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== 1Q26 highlights ==
 
* '''Gross written premiums & other revenues''' +6% vs. 1Q25 to EUR 38.0bn vs. 1Q25 <sup>p. 1</sup>.
** '''Property & Casualty premiums''' +4% to EUR 21.5bn <sup>p. 1</sup>.
*** '''Retail premiums''' +7%, with +4% from price effect and +3% from volumes <sup>p. 1</sup>.
*** '''Commercial premiums''' +3%, with equal contributions from price effect and volumes <sup>p. 1</sup>.
** '''Life & Health premiums''' +8% to EUR 16.5bn <sup>p. 1</sup>.
*** '''Life premiums''' +8% <sup>p. 1</sup>.
*** '''Health premiums''' +8% <sup>p. 1</sup>.
* '''Life & Health NB CSM''' +4% <sup>p. 1</sup>.
* '''Life & Health netNet flows''' +EUR +2.7bn <sup>p. 1</sup>.
* '''Solvency II ratio''' at 211% as of March 31, 2026, -4 points vs. January 1, 2026 (post-grandfathering period), reflecting resilience in a volatile environment <sup>p. 1</sup>.
 
== 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 <sup>p. 1</sup>.
* AXA will present its new strategic plan for 2027-2029 on September 15, 2026 <sup>p. 1</sup>.
<blockquote>"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." <small>(Alban de Mailly Nesle, Chief Financial Officer of AXA <sup>p. 1</sup>)</small></blockquote>
<blockquote>"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></blockquote>
<blockquote>"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></blockquote>
* ThisThe press release was issued in Paris on May 5, 2026, at 5:45 pm45pm CET <sup>p. 1</sup>.
* All footnotes for this press release are on page 7 <sup>p. 1</sup>.
 
== 1Q26 key highlights ==
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Key figures forAXA's gross written premiums and other revenues for 1Q25 and 1Q26. <sup>p. 2</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
Line 55 ⟶ 56:
| style="text-align:right" | +6%
|-
| style="text-align:left; padding-left:1.5em" | o/w Property & Casualty {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}
| style="text-align:right" | 21.0
| style="text-align:right" | 21.5
Line 61 ⟶ 62:
| style="text-align:right" | +4%
|-
| style="text-align:left; padding-left:1.5em" | o/w Life & Health {{footnote|1=Combined ratio is a non-GAAP financial measure, or alternative performance measure (“APM”). Please 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.}}
| style="text-align:left; padding-left:1.5em" | o/w Life & Health
| style="text-align:right" | 15.5
| style="text-align:right" | 16.5
Line 67 ⟶ 68:
| style="text-align:right" | +8%
|-
| style="text-align:left; padding-left:1.5em" | o/w Asset Management {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
| style="text-align:right" | 0.4
| style="text-align:right" | n.m.
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ AXA's Solvency II ratio keyfor FY25, January 1, 2026, and figures1Q26. <sup>p. 2</sup>
! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)
! class="col-s" style="text-align:right" | FY25
! class="col-s" style="text-align:right" | January 1, 2026
Line 84 ⟶ 85:
! class="col-s" style="text-align:right" | Change vs. January 1, 2026
|-
| style="text-align:left" | Solvency II ratio (%) {{footnote|1=The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. 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 Euro 2.32 per share to be paid in 2026 for FY25 and annual share buyback of Euro 1.25 billion announced on February 26, 2026. 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. Dividends and share buybacks are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2025 Universal Registration Document and then submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend and share buyback amounts, if any, for the 2026 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA’s website (www.axa.com).}}
| style="text-align:left" | Solvency II ratio (%) 2
| style="text-align:right" | 224%
| style="text-align:right" | 215%
Line 94 ⟶ 95:
== Activity indicators ==
 
* '''Total gross written premiums & other revenues''' +6% <sup>p. 2</sup>.
** '''Property & Casualty''' +4%, <sup>p.driven 2</sup>by:
*** '''Personal lines''' +7%, drivendue byto higher volumes and favorable price effect <sup>p. 2</sup>.
*** '''Commercial lines''' +3%, from higher volumes (notably at AXA XL Insurance) and favorable price effect, (mainly in the SME & Mid-market business in Europe and France) <sup>p. 2</sup>.
*** '''AXA XL Reinsurance''' -7%, reflecting discipline in softening market conditions <sup>p. 2</sup>.
** '''Life & Health''' +8%, <sup>p.driven 2</sup>by:
*** '''Life premiums''' +8%, drivendue byto strong sales in Unit-Linked (+16%) and G/A (+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''' +8%, drivendue byto favorable price effects across all geographies <sup>p. 2</sup>.
* '''Solvency II ratio''' 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 (-10 points vs. December 31, 2025) <sup>p. 2</sup>.
* The '''Solvency II ratio''' was down -4 points vs. January 1, 2026, reflecting a strong operating return (+7 points) less accrued dividend and annual share buyback for 1Q26 (-6 points), more than offset by unfavorable financial market movements (-4 points) from higher inflation expectations and elevated equity and interest rate volatility <sup>p. 2</sup>:
** A strong operating return (+7 points) <sup>p. 2</sup>.
** 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>.
 
== Property & Casualty ==
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Property P& casualtyC gross written premiums and other revenues for 1Q25 and 1Q26. <sup>p. 3</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change LFL
! class="col-s" style="text-align:right" | 1Q26 Price effect 6 (in %) {{footnote|1=Price effect is calculated as a percentage of total gross written premiums of the prior year.}}
|-
| style="text-align:left" | Gross written premiums and other revenues
Line 143 ⟶ 147:
</div>
 
* '''Gross written premiums & other revenues''' +4% to EUR 21.5bn <sup>p. 3</sup>.
** '''Personal lines''' +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''' +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 remains 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''' -7% to EUR 1.2bn, reflecting lower volumes consistent with 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 budget''' of approximately 4.5 points of combined ratio is maintained <sup>p. 3</sup>.
 
== Life & Health ==
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & healthHealth key figures includingfor PVEP, NB CSM,1Q25 and NBV1Q26. <sup>p. 4</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
Line 217 ⟶ 221:
</div>
 
* 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 PVEP, NB CSM, NBV, and NBV margin <sup>p. 4</sup>.
* '''GrossAll writtenyear-on-year premiumschanges &are otheron revenues'''a +8%comparable tobasis EUR 16vs.5bn the updated 1Q25 figures <sup>p. 4</sup>.
** '''LifeGross written premiums & other revenues''' +8% to EUR 1016.5bn, driven by: <sup>p. 4</sup>.
** '''Life premiums''' +8% to EUR 10.5bn, driven by:
*** Unit-Linked (+16%), from continued positive sales momentum across geographies <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>
*** ProtectionG/A Savings (+49%), primarilymainly from continuedsuccessful successcommercial ofcampaigns Protectionin withSpain, G/Astrong single-premium savingssales in Hong-KongJapan, andgood Protectionperformance withof G/A Unitcapital-Linkedlight products in JapanItaly, asand wellpositive asmomentum Individualin Protection withIndividual Savings in Switzerland <sup>p. 4</sup>.
*** 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 <sup>p. 4</sup>.
** '''Health premiums''' +8% to EUR 5.9bn, driven by favorable price effects across all geographies <sup>p. 4</sup>
** '''PVEPHealth premiums''' +8% to EUR 135.8bn9bn, driven by: favorable price effects across all geographies <sup>p. 4</sup>.
* '''PVEP''' +8% to EUR 13.8bn, driven by:
** 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>
** HealthLife (+410%), mainlyreflecting duestrong tosales higheracross Groupgeographies businessin volumesboth inSavings France(+14%) and Protection (+6%), partly offset by Japanlower Group Life sales in Switzerland <sup>p. 4</sup>.
** '''NB CSMHealth (pre-tax)''' +4% to EUR 0.6bn), drivenmainly bydue strongto Savingshigher andGroup Protectionbusiness salesvolumes across mostin geographiesFrance, partly offset by unfavorable mix including lower Group Life sales in Switzerland and Health sales in Japan <sup>p. 4</sup>.
* '''NBVNB CSM (postpre-tax)''' +14% to EUR 0.6bn, asdriven NBby CSMstrong growthSavings wasand Protection sales across most geographies, partly offset by lowerunfavorable salesmix, andincluding alower lessGroup favorableLife mixsales in JointSwitzerland Venturesand inHealth Thailandsales andin ChinaJapan <sup>p. 4</sup>.
* '''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 <sup>p. 4</sup>.
* '''NBV margin''' -0.3 points to 4.4% <sup>p. 4</sup>
* '''NetNBV flowsmargin''' were EUR +2-0.7bn3 (prior:points EURto +24.5bn in 1Q25), driven by:4% <sup>p. 4</sup>.
* '''Net flows''' EUR +2.7bn (vs. EUR +2.5bn in 1Q25), driven by:
** Protection (EUR +1.8bn), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product <sup>p. 4</sup>
** Unit-LinkedProtection (EUR +01.7bn8bn), primarilymainly in FranceHong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product <sup>p. 4</sup>.
** G/A Savings (EUR Unit-0.8bn), reflecting inflows in capital-light G/A savingsLinked (EUR +0.7bn), more than offset by outflowsprimarily in traditional G/A Savings (EUR -1.5bn)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>
** 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"
|+ Insurer financial strength and AXA's credit ratings by agency. <sup>p. 5</sup>
! style="text-align:left" |
! style="text-align:center" |
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | AXA's credit ratings 12{{footnote|1=Restricted Tier 1: “A-” by Standard & Poor’s and “A3(hyb)” by Moody’s. Tier 2: “A” by Standard & Poor’s and “A1(hyb)” by Moody’s.}}
|-
! style="text-align:left" | Agency
Line 281 ⟶ 286:
 
== 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''' are 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) <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, consisting of the sum of (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts carried by Life entities (considering expected renewals), and (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>:
** The NB CSM <sup>p. 5</sup>.
* '''New business value margin ('NBV Margin')''' is the ratio of (i) NBV to (ii) PVEP <sup>p. 5</sup>
** The present value of future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals <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, discounted at the reference interest rate and representing Group share <sup>p. 5</sup>
** The present value of future profits of pure investment contracts accounted for under IFRS 9 <sup>p. 5</sup>.
** Net of the cost of reinsurance, taxes, and minority interests <sup>p. 5</sup>.
* '''New business value margin ('NBV Margin')''' is the ratio of NBV to 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, discounted at the reference interest rate and representing the Group share <sup>p. 5</sup>.
* '''AA''': Senior Debt Rating
* '''AM''': AM Best
* '''AMFBNP''': AutoritéBanque desNationale Marchésde FinanciersParis
* '''CLP''': Credit and Lifestyle Protection
* '''CSM''': Contractual Service Margin
* '''EME LATAM''': Emerging Markets Europe Latin America
* '''DJSI''': Dow Jones Sustainability Index
* '''DPF''': Discretionary Participation Features
* '''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
* '''LATAM''': Latin America
* '''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
* '''SRIUK''': SociallyUnited Responsible InvestmentKingdom
* '''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 <sup>p. 6</sup>.
* '''Europe''' includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and LuxemburgLuxembourg (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) <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 (fully consolidated); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (the bancassurance entity) (consolidated under the equity method, contributing 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) (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) (fully consolidated); Russia (Reso) (insurance activities) (consolidated under the equity method, contributing only to net income) <sup>p. 6</sup>.
** '''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>.
* The disposal of '''AXA Investment Managers''' 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 fintable"
|+ EndExchange ofrates periodfor andmajor averagecurrencies exchangein ratesFY25, for1Q25, variousand currencies1Q26. <sup>p. 6</sup>
! style="text-align:left" | 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" | —
! class="col-s" style="text-align:right" | FY25
Line 373 ⟶ 372:
== 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 <sup>p. 7</sup>.
* TheThese '''Solvencyand IIother ratio'''terms isare estimateddefined usingin AXA'sthe internalglossary modelsection calibratedof basedthe onpress an adverse 1/200 years shockrelease <sup>p. 7</sup>.
* The '''Solvency II ratio''' includesis aestimated theoreticalusing amountAXA's forinternal dividendsmodel, and share buybacks accrued for the first three months of 2026,calibrated based on the full-year dividend of EUR 2.32 per share for FY25 and an annual share buyback of EURadverse 1.25bn/200 announcedyears on February 26, 2026shock <sup>p. 7</sup>.
-
* 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 <sup>p. 7</sup>
* Dividends and share buybacks are proposed by the Board and submitted to shareholders for approval <sup>p. 7</sup>
* The estimate of the Solvency II ratio should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year <sup>p. 7</sup>
* Information on AXA's internal model and Solvency II disclosures is available in AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on axa.com <sup>p. 7</sup>
* '''Expected underlying earnings per share ('UEPS') growth''' for 2026 is a forward-looking statement providing one-off guidance for the last year of the current strategic plan <sup>p. 7</sup>
* '''Commercial lines''' refers to P&C Commercial lines excluding AXA XL Reinsurance <sup>p. 7</sup>
* '''Price effect''' is calculated as a percentage of total gross written premiums of the prior year <sup>p. 7</sup>
* '''G/A''' 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, after which they ceased to qualify as capital under Solvency II <sup>p. 7</sup>
* '''Natural catastrophe charges''' include natural catastrophe losses regardless of event size <sup>p. 7</sup>
* '''Combined ratio''' is a non-GAAP financial measure <sup>p. 7</sup>
* '''Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin''' include Health business predominantly written in Life entities <sup>p. 7</sup>
* Restricted Tier 1 ratings are 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's <sup>p. 7</sup>
* Tier 2 ratings are 'A' by Standard & Poor's and 'A (hyb)' by Moody's <sup>p. 7</sup>
* AXA completed its acquisition of a majority stake in Prima in Italy 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 for 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 or subject to 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 EUR 115.5bn and '''underlying earnings''' to EUR 8.4bn <sup>p. 8</sup>
* 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 as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD <sup>p. 8</sup>
* 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 <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 statements, subject to known and unknown risks and uncertainties, and should not be unduly relied upon <sup>p. 8</sup>
* AXA specifically disclaims any obligation to publicly update or revise forward-looking statements, except as required by law <sup>p. 8</sup>
* This press release refers to certain non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position <sup>p. 8</sup>
* 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>
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements <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 the AMF's related position statement <sup>p. 8</sup>
* A reconciliation of APMs to financial statements is provided in the 2025 Universal Registration Document <sup>p. 8</sup>
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com <sup>p. 8</sup>
* Individual Shareholder Relations contact: +33.1.40.75.48.43 <sup>p. 8</sup>
* Media Relations contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com <sup>p. 8</sup>
* Corporate Responsibility strategy information: axa.com/en/about-us/strategy-commitments <sup>p. 8</sup>
* SRI ratings information: 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>
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ GWPGross &written premiums and other revenues forby P&Csegment andfor life1Q25 & health byand region1Q26. <sup>p. 9</sup>
! style="text-align:left" | EUR million
! colspan="5" style="text-align:center" | GWP & Other Revenues
! colspan="2" style="text-align:center" | P&C
! colspan="2" style="text-align:center" | Life & Health
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1Q25 Published
Line 440 ⟶ 391:
! class="col-s" style="text-align:right" | Change LFL
|-
| style="text-align:left" | France i,ii,iii
| style="text-align:right" | 8,440
| style="text-align:right" | 7,923
Line 451 ⟶ 402:
| style="text-align:right" | +4%
|-
| style="text-align:left" | Europe iii
| style="text-align:right" | 15,289
| style="text-align:right" | 15,608
Line 484 ⟶ 435:
| style="text-align:right" | +13%
|-
| style="text-align:left" | Transversal ii
| style="text-align:right" | 525
| style="text-align:right" | 723
Line 506 ⟶ 457:
| 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
Line 518 ⟶ 469:
|}
</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>.
** '''CLP premiums''' were EUR 198m in 1Q25, with EUR 68m in P&C and EUR 130m in Life & Health <sup>p. 9</sup>.
** '''CLP premiums''' were EUR 201m in 1Q26, with EUR 68m in P&C and EUR 132m in Life & Health <sup>p. 9</sup>.
* '''International protection and health premiums''' previously reported under AXA France are now reported under AXA Health International, which is part of Europe <sup>p. 9</sup>.
** '''International protection and health premiums''' were EUR 319m in 1Q25, with EUR 104m in Life and EUR 215m in Health <sup>p. 9</sup>.
** '''International protection and health premiums''' were EUR 336m in 1Q26, with EUR 103m in Life and EUR 233m in Health <sup>p. 9</sup>.
* '''APPENDIX 1''': Earnings <sup>p. 10</sup>.
* '''APPENDIX 2''': Property & Casualty - Gross Written Premiums & Other Revenues by Business Line and Discount Rates <sup>p. 10</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ P&C commercialgross andwritten personal lines,premiums and AXAother XLrevenues reinsuranceby bysegment for region1Q26. <sup>p. 10</sup>
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Commercial lines
! colspan="5" style="text-align:center" | Personal lines
! colspan="2" style="text-align:center" | AXA XL Reinsurance
! colspan="2" style="text-align:center" | Total P&C
! style="text-align:center" |
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | ChangeⁱChange
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | ChangeⁱChange
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | ChangeⁱChange
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | ChangeⁱChange
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | ChangeⁱChange
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | ChangeⁱChange
|-
| style="text-align:left" | France
Line 639 ⟶ 573:
</div>
 
'''Interest rates (5Y) for the discounting of P&C claims reserves'''
* '''Changes''' are on a comparable basis (constant forex, scope, and methodology) <sup>p. 10</sup>.
 
=== Interest rates (5Y) for the discounting of P&C claims reserves ===
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Interest rates (5Y) for discounting P&C claims reserves in FY25 and 1Q26. <sup>p. 10</sup>
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY25 i
Line 675 ⟶ 607:
|}
</div>
 
* '''APPENDIX 3''': Underlying Earnings by Geography and by Business Line <sup>p. 11</sup>.
* '''APPENDIX 3''': Property & Casualty - Price Effect by Business Line <sup>p. 11</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Interest rates (5Y) for discounting P&C priceclaims effectreserves by countryline andof business line. <sup>p. 11</sup>
! style="text-align:left" | 1Q26 (in %)
! class="col-s" style="text-align:right" | Commercial lines
! class="col-s" style="text-align:right" | Personal lines
Line 727 ⟶ 656:
| style="text-align:right" | —
|-
| style="text-align:left" | AXA XL ii
| style="text-align:right" | -0.2%
| style="text-align:right" | —
Line 743 ⟶ 672:
|}
</div>
 
* '''APPENDIX 4''': Property & Casualty - Revenue Contribution & Growth by Business Line <sup>p. 12</sup>.
* '''APPENDIX 4''': Life & Health - Gross Written Premiums & Other Revenues and Growth by Business Line <sup>p. 12</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life P&C healthgross protection,written G/A savings,premiums and unit-linkedother revenues by regionsegment for 1Q26. <sup>p. 12</sup>
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Total i
! colspan="2" style="text-align:center" | Protection
! colspan="2" style="text-align:center" | G/A Savings
! colspan="2" style="text-align:center" | Unit-Linked
! colspan="2" style="text-align:center" | Health
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change ii
|-
| style="text-align:left" | France
Line 841 ⟶ 760:
| style="text-align:right; font-weight:bold" | +8%
|-
| style="text-align:left; padding-left:1.5em" | o/w short-term iii
| style="text-align:right" | 5,436
| style="text-align:right" | +6%
Line 854 ⟶ 773:
|}
</div>
 
* '''APPENDIX 4''': Property & Casualty - Revenue Contribution & Growth by Business Line <sup>p. 13</sup>.
* '''APPENDIX 5''': Life & Health - Updated PVEP, NB CSM, NBV, and NBV margin <sup>p. 13</sup>.
* '''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 fintable"
|+ 1Q25Life updated& figuresHealth forgross lifewritten premiums and healthother revenues by regionsegment for 1Q26. <sup>p. 13</sup>
! style="text-align:left" | EUR million—
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Healthⁱ
! colspan="4" style="text-align:center" | Totalⁱ
|-
!| style="text-align:left" | —France
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | France ii,iii
| style="text-align:right" | 3,026
| style="text-align:right" | 94
Line 895 ⟶ 796:
| style="text-align:right" | 3.2%
|-
| style="text-align:left" | Europe iii
| style="text-align:right" | 2,982
| style="text-align:right" | 183
Line 923 ⟶ 824:
| style="text-align:right" | 6.6%
|-
| style="text-align:left" | Transversal ii
| style="text-align:right" | 63
| style="text-align:right" | 5
Line 955 ⟶ 856:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1H25Life updated& figuresHealth forgross lifewritten premiums and healthother revenues by regionsegment for 1Q26. <sup>p. 13</sup>
! style="text-align:left" | EUR million—
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Healthᶦ
! colspan="4" style="text-align:center" | Totalᶦ
|-
!| style="text-align:left" | —France
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | France ii,iii
| style="text-align:right" | 6,969
| style="text-align:right" | 204
Line 989 ⟶ 876:
| style="text-align:right" | 3.2%
|-
| style="text-align:left" | Europe iii
| style="text-align:right" | 5,585
| style="text-align:right" | 328
Line 1,017 ⟶ 904:
| style="text-align:right" | 6.8%
|-
| style="text-align:left" | Transversal ii
| style="text-align:right" | 153
| style="text-align:right" | 12
Line 1,049 ⟶ 936:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 9M25PVEP, updatedNB figuresCSM, for lifeNBV, and healthNBV margin by regionsegment for 1Q26. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health i
! colspan="4" style="text-align:center" | Total i
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
Line 1,069 ⟶ 951:
! class="col-s" style="text-align:right" | NBV margin (%)
|-
| style="text-align:left" | France ii,iii
| style="text-align:right" | 9,911
| style="text-align:right" | 277
Line 1,083 ⟶ 965:
| style="text-align:right" | 3.1%
|-
| style="text-align:left" | Europe iii
| style="text-align:right" | 7,900
| style="text-align:right" | 450
Line 1,111 ⟶ 993:
| style="text-align:right" | 7.0%
|-
| style="text-align:left" | Transversal ii
| style="text-align:right" | 230
| style="text-align:right" | 18
Line 1,143 ⟶ 1,025:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1Q25 updated NB CSM to NBV figures for NB CSMLife and NBVHealth. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health iHealthⁱ
! class="col-s" style="text-align:right" | Total iTotalⁱ
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,173 ⟶ 1,055:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1H25 updated NB CSM to NBV figures for NB CSMLife and NBVHealth. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
Line 1,203 ⟶ 1,085:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 9M25 updated NB CSM to NBV figures for NB CSMLife and NBVHealth. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
Line 1,230 ⟶ 1,112:
|}
</div>
 
* '''APPENDIX 9''': Other <sup>p. 14</sup>.
* '''APPENDIX 6''': PVEP, NB CSM, NBV, and NBV margin <sup>p. 14</sup>.
* '''Change vs. 1Q25''' updated figures are based on FY25 financial and actuarial assumptions <sup>p. 14</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ LifePVEP, NB CSM, NBV, and healthNBV newmargin businessby metricssegment for 1Q26 by region. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! colspan="8" style="text-align:center" | Life New Business Metrics 1Q26
! colspan="8" style="text-align:center" | Healthⁱ New Business Metrics 1Q26
! colspan="8" style="text-align:center" | Totalⁱ New Business Metrics 1Q26
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | ChangeⁱⁱChange
|-
| style="text-align:left" | Franceⁱⁱⁱ,ⁱᵛFrance
| style="text-align:right" | 3,348
| style="text-align:right" | +11%
Line 1,295 ⟶ 1,168:
| style="text-align:right" | -0.1 pt
|-
| style="text-align:left" | EuropeⁱᵛEurope
| style="text-align:right" | 3,287
| style="text-align:right" | +8%
Line 1,347 ⟶ 1,220:
| style="text-align:right" | -0.5 pt
|-
| style="text-align:left" | TransversalⁱⁱⁱTransversal
| style="text-align:right" | 67
| style="text-align:right" | +7%
Line 1,403 ⟶ 1,276:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ NB CSM to NBV for lifeLife and healthHealth. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
Line 1,430 ⟶ 1,303:
|}
</div>
 
* '''Health business''' written predominantly in Life entities is included <sup>p. 14</sup>.
* '''Changes''' are on a comparable basis (constant forex, scope, and methodology) <sup>p. 14</sup>.
* '''APPENDIX 9''': Other <sup>p. 15</sup>.
* '''APPENDIX 7''': Life & Health - Net Flows <sup>p. 15</sup>.
 
=== Net flows by business line ===
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ NetLife flows& byHealth businessnet lineflows for life1Q25 &and health1Q26. <sup>p. 15</sup>
! style="text-align:left" | EUR billion
! class="col-s" style="text-align:right" | 1Q25
Line 1,453 ⟶ 1,319:
| style="text-align:right" | +1.8
|-
| style="text-align:left" | G/A Savings {{footnote|1=General account.}}
| style="text-align:right" | -0.7
| style="text-align:right" | -0.8
|-
| style="text-align:left; padding-left:1.5em" | o/w capital light ii
| style="text-align:right" | +0.6
| style="text-align:right" | +0.7
Line 1,465 ⟶ 1,331:
| style="text-align:right" | -1.5
|-
| style="text-align:left" | Unit-Linked iii
| style="text-align:right" | +0.5
| style="text-align:right" | +0.7
|-
| style="text-align:left; font-weight:bold" | Total Life & Health i net flows
| style="text-align:right; font-weight:bold" | +2.5
| style="text-align:right; font-weight:bold" | +2.7
|}
</div>
 
* '''Health business''' written predominantly 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''' with no discretionary participation features ('DPF') are included <sup>p. 15</sup>.
* '''Main transactions in 2026''': AXA announced the execution of a share repurchase agreement for its share buyback program of up to EUR 1.25bn on February 27, 2026 <sup>p. 16</sup>.
* '''Next main investor events''':
** '''HY26 Earnings Release''' on July 31, 2026 <sup>p. 16</sup>.
** '''AXA Investor Day''' on September 15, 2026 <sup>p. 16</sup>.
** '''AXA Investor roundtable''' on the strategy for AXA key markets on September 21, 2026 <sup>p. 16</sup>.
** '''9M26 Activity Indicators''' on October 29, 2026 <sup>p. 16</sup>.
* '''APPENDIX 9''': Other <sup>p. 16</sup>.
* '''APPENDIX 8''': Main Transactions and Next Main Investor Events <sup>p. 16</sup>.
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