AXA/2026/1Q/Activity indicators press release: Difference between revisions

* '''Gross written premiumsProperty & otherCasualty revenues'''premiums +64% vs. 1Q25 to EUR 3821.0bn5bn ^{p. 1}

** '''Property & CasualtyRetail premiums''' +7%, with +4% tofrom price effect and +3% EURfrom 21.5bnvolumes ^{p. 1}

*** '''RetailCommercial premiums''' +73%, with +4%equal contributions from price effect and +3% from volumes ^{p. 1}

*** '''CommercialLife & Health premiums''' +38%, with equal contributions from price effectto andEUR volumes16.5bn ^{p. 1}

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

*** '''LifeHealth premiums''' +8% ^{p. 1}

*** '''Life & Health premiums'''NB CSM +84% ^{p. 1}

* '''Net flows''' (Life & Health NB CSM''') +4%EUR 2.7bn ^{p. 1}

* AXA is on track to achieve '''underlying earnings per share growth for 2026''' at the upper end of the 6-8% plan target range {{footnote|1=Expected underlying earnings per share (“UEPS”) growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group’s current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements. 5 “Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.}} ^{p. 1}

* AXA will present its '''new strategic plan for 2027-2029''' on September 15, 2026 ^{p. 1}

<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 ^{p. 1})</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." ^{p. 1}</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 ." ^{p. 1}</blockquote>

* The press release was issued infrom Paris on May 5, 2026, at 5:45pm CET ^{p. 1}

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

! class="col-s" style="text-align:right" | Change on a reported basis

! class="col-s" style="text-align:right" | Change LFLon a comparable basis

|+ Solvency II ratio key figures for FY25, January 1, 2026, and 1Q26. ^{p. 2}

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

** DrivenPartly offset by '''PropertyAXA &XL CasualtyReinsurance''' (+4-7%), reflecting discipline in softening market conditions ^{p. 2}

*** Driven by '''PersonalLife lines& Health''' (+78%, driven by higher volumes and favorable price effect) ^{p. 2}

*** PartiallyHealth offsetpremiums by+8%, '''AXAdriven XL Reinsurance''' -7%,by reflectingfavorable disciplineprice ineffects softeningacross marketall conditionsgeographies ^{p. 2}

*** '''HealthThe premiums'''Solvency +8%,II drivenratio bywas favorable-4 pricepoints effectsvs. acrossJanuary all1, 2026, geographiesreflecting: ^{p. 2}

|+ Property P& CasualtyC gross written premiums and other revenues in 1Q25 and 1Q26. ^{p. 3}

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

! class="col-s" style="text-align:right" | Change LFLon a comparable basis

! 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; padding-left:1.5em" | o/w Commercial lines 5 {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}

* '''GrossPersonal written premiums & other revenues'''lines +47% to EUR 217.5bn0bn, driven by: ^{p. 3}

** '''Europe''':France (+78%), fromwith favorablestrong pricevolume effectsgrowth acrossfrom geographiesdirect (exceptbusiness UKand &proprietary Ireland)agent andnetworks, highercombined with favorable price volumeseffect ^{p. 3}

** '''France''': +8%Asia, withAfrica strong& volumeEME growthLATAM from(+7%), directmainly businessdriven andby proprietaryhigher agentaverage networks,premiums combinedin Türkiye and withhigher favorablevolumes pricein effectMexico ^{p. 3}

** '''Asia,Commercial Africalines &+3% EMEto LATAM''':EUR +7%13.2bn, mainly driven by higher average premiums in Türkiye and higher volumes in Mexicofrom: ^{p. 3}

** '''AXA XL Insurance''':France (+26%), from growthboth infavorable Propertyprice effect and Specialty where margins remain attractive, partly offset by lowerhigher volumes in Casualty ^{p. 3}

*** PricingAsia, overallAfrica remains& stableEME-LATAM versus(+10%), 1Q25mainly driven by higher average premiums in Türkiye ^{p. 3}

|+ Life & Health key figures for gross written premiums, NB CSM, NBV, and netother flowsrevenues. ^{p. 4}

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

! class="col-s" style="text-align:right" | Change vs. 1Q25 updated LFLon a comparable basis

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

| style="text-align:left" | NBV margin {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}

** AllLife year-on-yearpremiums changes+8% areto onEUR a10.5bn, comparabledriven basis versus the updated 1Q25 figuresby: ^{p. 4}

*** '''GrossUnit-Linked written(+16%), premiumsfrom &continuation otherof revenues'''positive +8%sales tomomentum EURacross 16.5bngeographies ^{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}

** '''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}

|+ Insurer financial strength ratings and AXA's credit ratings from S&P, Moody's, and AMby Bestagency. ^{p. 5}

! style="text-align:left" | —

! class="col-s" style="text-align:rightcenter" | —

| class="col-sm" style="text-align:right" | March 11, 2026

| class="col-sm" style="text-align:right" | AA-

| class="col-sm" style="text-align:right" | AA

| class="col-sm" style="text-align:right" | Stable

| class="col-sm" style="text-align:right" | AA-

| class="col-sm" style="text-align:right" | A-1+

| class="col-sm" style="text-align:right" | October 8, 2025

| class="col-sm" style="text-align:right" | Aa2

| class="col-sm" style="text-align:right" | Aa2

| class="col-sm" style="text-align:right" | Stable

| class="col-sm" style="text-align:right" | Aa3

| class="col-sm" style="text-align:right" | P-1

| class="col-sm" style="text-align:right" | October 9, 2025

| class="col-sm" style="text-align:right" | A+ Superior

| class="col-sm" style="text-align:right" | —

| class="col-sm" style="text-align:right" | Stable

| class="col-sm" style="text-align:right" | aa Superior

| class="col-sm" style="text-align:right" | —

* '''New business contractual servicevalue margin ('NBNBV CSMMargin')''': a component ofis the carrying amountratio of the asset or liability for newly issued insurance contracts during the period, representing the unearned(i) profitNBV to be recognized as insurance contract services are(ii) providedPVEP ^{p. 5}

* '''LFLLATAM''': Like-for-LikeLatin America

* '''SRI''': Socially Responsible InvestingInvestment

* '''France''': includes insurance activities, banking activities, and holding ^{p. 6}

* '''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) ^{p. 6}

* '''AXA XL''': includes insurance and reinsurance activities and holding ^{p. 6}

* '''Asia, Africa & EME-LATAM''' includes: ^{p. 6}

** '''Asia''': Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. theexcluding bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S (bancassurance entity) (consolidated under equity method, contributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 6}

** '''Africa'''EME-LATAM: EgyptMexico (insurance activities), andColombia holding(insurance activities), MoroccoBrazil (insurance activities and holding), and NigeriaTürkiye (insurance activities and holding) (fully consolidated); Russia (Reso) (insurance activities) (consolidated under equity method, contributing only to net income) ^{p. 6}

|+ End of period and average exchange rates for major currencies against the1 euro. ^{p. 6}

* '''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}.

** TheDividends Solvencyand IIshare ratiobuybacks estimateare includesproposed aby theoreticalthe amountBoard, forat dividendsits discretion, and sharesubmitted buybacksto accruedshareholders for the first three months of 2026approval ^{p. 7}.

** This theoreticalestimate amountshould isnot basedbe onconsidered aan full-year dividendindication of EURactual 2.32 per share to be paid in 2026 for FY25dividend and an annual share buyback ofamounts EURfor 1.25bnthe announced2026 onfinancial February 26, 2026year ^{p. 7}.

* For'''Capital informationinstruments onand AXAsubordinated debt'''s internalsubject model andto Solvency II disclosures,transitional refermeasures towere AXAgrandfathered Group'suntil SolvencyJanuary and1, Financial2026, Conditionafter Reportwhich (SFCR)they asceased ofto Decemberqualify 31,as 2024,capital availableunder onSolvency www.axa.comII ^{p. 7}.

* '''NatRestricted CatTier load1''' is definedrated as'A' normalizedby naturalStandard catastrophe& lossesPoor's expectedand in'A3 a(hyb)' year,by expressed as a percentage of gross earned premiums in the same yearMoody's ^{p. 7}.

* The assumption for '''Nat CatTier load2''' is approximatelyrated 4.5'A' points,by assumingStandard no& significantPoor's deteriorationand in'A1 current(hyb)' operating,by pricing, and market conditionsMoody's ^{p. 7}.

* ThisFinancial wasfigures disclosedand information in AXA'sthis press releasesrelease onhave its'''not 9M25been Activity Indicatorsaudited''' and Fullhave Yearnot 2025been Earnings,subject publishedto onany www.axa.comlimited review by AXA's statutory auditors ^{p. 7}.

* The '''AXA completedGroup''' its acquisition ofis a majorityworldwide stakeleader in Primainsurance, inwith Italy156,000 onemployees Novemberserving 28,over 202592 million clients in 52 countries ^{p. 78}.

* The AXA Group is included in main international '''AXASRI Groupindexes''', issuch aas worldwideDow leaderJones inSustainability Index (DJSI) and insuranceFTSE4GOOD ^{p. 8}.

* InThis 2025,press '''revenues'''release amountedand toregulated '''EURinformation 115.5bn'''are andavailable '''underlyingon the earnings'''AXA toGroup website'''EUR 8(axa.4bn'''com) ^{p. 8}.

* The '''AXA ordinaryForward-looking sharestatements''' isare listedsubject onto compartmentknown Aand ofunknown Euronextrisks Parisand underuncertainties, tickermany symboloutside CSAXA's (ISNcontrol, FRand 0000120628actual -results Bloomberg:may CSdiffer FP - Reuters: AXAF.PA)materially ^{p. 8}.

* TheseA forward-lookingreconciliation of APMs to financial statements provideand/or one-offtheir guidancecalculation formethodology is provided in the last2025 yearUniversal ofRegistration theDocument, Group'sSection current2.3.3 strategic'Alternative planPerformance Measures' ^{p. 8}.

* '''APPENDIXBanking 1revenues''' detailswere grossEUR written26m premiumsin &1Q26 otherand revenuesEUR by geography and25m businessin line1Q25 ^{p. 9}.

! colspan="5" style="text-align:center" | GWPGross Written Premiums & Other Revenues

! colspan="2" style="text-align:center" | o/w PProperty &C Casualty

! class="col-s" style="text-align:right" | Change on a reported basis vs. 1Q25 Adjusted

! class="col-s" style="text-align:right" | Change LFLon a comparable basis

! class="col-s" style="text-align:right" | Change LFLon a comparable basis

! class="col-s" style="text-align:right" | Change LFLon a comparable basis

| style="text-align:left; font-weight:bold" | Total i{{footnote|1=Including Banking revenues amounting to Euro 26 million in 1Q26 and Euro 25 million in 1Q25.}}

* '''BankingPortfolio revenues'''of werelifestyle EURand 26mincome inprotection 1Q26(CLP) andpremiums were reallocated EURfrom 25mFrance into 1Q25Transversal ^{p. 9}.

** '''Portfolio1Q25 of lifestyle and income protection (CLP) premiums''': EUR 198m, with EUR 68m in P&C and wereEUR reallocated130m fromin FranceLife to& TransversalHealth ^{p. 9}.

** '''1Q251Q26 CLP premiums''': EUR 198m201m, with (EUR 68m in P&C, and EUR 130m132m in Life & Health) ^{p. 9}.

** '''1Q261Q25 CLPInternational protection and health premiums''': EUR 201m319m, with (EUR 68m104m in P&C,Life and EUR 132m215m in Life & Health) ^{p. 9}.

** '''1Q26 International protection and health premiums''': previouslyEUR recorded336m, inwith AXAEUR France103m arein nowLife reportedand underEUR AXA233m in Health International, part of Europe ^{p. 9}.

|+ P&C gross written premiums byand commercial,other personal,revenues andby AXAregion XLand reinsurancebusiness linesline. ^{p. 10}

! class="col-s" style="text-align:right" | ChangeⁱChange {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}

! class="col-s" style="text-align:right" | ChangeⁱChange {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}

! class="col-s" style="text-align:right" | ChangeⁱChange {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}

! class="col-s" style="text-align:right" | ChangeⁱChange {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}

! class="col-s" style="text-align:right" | ChangeⁱChange {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}

! class="col-s" style="text-align:right" | ChangeⁱChange {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}

|+ Exchange rates for majorvarious currencies in FY25 and 1Q26. ^{p. 10}

! class="col-s" style="text-align:right" | FY25 i{{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}

! class="col-s" style="text-align:right" | 1Q26 ii{{footnote|1=Average of monthly opening discount rates in 1Q26.}}

|+ Life & Health gross written premiums byand protection,other G/Arevenues savings,by unit-linked,region and healthbusiness line. ^{p. 12}

! colspan="2" style="text-align:center" | Total i{{footnote|1=Including Euro 4,431 million gross written premiums in Employee Benefits (+5% vs. 1Q25). Employee Benefits include Group Protection and Group Health contracts.}}

! colspan="2" style="text-align:center" | o/w G/A Savings {{footnote|1=General account.}}

! class="col-s" style="text-align:right" | Change ii{{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}

! class="col-s" style="text-align:right" | Change ii{{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}

! class="col-s" style="text-align:right" | Change ii{{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}

! class="col-s" style="text-align:right" | Change ii{{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}

! class="col-s" style="text-align:right" | Change ii{{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}

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

|+ 1Q25 updated figures for life and health business by region. ^{p. 13}

! colspan="4" style="text-align:center" | HealthⁱHealth {{footnote|1=Includes Health business written predominantly in Life entities.}}

! colspan="4" style="text-align:center" | TotalⁱTotal {{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | PVNBPPVEP

! class="col-s" style="text-align:right" | PVNBPPVEP

! class="col-s" style="text-align:right" | PVNBPPVEP

|+ 1H25 updated figures for life and health business by region. ^{p. 13}

! colspan="4" style="text-align:center" | HealthᶦHealth {{footnote|1=Includes Health business written predominantly in Life entities.}}

! colspan="4" style="text-align:center" | TotalᶦTotal {{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | PVNBPPVEP

! class="col-s" style="text-align:right" | PVNBPPVEP

! class="col-s" style="text-align:right" | PVNBPPVEP

| style="text-align:left" | Transversal ii{{footnote|1=Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.}}

|+ 9M25 updated figures for lifePVEP, andNB healthCSM, businessNBV, and byNBV regionmargin. ^{p. 13}

! colspanclass="4col-s" style="text-align:centerright" | LifePVEP

! class="col-s" style="text-align:right" | PVNBPPVEP

! class="col-s" style="text-align:right" | PVNBPPVEP

| style="text-align:left" | Transversal ii{{footnote|1=Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.}}

|+ 1Q25 updated figures for NB CSM to NBV for life and health. ^{p. 13}

! class="col-s" style="text-align:right" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

|+ 1H25 updated figures for NB CSM to NBV for life and health. ^{p. 13}

! class="col-s" style="text-align:right" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

|+ 9M25 updated figures for NB CSM to NBV for life and health. ^{p. 13}

! class="col-s" style="text-align:right" | HealthⁱHealth {{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | TotalⁱTotal {{footnote|1=Includes Health business written predominantly in Life entities.}}

* '''APPENDIXChange 9:vs. OTHER APPENDIX 61Q25''' coversfigures are updated PVEP,based NBon CSM,FY25 NBV,financial and NBVactuarial marginassumptions ^{p. 14}.

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

! colspan="8" style="text-align:center" | Health iHealthⁱ New Business Metrics 1Q26

! colspan="8" style="text-align:center" | Total iTotalⁱ New Business Metrics 1Q26

| style="text-align:left" | France iiiFranceⁱⁱⁱ,ivⁱᵛ

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

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

! class="col-s" style="text-align:right" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

! class="col-s" style="text-align:right" | Total i{{footnote|1=Includes Health business written predominantly in Life entities.}}

|+ Net flows by business line forin 1Q25 and 1Q26. ^{p. 15}

| style="text-align:left" | Health i{{footnote|1=Includes Health business written predominantly in Life entities.}}

| style="text-align:left" | G/A Savings {{footnote|1=General account.}}

| style="text-align:left; padding-left:1.5em" | o/w capital light ii{{footnote|1=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%.}}

| style="text-align:left" | Unit-Linked iii{{footnote|1=Including Investment contracts with no discretionary participation features (“DPF”).}}

| style="text-align:left; font-weight:bold" | Total Life & Health i net flows {{footnote|1=Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}

* '''Health business''' written predominantly in Life entities is included ^{p. 15}.

* '''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 ^{p. 16}.

* '''Next main investor events''':

** '''HY26 Earnings Release''' on July 31, 2026 ^{p. 16}.

** '''AXA Investor Day''' on September 15, 2026 ^{p. 16}.

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

** '''9M26 Activity Indicators''' on October 29, 2026 ^{p. 16}.