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

== 1Q26 highlights ==

 

* Life & Health NB CSM +4% ^{p. 1}

 

== Outlook ==

* 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>"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>

 

== 1Q26 key highlights ==

<div style="overflow-x:auto">

{| class="wikitable fintable"

! 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

|-

| style="text-align:left" | Gross written premiums and other revenues {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.}}

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | Key figures (EUR billion)

! class="col-s" style="text-align:right" | FY25

== Activity indicators ==

 

** '''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}

* '''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).}} was 211% as of March 31, 2026 ^{p. 2}

** Strong operating return (+7 points) ^{p. 2}

** Less accrued dividend and annual share buyback for 1Q26 (-6 points) ^{p. 2}

<div style="overflow-x:auto">

{| class="wikitable fintable"

! 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

|-

| style="text-align:left" | Gross written premiums and other revenues {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.}}

</div>

 

* Group natural catastrophe {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} experience in 1Q26 was slightly below the prorated annual budget ^{p. 3}

 

== Life & Health ==

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | Key figures (EUR billion)

! class="col-s" style="text-align:right" | 1Q25

| style="text-align:right" | +8%

|-

| style="text-align:right" | 0.6

| style="text-align:right" | 0.6

| style="text-align:right" | +4%

|-

| style="text-align:right" | 0.7

| style="text-align:right" | 0.6

| style="text-align:right" | +1%

|-

| style="text-align:right" | 4.9%

| style="text-align:right" | 4.8%

 

* 1Q25 PVEP {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (footnote: Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.) (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.}}, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability ^{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}

** '''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}

* '''NBV (post-tax)''' {{footnote|1=Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.}} +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}

 

== Ratings ==

{| class="wikitable"

|+ Insurer financial strength and AXA's credit ratings. ^{p. 5}

! colspan="3" style="text-align:center" | Insurer financial strength ratings

! colspan="2" style="text-align:center" | AXA's credit ratings {{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" | S&P Global Ratings

|-

| style="text-align:left" | Moody's Investor Service

|-

| style="text-align:left" | AM Best

|}

</div>

 

== Glossary ==

* '''New business value margin ('NBV Margin')''' is the ratio of NBV to PVEP ^{p. 5}

* '''AM''': A.M. Best

* '''AMF''': Autorité des Marchés Financiers

* '''CLP''': Credit and Lifestyle Protection

* '''CSM''': Contractual Service Margin

* '''DPF''': Discretionary Participation Features

* '''EME''': Emerging Markets Europe

* '''ESMA''': European Securities and Markets Authority

* '''IFRS''': International Financial Reporting Standards

* '''II''': Solvency II

* '''LFL''': Like-for-Like

* '''NB CSM''': New Business Contractual Service Margin

* '''NBV''': New Business Value

* '''PVEP''': Present Value of Expected Premiums

* '''PVNBP''': Present Value of New Business Premiums

* '''SRI''': Socially Responsible Investing

* '''UEPS''': Underlying Earnings Per Share

* '''UN''': United Nations

* '''UNEP FI''': United Nations Environment Programme's Finance Initiative

 

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

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

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

** '''AXA Mediterranean Holdings''' ^{p. 6}

 

== Exchange rates ==

== Notes ==

 

 

<div style="overflow-x:auto">

{| class="wikitable fintable"

! style="text-align:left" | —

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

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

|-

| style="text-align:left" | France {{footnote|1=• Including Banking revenues amounting to Euro 26 million in 1Q26 and Euro 25 million in 1Q25.&#10;• Portfolio of lifestyle and income protection (CLP) premiums reallocated from France to Transversal (Euro 198 million premiums in 1Q25 o/w Euro 68 million in P&C and Euro 130 million in Life & Health, Euro 201 million premiums in 1Q26 o/w Euro 68 million in P&C and Euro 132 million in Life & Health).&#10;• International protection and health premiums previously recorded in AXA France (Euro 319 million in 1Q25 o/w Euro 104 million in Life and Euro 215 million in Health, Euro 336 million in 1Q26 o/w Euro 103 million in Life and Euro 233 million in Health) are now reported under new carrier AXA Health International that is part of Europe.}}

</div>

 

 

<div style="overflow-x:auto">

{| class="wikitable fintable"

! 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:left" | France

{| class="wikitable fintable"

|+ P&C price effect by country and business line. ^{p. 11}

|-

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

<div style="overflow-x:auto">

{| class="wikitable fintable"

! colspan="2" style="text-align:center" | o/w Protection

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

</div>

 

 

<div style="overflow-x:auto">

{| class="wikitable fintable"

|-

| style="text-align:left" | France {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.&#10;• International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.}}

<div style="overflow-x:auto">

{| class="wikitable fintable"

|-

| style="text-align:left" | France {{footnote|1=• Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.&#10;• International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.}}

<div style="overflow-x:auto">

{| class="wikitable fintable"

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

! class="col-s" style="text-align:right" | NB CSM (pre-tax)

<div style="overflow-x:auto">

{| class="wikitable fintable"

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

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

|-

<div style="overflow-x:auto">

{| class="wikitable fintable"

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

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

|-

<div style="overflow-x:auto">

{| class="wikitable fintable"

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

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

|-

</div>

 

 

<div style="overflow-x:auto">

{| class="wikitable fintable"

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

|-

| style="text-align:left" | Franceⁱⁱⁱ,ⁱᵛ

|+ NB CSM to NBV. ^{p. 14}

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

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

|-

</div>

 

 

=== Net flows by business line ===

| style="text-align:right" | +0.7

|-

| style="text-align:right; font-weight:bold" | +2.5

| style="text-align:right; font-weight:bold" | +2.7

</div>