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== 1Q26 highlights ==
 
* Gross written premiums & other revenues (1) were up '''+6%''' vs. 1Q25 to '''EUR 38.0bn''' in 1Q26 vs. 1Q25 <sup>p. 1</sup>.
** Property & Casualty premiums were up '''+4%''' to '''EUR 21.5bn''' <sup>p. 1</sup>.
*** Retail premiums were up '''+7%''', withdriven by a '''+4%''' from price effect and '''+3%''' from volumes <sup>p. 1</sup>.
*** Commercial premiums were up '''+3%''', with equal contributions from price effect and volumes <sup>p. 1</sup>.
** Life & Health premiums were up '''+8%''' to '''EUR 16.5bn''' <sup>p. 1</sup>.
*** Life premiums were up '''+8%''' <sup>p. 1</sup>.
*** Health premiums were up '''+8%''' <sup>p. 1</sup>.
* Life & Health NB CSM was up '''+4%''' <sup>p. 1</sup>.
* Net flows for Life & Health were '''EUR +2.7bn''' <sup>p. 1</sup>.
* Solvency II ratio (2) was '''211%''' as of March 31, 2026, downa decrease of '''-4 points''' vs. January 1, 2026 (post-grandfathering period), reflecting resilience in a volatile environment <sup>p. 1</sup>.
 
== Outlook 3 ==
Line 33:
* AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the '''6-8%''' plan target range (4) <sup>p. 1</sup>.
* AXA will present its new strategic plan for 2027-2029 on September 15, 2026 <sup>p. 1</sup>.
* > "AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy," said Alban de Mailly Nesle, Chief Financial Officer of AXA. "This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year's strong momentum." — Alban de Mailly Nesle, Chief Financial Officer of AXA <sup>p. 1</sup>
* > "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>
* > "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>
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<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ AXA's keygross financialwritten figurespremiums and other revenues for 1Q25 and 1Q26. <sup>p. 2</sup>
! style="text-align:left" | Key figures (EUR billion, unless otherwise noted)
! style="text-align:right; width:6em" | 1Q25
! style="text-align:right; width:6em" | 1Q26
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<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ AXA's Solvency II ratio for FY25, January 1, 2026, and 1Q26. <sup>p. 2</sup>
! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | January 1, 2026
Line 101:
** Property & Casualty was up '''+4%''' <sup>p. 2</sup>.
*** Personal lines were up '''+7%''', driven by higher volumes and favorable price effect <sup>p. 2</sup>.
*** Commercial lines (5) were up '''+3%''', fromdriven bothby higher volumes (notably at AXA XL Insurance) and favorable price effect (6), mainly in the SME & Mid-market business in Europe and France <sup>p. 2</sup>.
*** AXA XL Reinsurance was down '''-7%''', reflecting discipline in softening market conditions <sup>p. 2</sup>.
** Life & Health was up '''+8%''' <sup>p. 2</sup>.
Line 107:
*** Health premiums were up '''+8%''', driven by favorable price effects across all geographies <sup>p. 2</sup>.
* Solvency II ratio (2) 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 (8), which (downwas '''-10 points''' vs. December 31, 2025) <sup>p. 2</sup>.
* The Solvency II ratio wasdecreased downby '''-4 points''' vs. January 1, 2026, reflectingdue to: <sup>p. 2</sup>.
** A strong operating return ('''+7 points'''), less accrued dividend and annual share buyback for 1Q26 ('''-6 points''') <sup>p. 2</sup>.
** Unfavorable financial market movements ('''-4 points'''), notably from higher inflation expectations and elevated equity and interest rate volatility <sup>p. 2</sup>.
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{| class="wikitable" style="width:100%"
|+ Property & Casualty gross written premiums and other revenues for 1Q25 and 1Q26. <sup>p. 3</sup>
! style="text-align:left" | Key figures (EUR billion, unless otherwise noted)
! 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:right; width:6em" | 1Q26 Price effect 6 (in %)
|-
| style="text-align:left" | Gross written premiums and other revenues
Line 150:
 
* Gross written premiums & other revenues (1) for Property & Casualty were up '''+4%''' to '''EUR 21.5bn''' <sup>p. 3</sup>.
** Personal lines grew by '''7%''' to '''EUR 7.0bn''', driven by: <sup>p. 3</sup>.
*** Europe ('''+7%'''), from favorable price effects across geographies (except UK & Ireland) and higher volumes <sup>p. 3</sup>.
*** France ('''+8%'''), with strong volume growth from direct business and proprietary agent networks, combined 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''', mainly from: <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; pricing overall remainsremained stable vs. 1Q25 <sup>p. 3</sup>.
*** France ('''+6%'''), from both favorable price effect and higher volumes <sup>p. 3</sup>.
*** Asia, Africa & EME-LATAM ('''+10%'''), mainly driven by higher average premiums in Türkiye <sup>p. 3</sup>.
** AXA XL Reinsurance decreased by '''7%''' to '''EUR 1.2bn''', reflecting lower volumes consistent with maintaining profitability in a softer market environment, with pricing down '''-4%''' <sup>p. 3</sup>.
* Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget <sup>p. 3</sup>.
* The annual natural catastrophe (9) budget of approximately '''4.5 points''' of combined ratio (10) is maintained <sup>p. 3</sup>.
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<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Life & Health key figures forincluding 1Q25premiums, PVEP, NB CSM, and 1Q26net flows. <sup>p. 4</sup>
! style="text-align:left" | Key figures (EUR billion, unless otherwise noted)
! style="text-align:right; width:6em" | 1Q25
! style="text-align:right; width:6em" | 1Q25 Updated*
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:6em" | Change vs. 1Q25 updated LFL
Line 224:
 
* 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 (see Appendix 5) <sup>p. 4</sup>.
* All year-on-year changes are on a comparable basis vs. the updated 1Q25 figures <sup>p. 4</sup>.
* Gross written premiums & other revenues (1) for Life & Health were up '''+8%''' to '''EUR 16.5bn''' <sup>p. 4</sup>.
** Life premiums increased by '''8%''' to '''EUR 10.5bn''', driven by: <sup>p. 4</sup>.
*** Unit-Linked ('''+16%'''), from continued 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 the 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 (1,11) was up '''+8%''' to '''EUR 13.8bn''', driven by: <sup>p. 4</sup>.
** Life ('''+10%'''), reflecting strong sales across geographies in both Savings ('''+14%''') and Protection ('''+6%'''), partly offset by lower Group Life sales in Switzerland <sup>p. 4</sup>.
Line 238 ⟶ 237:
* NBV margin (1,11) decreased by '''0.3 point''' to '''4.4%''' <sup>p. 4</sup>.
* Net flows (1,11) were '''EUR +2.7bn''', compared to '''EUR +2.5bn''' in 1Q25, driven by: <sup>p. 4</sup>.
** Protection ('''EUR +1.8bn'''), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked productproducts <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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<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Insurer financial strength and credit ratings for AXA by various agencies. <sup>p. 5</sup>
! style="text-align:center" |
! style="text-align:center" |
Line 288 ⟶ 287:
 
== 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>.
* 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: include 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); Other Revenues representand premiums and /fees collected on non-insurance activities other than insurance (i.e., banking, services, and asset management activities) <sup>p. 5</sup>.
* New business contractual service margin ('NB CSM'): is a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided <sup>p. 5</sup>.
* New business value ('NBV'): is the value of newly issued contracts during the current year, consisting of the sum ofcomprising: (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'): is the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP <sup>p. 5</sup>.
* Present value of expected premiums ('PVEP'): is the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term; PVEP is, discounted at the reference interest rate and is Group share <sup>p. 5</sup>.
* '''AMAA''': A.M. BestRating
* '''AMFAM''': AutoritéAM des Marchés FinanciersBest
* '''AMF''': Autorité des marchés financiers
* '''APM''': Alternative Performance Measure
* '''CLP''': Credit and Lifestyle Protection
Line 304:
* '''EME''': Emerging Markets Europe
* '''ESMA''': European Securities and Markets Authority
* '''EUR''': Euro
* '''GAAP''': Generally Accepted Accounting Principles
* '''GBPGWP''': PoundGross SterlingWritten Premiums
* '''HKD''': Hong Kong Dollar
* '''IFRS''': International Financial Reporting Standards
* '''JPYII''': JapaneseSolvency YenII
* '''ISN FR''': International Securities Identification Number France
* '''LATAM''': Latin America
* '''LFL''': Like-for-Like
Line 320 ⟶ 319:
* '''SRI''': Socially Responsible Investment
* '''UEPS''': Underlying Earnings Per Share
* '''UK''': United Kingdom
* '''UN''': United Nations
* '''UNEP FI''': United Nations Environment Programme's Finance Initiative
* '''USD''': United States Dollar
== 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 (13) (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>. 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, contributingand 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>. Russia (Reso) (insurance activities) (is consolidated under the equity method, contributingand 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>.
* '''AXA Investment Managers''': disposal to BNP Paribas was completed on July 1, 2025 <sup>p. 6</sup>.
 
== Exchange rates ==
Line 340 ⟶ 339:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ End of period and average exchange rates for various currencies against the Euro. <sup>p. 6</sup>
! style="text-align:leftcenter" | —For 1 Euro
! colspan="2" style="text-align:center" | End of Period Exchange rate
! colspan="2" style="text-align:center" | Average Exchange rate
|-
! style="text-align:left" | —
! style="text-align:right; width:6em" | FY25
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:6em" | 1Q25
! style="text-align:right; width:6em" | 1Q26
|-
| style="text-align:left" | USD
Line 381 ⟶ 386:
* 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 <sup>p. 7</sup>.
* These and other terms are defined in the glossary section of this press release <sup>p. 7</sup>.
* The Solvency II ratio (2) is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock <sup>p. 7</sup>.
* 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 '''EUR 2.32 per share''' toper be paid in 2026share for FY25 and an annual share buyback of '''EUR 1.25bn''' announced on February 26, 2026 <sup>p. 7</sup>.
* 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 tofrom employee share offerings and stock-based compensation <sup>p. 7</sup>.
* Dividends and share buybacks are proposed by the Board, at its discretion, and submitted to AXA's shareholders for approval <sup>p. 7</sup>.
* This estimate shouldis not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year <sup>p. 7</sup>.
* For further 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 axa.com <sup>p. 7</sup>.
* Expected underlying earnings per share ('UEPS') growth for 2026 (4) is a forward-looking statement providing one-off guidance for the last year of the Group's current strategic plan, qualified by cautionary statements in this press release <sup>p. 7</sup>.
* 'Commercial lines' (5) refers to P&C Commercial lines excluding AXA XL Reinsurance <sup>p. 7</sup>.
* Price effect (6) is calculated as a percentage of total gross written premiums of the prior year <sup>p. 7</sup>.
* General accountG/A (7) refers to General account <sup>p. 7</sup>.
* Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, whenafter which they ceased to qualify as capital under Solvency II (8) <sup>p. 7</sup>.
* Natural catastrophe charges (9) include natural catastrophe losses regardless of event size <sup>p. 7</sup>.
* Combined ratio (10) is a non-GAAP financial measure, or(APM); alternativerefer performanceto measurethe ('APMImportant legal information') section for details <sup>p. 7</sup>.
* Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin (11) include Health business predominantly written in Life entities <sup>p. 7</sup>.
* Restricted Tier 1 (12) is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's <sup>p. 7</sup>.
* Tier 2 (12) is rated 'A' by Standard & Poor's and 'A1 (hyb)' by Moody's <sup>p. 7</sup>.
* AXA completed its acquisition of a majority stake in Prima in Italy (13) on November 28, 2025 (13) <sup>p. 7</sup>.
* All comments and changes for activity indicators are on a comparable basis for activity indicators (constant forex, scope, and methodology) <sup>p. 7</sup>.
* Actuarial and financial assumptions for NBV and PVEP calculation 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>.
 
Line 408 ⟶ 413:
* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA) <sup>p. 8</sup>.
* AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY <sup>p. 8</sup>.
* The AXA Group is included in main international SRI indexes, such aslike Dow Jones Sustainability Index (DJSI) and FTSE4GOOD <sup>p. 8</sup>.
* It 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>.
* Certain statements in this press release are forward-looking, including those regarding expected underlying earnings per share ('UEPS') growth for 2026 <sup>p. 8</sup>.
* These forward-looking statements are based on Management's current views and intentions and are subject to change, known and unknown risks, and uncertainties outside AXA's control <sup>p. 8</sup>.
* UndueAXA reliancedisclaims shouldany notobligation beto placedupdate onor revise forward-looking statements, which speak only at the dateexcept ofas thisrequired pressby releaselaw <sup>p. 8</sup>.
* This press release refers to non-GAAP financial measures (APMs) used by Management, which may not be comparable to measures used by other companies <sup>p. 8</sup>.
* Refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2025, for important factors, risks, and uncertainties <sup>p. 8</sup>.
* These APMs should not be considered in isolation from or as a substitute for the Group's consolidated financial statements <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 non-GAAPon financial measuresequity', or alternative performance'combined measures ('APMsratio'), usedand by'debt Managementgearing' forare analyzingAPMs operatingas trends,defined financialin performance,ESMA's guidelines and AMF's position statement <sup>p. 8</sup>.
* Reconciliations of APMs are provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' <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>.
* None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS <sup>p. 8</sup>.
* 'Underlying earnings', UEPS ('underlying earnings per share'), 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement <sup>p. 8</sup>.
* AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology) in the 2025 Universal Registration Document, on the pages indicated in Section 2.3.3 'Alternative Performance Measures' <sup>p. 8</sup>.
* For further information on non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document <sup>p. 8</sup>.
 
* For Investor Relations, contact: '''+33.1.40.75.48.42''' or, investor.relations@axa.com <sup>p. 8</sup>.
* For Individual Shareholder Relations, contact: '''+33.1.40.75.48.43''' <sup>p. 8</sup>.
* For Media Relations, contactcontacts: '''+33.1.40.75.46.74''' or, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 8</sup>.
* For Corporate Responsibility strategy, visitinformation: axa.com/en/about-us/strategy-commitments <sup>p. 8</sup>.
* For SRI ratings, visitinformation: axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 8</sup>.
 
== Appendix 1: Earnings ==
 
* '''APPENDIX 1''': Gross Written Premiums & Other Revenues by Geography and Business Line <sup>p. 9</sup>
Caption: No information available to generate a caption. <sup>p. 9</sup>
 
<div style="overflow-x:auto">
| |
{| class="wikitable" style="width:100%"
| |
|+ Gross written premiums and other revenues by segment for 1Q26. <sup>p. 9</sup>
| |
! style="text-align:center" |
| |
! colspan="5" style="text-align:center" | GWP & Other Revenues
| |
! colspan="2" style="text-align:center" | o/w P&C
| |
! colspan="2" style="text-align:center" | o/w Life & Health
| |
| |-
! style="text-align:left" | in Euro million
| |
! style="text-align:right; width:9em" | 1Q25 Published
| |
! style="text-align:right; width:9em" | 1Q25 Adjusted
| |
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:9em" | Change
! style="text-align:right; width:9em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:9em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:9em" | Change LFL
|-
| style="text-align:left" | in Euro million
| style="text-align:right" | 1Q25 Published
| style="text-align:right" | 1Q25 Adjusted ii,iii
| style="text-align:right" | 1Q26
| style="text-align:right" | Change on a reported basis vs. 1Q25 Adjusted
| style="text-align:right" | Change on a comparable basis
| style="text-align:right" | 1Q26
| style="text-align:right" | Change on a comparable basis
| style="text-align:right" | 1Q26
| style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | France i,ii,iii
| style="text-align:right" | 8,440
| style="text-align:right" | 7,923
| style="text-align:right" | 8,393
| style="text-align:right" | +6%
| style="text-align:right" | +5%
| style="text-align:right" | 3,355
| style="text-align:right" | +6%
| style="text-align:right" | 5,012
| style="text-align:right" | +4%
|-
| style="text-align:left" | Europe iii
| style="text-align:right" | 15,289
| style="text-align:right" | 15,608
| style="text-align:right" | 16,905
| style="text-align:right" | +8%
| style="text-align:right" | +6%
| style="text-align:right" | 9,328
| style="text-align:right" | +4%
| style="text-align:right" | 7,577
| style="text-align:right" | +9%
|-
| style="text-align:left" | AXA XL
| style="text-align:right" | 6,984
| style="text-align:right" | 6,984
| style="text-align:right" | 6,488
| style="text-align:right" | -7%
| style="text-align:right" | 0%
| style="text-align:right" | 6,459
| style="text-align:right" | 0%
| style="text-align:right" | 29
| style="text-align:right" | -1%
|-
| style="text-align:left" | Asia, Africa & EME-LATAM
| style="text-align:right" | 5,286
| style="text-align:right" | 5,286
| style="text-align:right" | 5,403
| style="text-align:right" | +2%
| style="text-align:right" | +11%
| style="text-align:right" | 1,719
| style="text-align:right" | +8%
| style="text-align:right" | 3,684
| style="text-align:right" | +13%
|-
| style="text-align:left" | Transversal ii
| style="text-align:right" | 525
| style="text-align:right" | 723
| style="text-align:right" | 764
| style="text-align:right" | +6%
| style="text-align:right" | +6%
| style="text-align:right" | 601
| style="text-align:right" | +8%
| style="text-align:right" | 163
| style="text-align:right" | -2%
|-
| style="text-align:left" | AXA Investment Managers
| style="text-align:right" | 443
| style="text-align:right" | 443
| style="text-align:right" | -
| style="text-align:right" | n.m.
| style="text-align:right" | n.m.
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left; font-weight:bold" | Total i
| style="text-align:right; font-weight:bold" | 36,967
| style="text-align:right; font-weight:bold" | 36,967
| style="text-align:right; font-weight:bold" | 37,953
| style="text-align:right; font-weight:bold" | +3%
| style="text-align:right; font-weight:bold" | +6%
| style="text-align:right; font-weight:bold" | 21,462
| style="text-align:right; font-weight:bold" | +4%
| style="text-align:right; font-weight:bold" | 16,464
| style="text-align:right; font-weight:bold" | +8%
|}
</div>
 
* Banking revenues were '''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: in 1Q25 were '''EUR 198m,''' (of withwhich '''EUR 68m''' in P&C and '''EUR 130m''' in Life & Health) <sup>p. 9</sup>.
** 1Q26 CLP premiums: in 1Q26 were '''EUR 201m,''' (of withwhich '''EUR 68m''' in P&C and '''EUR 132m''' in Life & Health) <sup>p. 9</sup>.
* 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 <sup>p. 9</sup>.
** These1Q25 premiums: were '''EUR 319m''' in 1Q25,(of withwhich '''EUR 104m''' in Life and '''EUR 215m''' in Health) <sup>p. 9</sup>.
** These1Q26 premiums: were '''EUR 336m''' in 1Q26,(of withwhich '''EUR 103m''' in Life and '''EUR 233m''' in Health) <sup>p. 9</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ PProperty &C Casualty gross written premiums and other revenues by business line and regionsegment. <sup>p. 10</sup>
! style="text-align:center" |
! colspan="2" style="text-align:center" | Commercial lines
Line 465 ⟶ 563:
! style="text-align:left" | in Euro million
! style="text-align:right; width:6em" | Total Commercial
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | Personal Motor
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | Personal Non-Motor
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | Total Personal
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | Total Reinsurance
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:6em" | Change LFL
|-
| style="text-align:left" | France
Line 563 ⟶ 661:
</div>
 
* Changes are presented on a comparable basis (constant forex, scope, and methodology) <sup>p. 10</sup>.
* Interest Rates (5Y) are used for the Discounting of P&C Claims Reserves <sup>p. 10</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Exchange rates for various currencies inagainst the Euro for FY25 and 1Q26. <sup>p. 10</sup>
! style="text-align:left" | —
! style="text-align:right; width:6em" | FY25 i
Line 601 ⟶ 699:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ PProperty &C Casualty price effect by country and business line for 1Q26. <sup>p. 11</sup>
! style="text-align:left" | 1Q26 (in %)
! style="text-align:right; width:6em" | Commercial lines
Line 666 ⟶ 764:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Life & Health gross written premiums and other revenues by regionbusiness line and segment. <sup>p. 12</sup>
! style="text-align:center" | Gross written premiumsGWP & otherOther revenuesRevenues
! colspan="2" style="text-align:center" | Total i
! colspan="2" style="text-align:center" | o/w Protection
! colspan="2" style="text-align:center" | o/w G/A Savings
Line 676 ⟶ 774:
! style="text-align:left" | in Euro million
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:6em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:6em" | Change LFL
|-
| style="text-align:left" | France
Line 776 ⟶ 874:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ 1Q25 updated figures forUpdated Life & Health figures for 1Q25 by regionsegment. <sup>p. 13</sup>
! style="text-align:center" | EUR million
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | HealthⁱHealth
! colspan="4" style="text-align:center" | TotalⁱTotal
|-
! style="text-align:left" | in Euro million—
! style="text-align:right; width:6em" | PVEP
! style="text-align:right; width:6em" | NB CSM (pre-tax)
Line 796 ⟶ 894:
! style="text-align:right; width:6em" | NBV margin (%)
|-
| style="text-align:left" | FranceⁱⁱFrance ii,ⁱⁱⁱiii
| style="text-align:right" | 3,026
| style="text-align:right" | 94
Line 810 ⟶ 908:
| style="text-align:right" | 3.2%
|-
| style="text-align:left" | EuropeⁱⁱⁱEurope iii
| style="text-align:right" | 2,982
| style="text-align:right" | 183
Line 838 ⟶ 936:
| style="text-align:right" | 6.6%
|-
| style="text-align:left" | TransversalⁱⁱTransversal ii
| style="text-align:right" | 63
| style="text-align:right" | 5
Line 870 ⟶ 968:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ 1H25 updated figures forUpdated Life & Health figures for 1H25 by regionsegment. <sup>p. 13</sup>
! style="text-align:center" | EUR million
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | HealthⁱHealth
! colspan="4" style="text-align:center" | TotalⁱTotal
|-
! style="text-align:left" | in Euro million—
! style="text-align:right; width:6em" | PVEP
! style="text-align:right; width:6em" | NB CSM (pre-tax)
Line 964 ⟶ 1,062:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ 9M25Updated updatedPVEP, figuresNB forCSM, Lifeand &NBV Healthfigures for 9M25 by regionsegment. <sup>p. 13</sup>
! style="text-align:center" | EUR million
! colspan="4" style="text-align:center" | LifePVEP
! colspan="4" style="text-align:center" | HealthⁱNB CSM (pre-tax)
! colspan="4" style="text-align:center" | TotalⁱNBV (post-tax)
! style="text-align:center" | NBV margin (%)
! style="text-align:center" | PVEP
! style="text-align:center" | NB CSM (pre-tax)
! style="text-align:center" | NBV (post-tax)
! style="text-align:center" | NBV margin (%)
! style="text-align:center" | PVEP
! style="text-align:center" | NB CSM (pre-tax)
! style="text-align:center" | NBV (post-tax)
! style="text-align:center" | NBV margin (%)
|-
! style="text-align:left" | —
! colspan="4" style="text-align:right; width:6emcenter" | PVEPLife
! colspan="4" style="text-align:right; width:6emcenter" | NB CSM (pre-tax)Health
! colspan="4" style="text-align:right; width:6emcenter" | NBV (post-tax)Total
! 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 (%)
|-
| style="text-align:left" | FranceⁱⁱFranceᶦᶦ,ⁱⁱⁱᶦᶦᶦ
| style="text-align:right" | 9,911
| style="text-align:right" | 277
Line 998 ⟶ 1,096:
| style="text-align:right" | 3.1%
|-
| style="text-align:left" | EuropeⁱⁱⁱEuropeᶦᶦᶦ
| style="text-align:right" | 7,900
| style="text-align:right" | 450
Line 1,026 ⟶ 1,124:
| style="text-align:right" | 7.0%
|-
| style="text-align:left" | TransversalⁱⁱTransversalᶦᶦ
| style="text-align:right" | 230
| style="text-align:right" | 18
Line 1,055 ⟶ 1,153:
|}
</div>
 
* The document is marked GIE_AXA_Internal <sup>p. 13</sup>.
* The document is marked GIE_AXA_Secret <sup>p. 13</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated NB CSM to NBV figures for Life1Q25 by andbusiness Healthline. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | Life
! style="text-align:right; width:6em" | HealthⁱHealth
! style="text-align:right; width:6em" | TotalⁱTotal
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,091 ⟶ 1,186:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated NB CSM to NBV figures for Life1H25 by andbusiness Healthline. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | Life
! style="text-align:right; width:6em" | HealthⁱHealth
! style="text-align:right; width:6em" | TotalⁱTotal
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,121 ⟶ 1,216:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated NB CSM to NBV figures for Life9M25 by andbusiness Healthline. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | Life
! style="text-align:right; width:6em" | Health i
! style="text-align:right; width:6em" | Total i
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,149 ⟶ 1,244:
</div>
 
* Changes are compared againstto 1Q25 updated figures, which are based on FY25 financial and actuarial assumptions <sup>p. 14</sup>.
* The document is marked GIE_AXA_Internal <sup>p. 14</sup>.
* The document is marked GIE_AXA_Secret <sup>p. 14</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Life, Health, and HealthTotal newNew businessBusiness metricsMetrics for 1Q26 by regionsegment. <sup>p. 14</sup>
! style="text-align:center" |
! colspan="8" style="text-align:center" | Life New Business Metrics 1Q26
! colspan="8" style="text-align:center" | Health i New Business Metrics 1Q26
! colspan="8" style="text-align:center" | Total i New Business Metrics 1Q26
|-
! style="text-align:left" | in Euro million
! style="text-align:right; width:6em" | PVEP
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NB CSM (pre-tax)
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NBV (post-tax)
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NBV margin (%)
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | PVEP
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NB CSM (pre-tax)
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NBV (post-tax)
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NBV margin (%)
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | PVEP
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NB CSM (pre-tax)
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NBV (post-tax)
! style="text-align:right; width:6em" | Change ii
! style="text-align:right; width:6em" | NBV margin (%)
! style="text-align:right; width:6em" | Change ii
|-
| style="text-align:left" | France iiiFranceⁱⁱⁱ,ivⁱᵛ
| style="text-align:right" | 3,348
| style="text-align:right" | +11%
Line 1,213 ⟶ 1,306:
| style="text-align:right" | -0.1 pt
|-
| style="text-align:left" | Europe ivEuropeⁱᵛ
| style="text-align:right" | 3,287
| style="text-align:right" | +8%
Line 1,265 ⟶ 1,358:
| style="text-align:right" | -0.5 pt
|-
| style="text-align:left" | Transversal iiiTransversalⁱⁱⁱ
| style="text-align:right" | 67
| style="text-align:right" | +7%
Line 1,321 ⟶ 1,414:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ NB CSM to NBV figures for Life, Health, and HealthTotal business lines. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | Life
! style="text-align:right; width:6em" | Health i
! style="text-align:right; width:6em" | Total i
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,348 ⟶ 1,441:
|}
</div>
 
* Health business written predominantly in Life entities is included <sup>p. 14</sup>.
* Changes are presented on a comparable basis (constant forex, scope, and methodology) <sup>p. 14</sup>.
* APPENDIX 9: OTHER APPENDIX 7: LIFE & HEALTH -NET FLOWS <sup>p. 15</sup>.
 
=== Net flows by business line ===
Line 1,392 ⟶ 1,481:
</div>
 
* Health business writtenincludes business predominantly written 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>.
* Investment contracts include those with no discretionary participation features ('DPF') are included <sup>p. 15</sup>.
* '''Main transactions in 2026''':
* Main transactions in 2026 include the announced execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.25bn (February 27, 2026) <sup>p. 16</sup>.
** Execution of a share repurchase agreement announced on February 27, 2026, for up to '''EUR 1.25bn''' <sup>p. 16</sup>.
* Next main investor events are:
* '''Next main investor events''':
*** HY26 Earnings Release (July 31, 2026) <sup>p. 16</sup>.
*** AXAHY26 InvestorEarnings DayRelease: (SeptemberJuly 1531, 2026) <sup>p. 16</sup>.
*** AXA Investor roundtableDay: on the strategy for AXA key markets (September 2115, 2026) <sup>p. 16</sup>.
*** 9M26AXA ActivityInvestor Indicatorsroundtable (Octoberon 29the strategy for AXA key markets: September 21, 2026) <sup>p. 16</sup>.
** 9M26 Activity Indicators: October 29, 2026 <sup>p. 16</sup>.
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