotalNBV New Business Metrics 1Q26 NB CSMmargin (pre-tax%)

! style="text-align:right; width:6em" | Total New Business Metrics 1Q26 Change

! style="text-align:right; width:6em" | Total New Business Metrics 1Q26 NBV (post-tax)PVEP

! style="text-align:right; width:6em" | Total New Business Metrics 1Q26 Change

! style="text-align:right; width:6em" | TotalNB New Business Metrics 1Q26 NBV marginCSM (%pre-tax)

! style="text-align:right; width:6em" | Total New Business Metrics 1Q26 Change

| style="text-align:right" | 46 +5%

| style="text-align:right" | 1,707—

| style="text-align:right" | 1,707 +4%

| style="text-align:right" | 77 +15%

| style="text-align:right" | 407—

| style="text-align:right" | 407 -26%

| style="text-align:right" | 37 -32%

| style="text-align:right" | +7% 3

| style="text-align:right" | 3—

| style="text-align:right" | 160 -4%

|+ Life & Health NB CSM to NBV for 1Q26.Reconciliation ^{p. 14}

! style="text-align:left" | EURNB mCSM to NBV

! style="text-align:right; width:6em" | NB CSM to NBV Life

! style="text-align:right; width:6em" | NB CSM to NBV Health

! style="text-align:right; width:6em" | NB CSM to NBV Total

* IncludesThis section includes Health business predominantly written in Life entities ^{p. 14}.

* Changes are calculated on a comparable basis (constant forex, scope, and methodology) ^{p. 14}.

|+ Net1Q25 flowsand by1Q26 businessNet lineFlows forby Health,Life Protection,& andHealth G/ABusiness Savings.Line ^{p. 15}

! style="text-align:leftcenter" | EURin bnEuro billion

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

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

|! style="text-align:leftcenter" | Health i

|! style="text-align:rightcenter" | +0.8

|! style="text-align:rightcenter" | +1.0

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

|! style="text-align:right; width:6em" | +1.8

|! style="text-align:right; width:6em" | +1.8

|}-

<div| style="overflowtext-xalign:autoright"> | +0.7

|}-

<div| style="overflowtext-xalign:autoright"> | +0.7

* Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% ^{p. 15}.

* Main transactions in 2026 include the announcement of aA share repurchase agreement for AXA's share buyback program of up to EUR'''Euro 1.25bn''' was announced on February 27, 2026 ^{p. 16}.

* Next mainUpcoming investor events areinclude:

*** AXA Investor roundtable on the strategy for AXA key markets on September 21, 2026 ^{p. 16}.