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== 1Q26 highlights ==
 
* Gross written premiums & other revenues (1) were up '''+6%''' vs. 1Q25 to '''EUREuro 38.0bn''' in 1Q26 vs. 1Q25 <sup>p. 1</sup>.
** Property & Casualty premiums were up '''+4%''' to '''EUREuro 21.5bn''' <sup>p. 1</sup>.
*** Retail premiums were up '''+7%''', driven by awith '''+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 '''EUREuro 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 '''EUREuro +2.7bn''' <sup>p. 1</sup>.
* Solvency II ratio (2) was '''211%''' as of March 31, 2026, a decrease ofdown '''-4 points''' vs. January 1, 2026 (post-grandfathering period), reflecting resilience in a volatile environment <sup>p. 1</sup>.
 
== Outlook 3 ==
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* 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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* The press release was issued in Paris on May 5, 2026, at 5:45 pm CET <sup>p. 1</sup>.
* AllThe footnotes1Q26 foractivity thisindicators pressshow releasesustained arerevenue on page 7momentum <sup>p. 1</sup>.
 
== 1Q26 key highlights ==
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<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ AXA'sKey figures for gross written premiums and other revenues for 1Q25 and 1Q26. <sup>p. 2</sup>
! style="text-align:left" | Key figures (EUR billion)
! style="text-align:right; width:6em" | 1Q25
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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
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== Activity indicators ==
 
* Total gross written premiums & other revenues (1) were up '''+6%''', driven by: <sup>p. 2</sup>.
** Property & Casualty was up ('''+4%'''), with growth in: <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%'''), drivenfrom byboth 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>.
*** Partly offset by AXA XL Reinsurance was down ('''-7%'''), reflecting discipline in softening market conditions <sup>p. 2</sup>.
** Life & Health was up ('''+8%'''), with: <sup>p. 2</sup>.
*** Life premiums were up '''+8%''', driven by strong sales in Unit-Linked ('''+16%''') and G/A (7) ('''+9%''') across all geographies, and Protection ('''+4%'''), from strong sales in Protection with Savings in Hong Kong and Japan <sup>p. 2</sup>.
*** 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 was ('''-10 points''' vs. December 31, 2025) <sup>p. 2</sup>.
* The Solvency II ratio decreasedwas bydown '''-4 points''' vs. January 1, 2026, due toreflecting: <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>.
** UnfavorableMore than offset by unfavorable financial market movements ('''-4 points'''), notably from higher inflation expectations and elevated equity and interest rate volatility <sup>p. 2</sup>.
 
== Property & Casualty ==
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<div style="overflow-x:auto">
{| class="wikitable" 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)
! style="text-align:right; width:6em" | 1Q25
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</div>
 
* Gross written premiums & other revenues (1) for Property & Casualty were up '''+4%''' to '''EUREuro 21.5bn''' <sup>p. 3</sup>.
* Personal lines grew by '''7%''' to '''EUREuro 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 both 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 '''EUREuro 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 remained stable vs. 1Q25 <sup>p. 3</sup>.
** Pricing overall remains stable versus 1Q25 <sup>p. 3</sup>.
** France ('''+6%'''), from both favorable price effect and higher volumes <sup>p. 3</sup>.
** Asia, Africa & EME-LATAM ('''+10%'''), mainly driven by higher average premiums in Türkiye <sup>p. 3</sup>.
* AXA XL Reinsurance decreased by '''7%''' to '''EUREuro 1.2bn''', reflecting lower volumes, consistent with a focus on 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 including premiums, PVEP, NB CSM, and net flowsNBV. <sup>p. 4</sup>
! style="text-align:left" | Key figures (EUR billion)
! style="text-align:right; width:6em" | 1Q25
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</div>
 
* For comparability, 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability,to reflectingreflect their contribution to FY25 figures (see Appendix 5) <sup>p. 4</sup>.
* GrossAll writtenyear-on-year premiumschanges &are othergiven revenueson (1)a forcomparable Lifebasis &versus Healththe wereupdated up1Q25 '''+8%''' to '''EUR 16.5bn'''figures <sup>p. 4</sup>.
* LifeGross written premiums increased& byother revenues (1) were up '''+8%''' to '''EUREuro 1016.5bn''', driven by: <sup>p. 4</sup>.
** Unit-LinkedLife premiums increased by ('''+168%'''), fromto continued'''Euro positive10.5bn''', salesdriven momentum across geographiesby: <sup>p. 4</sup>.
** G/A SavingsUnit-Linked ('''+916%'''), mainly from successfulthe commercialcontinuation campaignsof in Spain, strong single-premiumpositive sales in Japan, good performance of G/A capital-light products in Italy, and positive momentum in Individual Savings inacross Switzerlandgeographies <sup>p. 4</sup>.
** G/A Savings ('''+9%'''), mainly resulting 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 '''EUREuro 5.9bn''', driven by favorable price effects across all geographies <sup>p. 4</sup>.
* PVEP (1,11) was up '''+8%''' to '''EUREuro 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>.
** Health ('''+4%'''), mainly due to higher Group business volumes in France, partly offset by Japan <sup>p. 4</sup>.
* NB CSM (pre-tax) (1,11) increased by '''4%''' to '''EUREuro 0.6bn''', driven by strong Savings and Protection sales across most geographies, partly offset by unfavorable mix, including lower Group Life sales in Switzerland and Health sales in Japan <sup>p. 4</sup>.
* NBV (post-tax) (1,11) was up '''+1%''' to '''EUREuro 0.6bn''', as NB CSM growth was partly offset by lower sales and a less favorable mix in Joint Ventures in Thailand and China <sup>p. 4</sup>.
* NBV margin (1,11) decreased by '''0.3 pointpoints''' to '''4.4%''' <sup>p. 4</sup>.
* Net flows (1,11) were '''EUREuro +2.7bn''', compared to '''EUREuro +2.5bn''' in 1Q25, driven by: <sup>p. 4</sup>.
** Protection ('''EUREuro +1.8bn'''), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked productsproduct <sup>p. 4</sup>.
** Unit-Linked ('''EUREuro +0.7bn'''), primarily in France <sup>p. 4</sup>.
** G/A Savings ('''EUREuro -0.8bn'''), reflecting inflows in capital-light G/A savings ('''EUREuro +0.7bn'''), more than offset by outflows in traditional G/A Savings ('''EUREuro -1.5bn''') <sup>p. 4</sup>.
** Health ('''EUREuro +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 agenciesagency. <sup>p. 5</sup>
! style="text-align:center" |
! style="text-align:center" |
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* 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 includeare 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) and premiums/fees collected on non-insurance activities (banking, services, asset management) <sup>p. 5</sup>.
* Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities) <sup>p. 5</sup>.
* 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, comprising: (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts by Life entities (considering expected renewals), (iii) present value of future profits of pure investment contracts accounted for under IFRS 9, net of (iv) cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 5</sup>.
* NBV consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests <sup>p. 5</sup>.
* New business value margin ('NBV Margin') is the ratio of NBV to PVEP <sup>p. 5</sup>.
* PresentNew business value of expected premiumsmargin ('PVEPNBV Margin') is the newratio businessof volume,(i) equalNBV torepresenting the present value at issue of totalnewly premiumsissued expectedcontracts overduring the policycurrent term,year discountedto at(ii) the reference interest rate and is Group sharePVEP <sup>p. 5</sup>.
* Present value of expected premiums ('PVEP') is the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term <sup>p. 5</sup>.
* '''AA''': Rating
* PVEP is discounted at the reference interest rate and PVEP is Group share <sup>p. 5</sup>.
* '''AM''': AM Best
* '''AMFAM''': AutoritéA.M. des marchés financiersBest
* '''AMF''': Autorité des Marchés Financiers
* '''APM''': Alternative Performance Measure
* '''CLP''': Credit and Lifestyle Protection
Line 302 ⟶ 306:
* '''DJSI''': Dow Jones Sustainability Index
* '''DPF''': Discretionary Participation Features
* '''EME LATAM''': Emerging Markets Europe and Latin America▼
* '''EME''': Emerging Markets Europe
* '''ESMA''': European Securities and Markets Authority
Line 307 ⟶ 312:
* '''GWP''': Gross Written Premiums
* '''IFRS''': International Financial Reporting Standards
* '''II''': Solvency II
* '''ISN FR''': International Securities Identification Number France
▲* '''LATAM''': Latin America
* '''LFL''': Like-for-Like
* '''NB CSM''': New Business Contractual Service Margin
Line 319 ⟶ 321:
* '''SRI''': Socially Responsible Investment
* '''UEPS''': Underlying Earnings Per Share
* '''UK''': United Kingdom
* '''UN''': United Nations
* '''UNEP FI''': United Nations Environment Programme's Finance Initiative
Line 325 ⟶ 326:
 
* '''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''': <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, Philippines L&S and P&C, Indonesia L&S (bancassurance) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income <sup>p. 6</sup>.
** '''Africa''':China EgyptL&S, (insuranceThailand and holding)L&S, Moroccothe (insurancePhilippines L&S and holding)P&C, andIndonesia NigeriaL&S (insurancethe andbancassurance holdingentity) are fully consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income <sup>p. 6</sup>.
** '''EME-LATAMAfrica''': MexicoEgypt (insurance), Colombiaactivities (insuranceand holding), BrazilMorocco (insurance activities and holding), and TürkiyeNigeria (insurance activities and holding) are fully consolidated <sup>p. 6</sup>. Russia (Reso) (insurance) is consolidated under the equity method and contributes only to net income <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 and contributes only to net income <sup>p. 6</sup>.
** Also includes AXA Mediterranean Holdings <sup>p. 6</sup>.
* '''Transversal & Other''': includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (including the Group's internal reinsurance activity), and other Central Holdings <sup>p. 6</sup>.
* '''AXA Investment Managers''': disposal to BNP Paribas was completed on July 1, 2025 <sup>p. 6</sup>.
 
== Exchange rates ==
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<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:center" | For 1 Euro
! colspan="2" style="text-align:center" | End of Period Exchange rate
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* 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 '''EUREuro 2.32''' per share to be paid in 2026 for FY25 and an annual share buyback of '''EUREuro 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, andas well as share buybacks to offset dilutive effects fromrelating to employee share offerings and stock-based compensation <sup>p. 7</sup>.
* Dividends and share buybacks are proposed by the Board, at its discretion, based on various factors described in AXA's 2025 Universal Registration Document, and then submitted to AXA's shareholders for approval <sup>p. 7</sup>.
* This estimate isshould not be considered an indication of the 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 underlyingUnderlying 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 regarding forward-looking statements <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>.
* G/AGeneral account (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, afterat which point they ceased to qualify as capital under Solvency II (8) <sup>p. 7</sup>.
* This was disclosed in AXA's respective press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, published on axa.com <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, (APM);or referalternative toperformance themeasure ('Important legal informationAPM' section for details) <sup>p. 7</sup>.
* See the paragraph 'Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures' in this press release for important information about APMs used by AXA <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>.
Line 404 ⟶ 409:
* AXA completed its acquisition of a majority stake in Prima in Italy (13) on November 28, 2025 <sup>p. 7</sup>.
* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) <sup>p. 7</sup>.
* Actuarial and financial assumptions used for the calculation of NBV and PVEP 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 orand have not been subject to any limited review by AXA's statutory auditors <sup>p. 7</sup>.
 
== About the AXA Group ==
 
* The AXA Group is a worldwide leader in insurance, with '''156,000''' employees serving over '''92 million''' clients in '''52''' countries <sup>p. 8</sup>.
* In 2025, revenues amounted to '''EUREuro 115.5bn''' and underlying earnings to '''EUREuro 8.4bn''' <sup>p. 8</sup>.
* The AXA ordinary share is listed on compartment A of Euronext Paris under the 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 the ticker symbol AXAHY <sup>p. 8</sup>.
* The AXA Group is included in main international SRI indexes, such likeas 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 made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers' General Regulation are available on the AXA Group website (axa.com) <sup>p. 8</sup>.
* Certain statements in thisThis press release arecontains forward-looking statements, including thosepredictions regardingof expectedfuture underlyingevents, earningstrends, perplans, shareexpectations, ('UEPS')or growthobjectives, forand other non-historical 2026information <sup>p. 8</sup>.
* TheseForward-looking statements are basedidentified onby Management'swords currentlike views'expects', and'anticipates', intentions'may', and'plan', areor subjectconditional toverbs change,such risks,as 'would' and uncertainties'could' <sup>p. 8</sup>.
* AXAStatements disclaimsregarding anyexpected obligationunderlying toearnings updateper orshare revise('UEPS') growth for 2026 are forward-looking statements, exceptfor one-off guidance in the context of the current asstrategic requiredplan's bylast lawyear <sup>p. 8</sup>.
* These statements are based on Management's current views and intentions and are subject to change <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>.▼
* TheseUndue APMsreliance should not be consideredplaced inon isolationforward-looking fromstatements ordue asto aknown substituteand forunknown therisks Groupand uncertainties, many outside AXA's consolidatedcontrol, financialwhich statementscan cause actual results to differ materially <sup>p. 8</sup>.
* Each forward-looking statement speaks only at the date of this press release <sup>p. 8</sup>.
* 'Underlying earnings', UEPS, 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and AMF's position statement <sup>p. 8</sup>.▼
* ReconciliationsRefer ofto APMsPart are5 provided'Risk inFactors theand 2025Risk Management' of AXA's Universal Registration Document for the year ended December 31, Section2025 2.3.3(the 'Alternative2025 PerformanceUniversal MeasuresRegistration Document') for a description of certain important factors, risks, and uncertainties <sup>p. 8</sup>.
* AXA disclaims any obligation to publicly update or revise any forward-looking statements, except as required by applicable laws and regulations <sup>p. 8</sup>.
* This press release refers to certain non-GAAP financial measures, or alternative performance measures ('APMs'), used by Management for analyzing operating trends, financial performance, and position <sup>p. 8</sup>.
▲* This press release refers toThese non-GAAP financial measures (APMs)generally usedhave byno Management,standardized whichmeaning 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 issued in 2015 <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 the above-mentioned and other non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document <sup>p. 8</sup>.
 
* InvestorFor Relationsinvestor relations, contact: '''+33.1.40.75.48.42,''' or investor.relations@axa.com <sup>p. 8</sup>.
* IndividualFor Shareholderindividual Relationsshareholder relations, contact: '''+33.1.40.75.48.43''' <sup>p. 8</sup>.
* MediaFor Relationsmedia contacts:relations, contact '''+33.1.40.75.46.74,''' or ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 8</sup>.
* Corporate Responsibility strategy information: is available at axa.com/en/about-us/strategy-commitments <sup>p. 8</sup>.
* SRI ratings information: is available at axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 8</sup>.
 
== Appendix 1: Earnings ==
 
* '''APPENDIXNo 1''':prose Grosscontent Writtenin Premiumsthis & Other Revenues by Geography and Business Linesection. <sup>p. 9</sup>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ GrossGWP written& premiumsOther andRevenues otherby revenuesregion by segmentand forbusiness 1Q26line. <sup>p. 9</sup>
! style="text-align:center" |
! colspan="5" style="text-align:center" | GWP & Other Revenues
Line 443 ⟶ 455:
|-
! style="text-align:left" | in Euro million
! style="text-align:right; width:9em6em" | 1Q25 Published
! style="text-align:right; width:9em6em" | 1Q25 Adjusted
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:9em6em" | Change
! style="text-align:right; width:9em6em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:9em6em" | Change LFL
! style="text-align:right; width:6em" | 1Q26
! style="text-align:right; width:9em6em" | 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
Line 543 ⟶ 544:
</div>
 
* Banking revenues were '''EUR 26m''' in 1Q26 and '''EUR 25m''' in 1Q25. <sup>p. 9</sup>.
* PortfolioThe portfolio of lifestyle and income protection (CLP) premiums was reallocated from France to Transversal. <sup>p. 9</sup>.
** 1Q25 CLP premiums: were '''EUR 198m''' (ofin which1Q25, with '''EUR 68m''' in P&C and '''EUR 130m''' in Life & Health). <sup>p. 9</sup>.
** 1Q26 CLP premiums: were '''EUR 201m''' (ofin which1Q26, with '''EUR 68m''' in P&C and '''EUR 132m''' in Life & Health). <sup>p. 9</sup>.
* International protection and health premiums previously reportedrecorded in AXA France are now reported under the new carrier AXA Health International, which is part of Europe. <sup>p. 9</sup>.
** 1Q25These premiums: were '''EUR 319m''' (ofin which1Q25, with '''EUR 104m''' in Life and '''EUR 215m''' in Health). <sup>p. 9</sup>.
** 1Q26These premiums: were '''EUR 336m''' (ofin which1Q26, with '''EUR 103m''' in Life and '''EUR 233m''' in Health). <sup>p. 9</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ PropertyCommercial &and CasualtyPersonal grosslines, writtenand premiumsAXA byXL businessReinsurance line andby segmentregion. <sup>p. 10</sup>
! style="text-align:center" |
! colspan="2" style="text-align:center" | Commercial lines
Line 661 ⟶ 662:
</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%"
|+ ExchangeCurrency exchange rates for various currencies against the Euro for FY25 and 1Q26. <sup>p. 10</sup>
! style="text-align:left" | —
! style="text-align:right; width:6em" | FY25 i
Line 699:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Property P& CasualtyC 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 761:
|}
</div>
 
* No prose content in this section. <sup>p. 12</sup>
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ LifeGWP & HealthOther grossRevenues writtenby premiums and other revenues bytype businessof lineprotection and segmentsavings. <sup>p. 12</sup>
! style="text-align:center" | GWP & Other Revenues
! colspan="2" style="text-align:center" | Total
Line 870 ⟶ 872:
</div>
 
* PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions. <sup>p. 13</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated1Q25 Life & Healthupdated figures for 1Q25Life and Health by segmentregion. <sup>p. 13</sup>
! style="text-align:center" | EUR million
! colspan="4" style="text-align:center" | Life
Line 968 ⟶ 970:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated1H25 Life & Healthupdated figures for 1H25Life and Health by segmentregion. <sup>p. 13</sup>
! style="text-align:center" | EUR million
! colspan="4" style="text-align:center" | Life
Line 1,062 ⟶ 1,064:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated9M25 updated figures for PVEP, NB CSM, and NBV, figuresand for 9M25 byNBV segmentmargin. <sup>p. 13</sup>
! style="text-align:centerleft" | EUR million
! style="text-align:centerright; width:6em" | PVEP
! style="text-align:centerright; width:6em" | NB CSM (pre-tax)
! style="text-align:centerright; width:6em" | NBV (post-tax)
! style="text-align:centerright; width:6em" | NBV margin (%)
! style="text-align:centerright; width:6em" | PVEP
! style="text-align:centerright; width:6em" | NB CSM (pre-tax)
! style="text-align:centerright; width:6em" | NBV (post-tax)
! style="text-align:centerright; width:6em" | NBV margin (%)
! style="text-align:centerright; width:6em" | PVEP
! style="text-align:centerright; width:6em" | NB CSM (pre-tax)
! style="text-align:centerright; width:6em" | NBV (post-tax)
! style="text-align:centerright; width:6em" | NBV margin (%)
|-
! style="text-align:left" | —
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! colspan="4" style="text-align:center" | Total
|-
| style="text-align:left" | Franceᶦᶦ,ᶦᶦᶦ
Line 1,156 ⟶ 1,153:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated1Q25 updated figures for NB CSM to NBV figures for 1Q25 by businessLife and lineHealth. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | Life
Line 1,186 ⟶ 1,183:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated1H25 updated figures for NB CSM to NBV figures for 1H25 by businessLife and lineHealth. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | Life
Line 1,216 ⟶ 1,213:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Updated9M25 updated figures for NB CSM to NBV figures for 9M25 by businessLife and lineHealth. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | Life
Line 1,244 ⟶ 1,241:
</div>
 
* Changes are compared toagainst 1Q25 updated figures, which are based on FY25 financial and actuarial assumptions. <sup>p. 14</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ 1Q26 Life, Health, and Total New Business Metrics for 1Q26 by segmentregion. <sup>p. 14</sup>
! style="text-align:center" |
! colspan="8" style="text-align:center" | Life New Business Metrics 1Q26
Line 1,414 ⟶ 1,411:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ NB CSM to NBV figures for Life, Health, and Total business lines. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! style="text-align:right; width:6em" | Life
Line 1,441 ⟶ 1,438:
|}
</div>
 
* Health business written predominantly in Life entities is included. <sup>p. 14</sup>
* Changes are calculated on a comparable basis (constant forex, scope, and methodology). <sup>p. 14</sup>
 
=== Net flows by business line ===
Line 1,446:
<div style="overflow-x:auto">
{| class="wikitable" style="width:100%"
|+ Life & Health netNet flows by business line for 1Q25 and 1Q26. <sup>p. 15</sup>
! style="text-align:left" | EUR billion
! style="text-align:right; width:6em" | 1Q25
Line 1,481:
</div>
 
* Health business includes businesswritten 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:''': <sup>p. 16</sup>
** Execution of aA share repurchase agreement was announced on February 27, 2026, for AXA's share buyback program of up to '''EUR 1.25bn'''. <sup>p. 16</sup>.
* '''Next main investor events:''': <sup>p. 16</sup>
** HY26 Earnings Release: July 31, 2026. <sup>p. 16</sup>.
** AXA Investor Day: September 15, 2026. <sup>p. 16</sup>.
** AXA Investor roundtable on the 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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