AXA/2026/1Q activity indicators press release

Document info
Organization	AXA
Year	2026
Period	1Q
Period label	1Q26
Document type	Press release
Publication date	2026-05-05
Market timing	Pre-market
Language	English
Pages	16
Source	Original URL
Archive	.md file

This article summarizes AXA's 1Q 2026 activity indicators press release, published on May 5, 2026.

1Q26 highlights

• Gross written premiums & other revenues +6% vs. 1Q25 to EUR 38.0bn ^{p. 1}
  • Property & Casualty premiums +4% to EUR 21.5bn ^{p. 1}
    • Retail premiums +7% (+4% from price effect, +3% from volumes) ^{p. 1}
    • Commercial premiums +3% (equal contributions from price effect and volumes) ^{p. 1}
  • Life & Health premiums +8% to EUR 16.5bn ^{p. 1}
    • Life premiums +8% ^{p. 1}
    • Health premiums +8% ^{p. 1}
• Life & Health NB CSM +4% ^{p. 1}
• Net flows +EUR 2.7bn ^{p. 1}
• Solvency II ratio was 211% as of March 31, 2026, down -4 points vs. January 1, 2026 (post-grandfathering period), reflecting resilience in a volatile environment ^{p. 1}

Outlook 3

• AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range ^{p. 1}
• AXA will present its new strategic plan for 2027-2029 on September 15, 2026 ^{p. 1}
• Forward-looking statement: Expected underlying earnings per share ('UEPS') growth for 2026 is guidance for the last year of the current strategic plan and is subject to cautionary statements regarding forward-looking statements ^{p. 7}
• The Solvency II ratio is estimated using AXA's internal model calibrated based on an adverse 1/200 years shock ^{p. 7}
• The Solvency II ratio estimate includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026 ^{p. 7}
• The theoretical dividend amount is based on the full-year dividend of EUR 2.32 per share to be paid in 2026 for FY25 ^{p. 7}
• The theoretical share buyback amount is based on an annual share buyback of 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, as 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 shareholders for approval ^{p. 7}
• The Solvency II estimate should not be considered an indication of actual dividend and share buyback amounts for the 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}
• The underlying earnings per share growth target assumes no significant deterioration in current operating, pricing, and market conditions ^{p. 7}
• The underlying earnings per share growth target is based on a Natural Catastrophe load of approximately 4.5 points, defined as normalized natural catastrophe losses expected in a year expressed as a percentage of gross earned premiums ^{p. 7}
• Natural catastrophe charges include natural catastrophe losses regardless of event size ^{p. 7}

"AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy. 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 ^{p. 1})

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

"I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA." (Alban de Mailly Nesle, Chief Financial Officer of AXA ^{p. 1})

Press release

• The press release was issued in Paris on May 5, 2026, at 5:45pm CET ^{p. 1}
• The 1Q26 Activity indicators show sustained revenue momentum ^{p. 1}
• All footnotes for this press release are on page 7 ^{p. 1}

1Q26 key highlights

1Q26 Key Highlights: Gross Written Premiums and Other Revenues ^{p. 2}

Key figures (EUR billion)	1Q25	1Q26	Change	Change LFL
Gross written premiums and other revenues	37.0	38.0	+3%	+6%
o/w Property & Casualty	21.0	21.5	+2%	+4%
o/w Life & Health	15.5	16.5	+7%	+8%
o/w Asset Management	0.4	n.m.	n.m.	n.m.

1Q26 Key Highlights: Solvency II Ratio ^{p. 2}

Key figures (EUR billion)	FY25	January 1, 2026	1Q26	Change vs. January 1, 2026
Solvency II ratio (%)	224%	215%	211%	-4pts

Activity indicators

• Total gross written premiums & other revenues +6% ^{p. 2}
  • Property & Casualty +4% ^{p. 2}
    • Personal lines +7% (driven by higher volumes and favorable price effect) ^{p. 2}
    • Commercial lines +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%), G/A (+9%) across all geographies, and Protection (+4%) from 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}
• Solvency II ratio was 211% as of March 31, 2026 ^{p. 2}
• On January 1, 2026, the Solvency II ratio was 215% following the end of the grandfathering period (-10 points vs. December 31, 2025) ^{p. 2}
• The Solvency II ratio was down -4 points vs. January 1, 2026, due to: ^{p. 2}
  • Strong operating return (+7 points) ^{p. 2}
  • Less accrued dividend and annual share buyback for 1Q26 (-6 points) ^{p. 2}
  • Unfavorable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility ^{p. 2}

Property & Casualty

Property & Casualty: Gross Written Premiums and Other Revenues ^{p. 3}

Key figures (EUR billion)	1Q25	1Q26	Change LFL	1Q26 Price effect 6 (in %)
Gross written premiums and other revenues	21.0	21.5	+4%	+1.9%
o/w Commercial lines	13.2	13.2	+3%	+1.5%
o/w Personal lines	6.4	7.0	+7%	+4.0%
o/w AXA XL Reinsurance	1.4	1.2	-7%	-3.9%

• Gross written premiums & other revenues for Property & Casualty were +4% to EUR 21.5bn ^{p. 3}
• Personal lines grew +7% to 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 +3% to 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 ^{p. 3}
  • Pricing for AXA XL Insurance remains stable overall versus 1Q25 ^{p. 3}
  • France (+6%) from both favorable price effect and higher volumes ^{p. 3}
  • Asia, Africa & EME-LATAM (+10%), mainly driven by higher average premiums in Türkiye ^{p. 3}
• AXA XL Reinsurance decreased -7% to EUR 1.2bn, reflecting lower volumes due to focus on profitability in a softer market environment ^{p. 3}
• AXA XL Reinsurance pricing was down -4% ^{p. 3}
• Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget ^{p. 3}
• The annual natural catastrophe budget of approximately 4.5 points of combined ratio is maintained ^{p. 3}

Life & Health

Life & Health: Gross Written Premiums and Other Revenues and New Business Metrics ^{p. 4}

Key figures (EUR billion)	1Q25	1Q25 Updated*	1Q26	Change vs. 1Q25 updated LFL
Gross written premiums and other revenues	15.5	—	16.5	+8%
o/w Life	9.8	—	10.5	+8%
o/w Health	5.6	—	5.9	+8%
PVEP	13.7	13.0	13.8	+8%
NB CSM (pre-tax)	0.6	0.6	0.6	+4%
NBV (post-tax)	0.7	0.6	0.6	+1%
NBV margin	4.9%	4.8%	4.4%	-0.3pt
Net flows	+2.5	—	+2.7	—

• For comparability, 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions ^{p. 4}
• All year-on-year changes are on a comparable basis versus the updated 1Q25 figures ^{p. 4}
• Gross written premiums & other revenues for Life & Health were +8% to EUR 16.5bn ^{p. 4}
• Life premiums increased +8% to EUR 10.5bn, driven by: ^{p. 4}
  • Unit-Linked (+16%) from continued positive sales momentum across geographies ^{p. 4}
  • G/A Savings (+9%), mainly from successful commercial campaigns in Spain, strong single-premium sales in Japan, good performance of G/A capital-light products in Italy, and positive momentum in Individual Savings in Switzerland ^{p. 4}
  • Protection (+4%), primarily from continued success of Protection with G/A savings in Hong Kong and Protection with Unit-Linked in Japan, as well as Individual Protection with Savings in Switzerland ^{p. 4}
• Health premiums increased +8% to EUR 5.9bn, driven by favorable price effects across all geographies ^{p. 4}
• PVEP +8% to EUR 13.8bn, driven by: ^{p. 4}
  • Life (+10%), reflecting strong sales across geographies in both Savings (+14%) and Protection (+6%), partly offset by lower Group Life sales in Switzerland ^{p. 4}
  • Health (+4%), mainly due to higher Group business volumes in France, partly offset by Japan ^{p. 4}
• NB CSM (pre-tax) increased +4% to EUR 0.6bn, driven by strong Savings and Protection sales across most geographies, partly offset by unfavorable mix (including lower Group Life sales in Switzerland and Health sales in Japan) ^{p. 4}
• NBV (post-tax) +1% to EUR 0.6bn, as NB CSM growth was partly offset by lower sales and a less favorable mix in Joint Ventures in Thailand and China ^{p. 4}
• NBV margin decreased -0.3 points to 4.4% ^{p. 4}
• Net flows were EUR +2.7bn, compared to EUR +2.5bn in 1Q25, driven by: ^{p. 4}
  • Protection (EUR +1.8bn), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product ^{p. 4}
  • Unit-Linked (EUR +0.7bn), primarily in France ^{p. 4}
  • 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) ^{p. 4}
  • Health (EUR +1.0bn), mostly from Germany, France, and Japan ^{p. 4}

Ratings

Insurer Financial Strength and Credit Ratings ^{p. 5}

—	—	Insurer financial strength ratings			AXA's credit ratings
S&P Global Ratings	March 11, 2026	AA-	AA	Stable	AA-	A-1+
Moody's Investor Service	October 8, 2025	Aa2	Aa2	Stable	Aa3	P-1
AM Best	October 9, 2025	A+ Superior	—	Stable	aa Superior	—

Glossary

• Capital-light G/A products: encompass products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0% ^{p. 5}
• Contractual service margin ('CSM'): a component of the carrying amount of an asset or liability for a group of insurance contracts, representing unearned profit to be recognized as services are provided to policyholders ^{p. 5}
• Gross written premiums and other revenues: 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) ^{p. 5}
• Other Revenues: premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities) ^{p. 5}
• New business contractual service margin ('NB CSM'): a component of the carrying amount of an asset or liability for newly issued insurance contracts during the period, representing unearned profit to be recognized as insurance contract services are provided ^{p. 5}
• New business value ('NBV'): the value of newly issued contracts during the current year ^{p. 5}
  • It is the sum of (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts by Life entities (considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9 ^{p. 5}
  • Net of (iv) cost of reinsurance, (v) taxes, and (vi) minority interests ^{p. 5}
• New business value margin ('NBV Margin'): the ratio of (i) NBV to (ii) PVEP ^{p. 5}
• Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of total premiums expected to be received over the policy term ^{p. 5}
• PVEP is discounted at the reference interest rate and is Group share ^{p. 5}
• AMF: Autorité des marchés financiers
• APM: Alternative Performance Measure
• CLP: Credit and Lifestyle Protection
• CSM: Contractual Service Margin
• 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
• GAAP: Generally Accepted Accounting Principles
• GWP: Gross Written Premiums
• IFRS: International Financial Reporting Standards
• II: Solvency II
• LFL: Like-for-Like
• NB CSM: New Business Contractual Service Margin
• NBV: New Business Value
• OTC QX: Over The Counter QX
• PVEP: Present Value of Expected Premiums
• SFCR: Solvency and Financial Condition Report
• SME: Small and Medium-sized Enterprises
• SRI: Socially Responsible Investing
• UEPS: Underlying Earnings Per Share
• UN: United Nations
• UNEP FI: United Nations Environment Programme's Finance Initiative

Scope

• France: includes insurance activities, banking activities, and holding ^{p. 6}
• Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities), AXA Health International (insurance activities), and AXA Life Europe (insurance activities) ^{p. 6}
• AXA XL: includes insurance and reinsurance activities and holding ^{p. 6}
• Asia, Africa & EME-LATAM: ^{p. 6}
  • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding bancassurance entity), China P&C, South Korea, and Asia Holdings are fully consolidated ^{p. 6}
  • China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (bancassurance entity) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income ^{p. 6}
  • Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated ^{p. 6}
  • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated ^{p. 6}
  • Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income ^{p. 6}
  • Also includes AXA Mediterranean Holdings ^{p. 6}
• Transversal & Other: includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings ^{p. 6}
• AXA Investment Managers: disposal to BNP Paribas completed on July 1, 2025 ^{p. 6}

Exchange rates

End of Period and Average Exchange Rates ^{p. 6}

—	End of Period Exchange rate		Average Exchange rate
USD	1.17	1.15	1.05	1.17
CHF	0.93	0.93	0.95	0.92
GBP	0.87	0.87	0.84	0.87
JPY	184	183	160	184
HKD	9.14	9.03	8.19	9.14

Notes

• Changes in gross written premiums & other revenues, new business value ('NBV'), present value of expected premiums ('PVEP'), and new business value margin ('NBV Margin') are 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 this press release ^{p. 7}
• Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock ^{p. 7}
• The estimate 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 to be paid in 2026 for FY25 and an annual share buyback of 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, as 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 then submitted to AXA's shareholders for approval ^{p. 7}
• This estimate should not be considered an indication of the actual dividend and share buyback amounts for the 2026 financial year ^{p. 7}
• 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's website (www.axa.com) ^{p. 7}
• Expected underlying earnings per share ('UEPS') growth for 2026 is a forward-looking statement to provide one-off guidance for the last year of the Group's current strategic plan ^{p. 7}
• This guidance is qualified by cautionary statements in this press release regarding forward-looking statements ^{p. 7}
• The guidance assumes no significant deterioration in current operating, pricing, and market conditions, and is based on a Natural Catastrophe load of approximately 4.5 points ^{p. 7}
• Natural Catastrophe load is defined as normalized natural catastrophe losses expected in a year expressed as a percentage of gross earned premiums in the same year ^{p. 7}
• Natural catastrophe charges include natural catastrophe losses regardless of event size ^{p. 7}
• 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance ^{p. 7}
• Price effect is calculated as a percentage of total gross written premiums of the prior year ^{p. 7}
• G/A refers to General account ^{p. 7}
• Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, after which they ceased to qualify as capital under Solvency II ^{p. 7}
• This was disclosed in AXA's press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, published on www.axa.com ^{p. 7}
• Combined ratio is a non-GAAP financial measure, or alternative performance measure ('APM') ^{p. 7}
• Important information about APMs used by AXA can be found in the paragraph 'Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures' in this press release ^{p. 7}
• Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities ^{p. 7}
• Restricted Tier 1 is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's ^{p. 7}
• Tier 2 is rated 'A' by Standard & Poor's and 'A1 (hyb)' by Moody's ^{p. 7}
• AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 ^{p. 7}
• All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) ^{p. 7}
• Actuarial and financial assumptions used for the calculation of NBV and PVEP are updated semi-annually at half year and full year ^{p. 7}
• Financial figures and information in this press release have not been audited and have not been subject to any limited review by AXA's statutory auditors ^{p. 7}

About the AXA Group

• AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries ^{p. 8}.
• In 2025, AXA's revenues were EUR 115.5bn and underlying earnings were EUR 8.4bn ^{p. 8}.
• The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628) ^{p. 8}.
• AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY ^{p. 8}.
• AXA Group is included in main 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 in this press release, including those regarding expected underlying earnings per share (UEPS) growth for 2026, are based on Management's current views and intentions and are subject to change ^{p. 8}.
• Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially ^{p. 8}.
• Each forward-looking statement is valid only at the date of this press release ^{p. 8}.
• For a description of important factors, risks, and uncertainties, refer to Part 5 'Risk Factors and Risk Management' of AXA's 2025 Universal Registration Document ^{p. 8}.
• AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations ^{p. 8}.
• This press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management for analyzing operating trends, financial performance, and position ^{p. 8}.
• These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies ^{p. 8}.
• Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS ^{p. 8}.
• 'Underlying earnings', UEPS, '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 ^{p. 8}.
• Reconciliations of APMs to financial statements are provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' ^{p. 8}.
• For more information on non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document ^{p. 8}.
• Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com ^{p. 8}.
• Individual Shareholder Relations contact: +33.1.40.75.48.43 ^{p. 8}.
• Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{p. 8}.
• Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments ^{p. 8}.
• SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes ^{p. 8}.

Gross Written Premiums and Other Revenues by Segment ^{p. 9}

EUR million	GWP & Other Revenues					o/w Property & Casualty		o/w Life & Health
—	1Q25 Published	1Q25 Adjusted ii,iii	1Q26	Change vs. 1Q25 Adjusted	Change LFL	1Q26	Change LFL	1Q26	Change LFL
France i,ii,iii	8,440	7,923	8,393	+6%	+5%	3,355	+6%	5,012	+4%
Europe iii	15,289	15,608	16,905	+8%	+6%	9,328	+4%	7,577	+9%
AXA XL	6,984	6,984	6,488	-7%	0%	6,459	0%	29	-1%
Asia, Africa & EME-LATAM	5,286	5,286	5,403	+2%	+11%	1,719	+8%	3,684	+13%
Transversal ii	525	723	764	+6%	+6%	601	+8%	163	-2%
AXA Investment Managers	443	443	-	n.m.	n.m.	—	—	—	—
Total i	36,967	36,967	37,953	+3%	+6%	21,462	+4%	16,464	+8%

• Banking revenues amounted to EUR 26m in 1Q26 and EUR 25m in 1Q25 ^{p. 9}.
• Portfolio of lifestyle and income protection (CLP) premiums reallocated from France to Transversal ^{p. 9}.
  • CLP premiums were EUR 198m in 1Q25 (EUR 68m P&C, EUR 130m Life & Health) ^{p. 9}.
  • CLP premiums were EUR 201m in 1Q26 (EUR 68m P&C, EUR 132m Life & Health) ^{p. 9}.
• International protection and health premiums previously recorded in AXA France are now reported under the new carrier AXA Health International, which is part of Europe ^{p. 9}.
  • These premiums were EUR 319m in 1Q25 (EUR 104m Life, EUR 215m Health) ^{p. 9}.
  • These premiums were EUR 336m in 1Q26 (EUR 103m Life, EUR 233m Health) ^{p. 9}.

Property & Casualty Gross Written Premiums by Segment and Line ^{p. 10}

EUR million	Commercial lines		Personal lines					AXA XL Reinsurance		Total P&C
—	Total Commercial	Changeⁱ	Personal Motor	Changeⁱ	Personal Non-Motor	Changeⁱ	Total Personal	Changeⁱ	Total Reinsurance	Changeⁱ	1Q26	Changeⁱ
France	2,061	+6%	766	+10%	528	+4%	1,294	+8%	—	—	3,355	+6%
Europe	4,388	+1%	3,370	+10%	1,570	+2%	4,940	+7%	—	—	9,328	+4%
AXA XL	5,215	+2%	—	—	—	—	—	—	1,244	-7%	6,459	0%
Asia, Africa & EME-LATAM	952	+10%	577	+8%	190	+2%	767	+7%	—	—	1,719	+8%
Transversal	601	+8%	—	—	—	—	—	—	—	—	601	+8%
Total	13,217	+3%	4,712	+9%	2,288	+2%	7,001	+7%	1,244	-7%	21,462	+4%

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

Exchange Rates for FY25 and 1Q26 ^{p. 10}

—	FY25 i	1Q26 ii
EUR	2.6%	2.7%
USD	4.2%	4.0%
JPY	1.0%	1.6%
GBP	4.3%	4.2%
CHF	0.2%	0.2%
HKD	3.2%	2.8%

P&C Price Effect by Country and Business Line ^{p. 11}

1Q26 (in %)	Commercial lines	Personal lines	AXA XL Reinsurance
France	+3.5%	+2.6%	—
Europe	+3.0%	+4.2%	—
Switzerland	+4.0%	+5.1%	—
Germany	+2.5%	+4.2%	—
Belgium & Luxembourg	+2.2%	+2.4%	—
UK & Ireland	+0.5%	-0.9%	—
Spain	+5.7%	+6.0%	—
Italy	+2.7%	+3.8%	—
AXA XL ii	-0.2%	—	-3.9%
Asia, Africa & EME-LATAM	+0.4%	+5.6%	—
Total	+1.5%	+4.0%	-3.9%

• No facts in this section.

Life & Health Gross Written Premiums by Segment and Product Type ^{p. 12}

EUR million	Total i		o/w Protection		o/w G/A Savings		o/w Unit-Linked		o/w Health
—	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii
France	5,012	+4%	996	+3%	1,325	+1%	1,437	+7%	1,253	+4%
Europe	7,577	+9%	1,986	0%	1,263	+16%	1,044	+24%	3,283	+8%
AXA XL	29	-1%	15	+1%	14	-2%	—	—	—	—
Asia, Africa & EME-LATAM	3,684	+13%	1,764	+10%	319	+27%	224	+35%	1,377	+10%
Transversal	163	-2%	132	-1%	—	—	—	—	31	-5%
Total	16,464	+8%	4,893	+4%	2,922	+9%	2,705	+16%	5,944	+8%
o/w short-term iii	5,436	+6%	1,183	+1%	—	—	—	—	4,253	+7%

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

1Q25 Updated Life & Health Figures by Segment ^{p. 13}

EUR million	Life				Healthⁱ				Totalⁱ
—	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
France ii,iii	3,026	94	103	3.4%	1,565	—	44	2.8%	4,591	94	147	3.2%
Europe iii	2,982	183	161	5.4%	1,627	74	66	4.0%	4,609	257	227	4.9%
Asia, Africa & EME-LATAM	3,128	178	185	5.9%	612	67	61	9.9%	3,740	245	246	6.6%
Transversal ii	63	5	3	5.2%	—	—	—	—	63	5	3	5.2%
Total	9,199	460	452	4.9%	3,805	141	170	4.5%	13,003	601	623	4.8%

1H25 Updated Life & Health Figures by Segment ^{p. 13}

EUR million	Life				Healthᶦ				Totalᶦ
—	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
France ii,iii	6,969	204	245	3.5%	3,261	—	82	2.5%	10,229	204	327	3.2%
Europe iii	5,585	328	271	4.8%	2,109	83	76	3.6%	7,694	410	347	4.5%
Asia, Africa & EME-LATAM	6,228	389	380	6.1%	1,120	140	120	10.7%	7,347	529	500	6.8%
Transversal ii	153	12	8	5.2%	—	—	—	—	153	12	8	5.2%
Total	18,934	934	904	4.8%	6,490	223	278	4.3%	25,424	1,156	1,182	4.6%

9M25 Updated Life & Health New Business Metrics by Segment ^{p. 13}

EUR million	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
Franceᶦᶦ,ᶦᶦᶦ	9,911	277	344	3.5%	4,788	—	116	2.4%	14,698	277	459	3.1%
Europeᶦᶦᶦ	7,900	450	365	4.6%	3,215	114	104	3.2%	11,115	564	469	4.2%
Asia, Africa & EME-LATAM	9,408	600	592	6.3%	1,502	199	167	11.1%	10,910	799	759	7.0%
Transversalᶦᶦ	230	18	12	5.2%	—	—	—	—	230	18	12	5.2%
Total	27,448	1,345	1,312	4.8%	9,505	313	387	4.1%	36,953	1,659	1,698	4.6%

1Q25 Updated NB CSM to NBV Figures ^{p. 13}

EUR million	Life	Health i	Total i
	NB CSM (pre-tax)
	Other NBV (pre-tax)
—	Total NBV
NB CSM (pre-tax)	460	141	601
Other NBV (pre-tax)	133	82	215
Tax	-141	-53	-194
Total NBV	452	170	623

1H25 Updated NB CSM to NBV Figures ^{p. 13}

EUR million	Life	Health i	Total i
	NB CSM (pre-tax)
	Other NBV (pre-tax)
—	Total NBV
NB CSM (pre-tax)	934	223	1,156
Other NBV (pre-tax)	258	144	402
Tax	-288	-89	-377
Total NBV	904	278	1,182

9M25 Updated NB CSM to NBV Figures ^{p. 13}

EUR million	Life	Health i	Total i
	NB CSM (pre-tax)
	Other NBV (pre-tax)
—	Total NBV
NB CSM (pre-tax)	1,345	313	1,659
Other NBV (pre-tax)	384	198	583
Tax	-418	-125	-543
Total NBV	1,312	387	1,698

• Changes are compared to 1Q25 updated figures, which are based on FY25 financial and actuarial assumptions ^{p. 14}.

1Q26 Life & Health New Business Metrics by Segment ^{p. 14}

EUR million	Life New Business Metrics 1Q26								Healthⁱ New Business Metrics 1Q26								Totalⁱ New Business Metrics 1Q26
—	PVEP	Changeⁱⁱ	NB CSM (pre-tax)	Changeⁱⁱ	NBV (post-tax)	Changeⁱⁱ	NBV margin (%)	Changeⁱⁱ	PVEP	Changeⁱⁱ	NB CSM (pre-tax)	Changeⁱⁱ	NBV (post-tax)	Changeⁱⁱ	NBV margin (%)	Changeⁱⁱ	PVEP	Changeⁱⁱ	NB CSM (pre-tax)	Changeⁱⁱ	NBV (post-tax)	Changeⁱⁱ	NBV margin (%)	Changeⁱⁱ
Franceⁱⁱⁱ,ⁱᵛ	3,348	+11%	96	+2%	112	+8%	3.3%	-0.1 pt	1,815	+16%	—	—	46	+5%	2.5%	-0.3 pt	5,162	+12%	96	+2%	158	+7%	3.1%	-0.1 pt
Europeⁱᵛ	3,287	+8%	187	-1%	156	-5%	4.8%	-0.7 pt	1,707	+4%	89	+17%	77	+15%	4.5%	+0.4 pt	4,994	+7%	275	+4%	233	0%	4.7%	-0.3 pt
Asia, Africa & EME-LATAM	3,129	+11%	178	+13%	178	+7%	5.7%	-0.2 pt	407	-26%	46	-22%	37	-32%	9.1%	-0.8 pt	3,536	+5%	224	+4%	215	-2%	6.1%	-0.5 pt
Transversalⁱⁱⁱ	67	+7%	5	+7%	3	+7%	5.2%	0.0 pt	—	—	—	—	—	—	—	—	67	+7%	5	+7%	3	+7%	5.2%	0.0 pt
Total	9,831	+10%	466	+5%	450	+3%	4.6%	-0.3 pt	3,929	+4%	135	-1%	160	-4%	4.1%	-0.4 pt	13,760	+8%	601	+4%	609	+1%	4.4%	-0.3 pt

NB CSM to NBV Figures ^{p. 14}

EUR million	Life	Health i	Total i
NB CSM (pre-tax)	466	135	601
Other NBV (pre-tax)	125	73	198
Tax	-142	-48	-190
NBV	450	160	609

• Includes Health business predominantly written in Life entities ^{p. 14}.
• Changes are at comparable basis (constant forex, scope, and methodology) ^{p. 14}.

Net flows by business line

Net Flows by Life & Health Business Line ^{p. 15}

EUR billion	1Q25	1Q26
Health i	+0.8	+1.0
Protection	+1.8	+1.8
G/A Savings	-0.7	-0.8
o/w capital light ii	+0.6	+0.7
o/w traditional G/A	-1.3	-1.5
Unit-Linked iii	+0.5	+0.7
Total Life & Health i net flows	+2.5	+2.7

• Includes Health business predominantly written in Life entities ^{p. 15}.
• Capital light G/A encompasses products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0% ^{p. 15}.
• Includes Investment contracts with no discretionary participation features ('DPF') ^{p. 15}.
• A share repurchase agreement for up to EUR 1.25bn was announced on February 27, 2026 ^{p. 16}.
• Next main investor events include: HY26 Earnings Release (July 31, 2026), AXA Investor Day (September 15, 2026), AXA Investor roundtable on strategy for key markets (September 21, 2026), and 9M26 Activity Indicators (October 29, 2026) ^{p. 16}.