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== 1Q26 highlights ==
 
* Gross written premiums & 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.}} +6% vs. 1Q25 to EUR 38.0bn <sup>p. 1</sup>
* Property & Casualty premiums +4% to EUR 21.5bn <sup>p. 1</sup>▼
** '''RetailProperty premiums'''& +7%,Casualty withpremiums +4% from price effect and +3%to fromEUR volumes21.5bn <sup>p. 1</sup>
*** '''CommercialRetail premiums''' +37%, with equal contributions+4% from price effect and +3% from volumes <sup>p. 1</sup>
*** Life & Health'''Commercial premiums''' +83%, with equal contributions from price toeffect EURand 16.5bnvolumes <sup>p. 1</sup>
** '''Life & Health premiums''' +8% to EUR 16.5bn <sup>p. 1</sup>
*** '''HealthLife premiums''' +8% <sup>p. 1</sup>
*** '''PropertyHealth & Casualtypremiums''' +48% <sup>p. 21</sup>▼
* Life & Health NB CSM +4% <sup>p. 1</sup>
* '''Net flows''' for Life & Health: net flows +EUR +2.7bn <sup>p. 1</sup>
* '''Solvency II ratio''' at 211% as of March 31, 2026 <sup>p. 1</sup>
** Solvency II ratio down -4 points vs. January 1, 2026 (post-grandfathering period) <sup>p. 1</sup>
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! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
! class="col-s" style="text-align:right" | Change LFL {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
|-
| 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.}}
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| style="text-align:right" | +4%
|-
| style="text-align:left; padding-left:1.5em" | o/w Life & Health {{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" | 15.5
| style="text-align:right" | 16.5
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Solvency II ratio keyin figuresEUR billion. <sup>p. 2</sup>
! style="text-align:left" | Key figures (in EUR billion, unless otherwise noted)
! class="col-s" style="text-align:right" | FY25
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== Activity indicators ==
 
* Total gross written premiums & 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.}} +6% <sup>p. 2</sup>
▲* '''Property & Casualty''' +4% <sup>p. 2</sup>
▲** '''Property & Casualty premiums''' +4% to EUR 21.5bn <sup>p. 12</sup>
** '''Personal lines''' +7%, driven by higher volumes and favorable price effect {{footnote|1=Price effect is calculated as a percentage of total gross written premiums of the prior year.}} <sup>p. 2</sup>
*** '''CommercialPersonal lines''' +37%, fromdriven by higher volumes (notablyand atfavorable AXAprice XLeffect Insurance){{footnote|1=Price andeffect favorableis pricecalculated effectas (mainlya inpercentage SMEof &total Mid-marketgross businesswritten inpremiums Europeof andthe prior France)year.}} <sup>p. 2</sup>
*** '''AXACommercial XL Reinsurancelines''' -7+3%, reflectingfrom disciplinehigher volumes (notably at AXA XL Insurance) and favorable price effect (mainly in softeningSME & Mid-market conditionsbusiness in Europe and France) <sup>p. 2</sup>
*** '''LifeAXA &XL HealthReinsurance''' +8-7%, reflecting discipline in softening market conditions <sup>p. 2</sup>
** '''AXALife Mediterranean& HoldingsHealth''' +8% <sup>p. 62</sup>▼
** '''Life premiums''' +8%, driven by strong sales in Unit-Linked (+16%) and G/A {{footnote|1=General account.}} (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan <sup>p. 2</sup>
*** '''HealthLife premiums''' +8%, driven by favorablestrong pricesales effectsin Unit-Linked (+16%) and G/A {{footnote|1=General account.}} (+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%, driven by favorable price effects across all geographies <sup>p. 2</sup>
* '''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 <sup>p. 2</sup>
** On January 1, 2026, the Solvency II ratio was 215% following the end of the grandfathering period {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA’s respective press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, each published on www.axa.com.}} (-10 points vs. December 31, 2025) <sup>p. 2</sup>
** 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), and unfavorable financial market movements (-4 points) due to higher inflation expectations and elevated equity and interest rate volatility: <sup>p. 2</sup>
*** 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 & casualty grossGross written premiums and other revenues for property & casualty. <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 (in %) {{footnote|1=Price effect is calculated as a percentage of total gross written premiums ofin the prior year.}}
|-
| 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.}}
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| style="text-align:right" | +4.0%
|-
| style="text-align:left; padding-left:1.5em" | o/w AXA XL Reinsurance {{footnote|1=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}
| style="text-align:right" | 1.4
| style="text-align:right" | 1.2
Line 147 ⟶ 152:
</div>
 
* Gross written premiums & 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.}} +4% to EUR 21.5bn <sup>p. 3</sup>
* '''Personal lines''' grew +7% to EUR 7.0bn <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''' grew +3% to EUR 13.2bn <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 <sup>p. 3</sup>
*** Pricing overall remains stable versus 1Q25 <sup>p. 3</sup>
** France +6%, from both favorable price effect and higher volumes <sup>p. 3</sup>
** Asia, Africa & EME-LATAM +10%, mainly driven by higher average premiums in Türkiye <sup>p. 3</sup>
* '''AXA XL Reinsurance''' decreased -7% to EUR 1.2bn, reflecting lower volumes consistentand witha focus on maintaining profitability in a softer market environment <sup>p. 3</sup>
** Pricing forin AXA XL Reinsurance was down -4% <sup>p. 3</sup>
* 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 <sup>p. 3</sup>
* The annual natural catastrophe budget of approximately 4.5 points of combined ratio {{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.}} is maintained <sup>p. 3</sup>
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<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Life & health grossGross written premiums and other revenues for life & health. <sup>p. 4</sup>
! style="text-align:left" | Key figures (EUR billion)
! class="col-s" style="text-align:right" | 1Q25
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</div>
 
* For comparability, 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 tofor reflect their contribution to FY25 figurescomparability <sup>p. 4</sup>
* All year-on-year changes are on a comparable basis versus the updated 1Q25 figures <sup>p. 4</sup>
* Gross written premiums & 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.}} +8% to EUR 16.5bn <sup>p. 4</sup>
* '''Life premiums''' +8% to EUR 10.5bn <sup>p. 4</sup>
** '''Unit-Linked''' +16%, from continuedcontinuation of 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>
** '''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>
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* '''NB CSM (pre-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.}} +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) <sup>p. 4</sup>
* '''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 <sup>p. 4</sup>
* '''NBV margin''' decreased -0.3 points to 4.4% <sup>p. 4</sup>
* '''Net flows''' {{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.}} were EUR +2.7bn (compared toprior: EUR +2.5bn in 1Q25) <sup>p. 4</sup>
** Protection: EUR +1.8bn, mainly in Hong Kong and Switzerland (Individual Life) and Japan (Protection with Unit-Linked product) <sup>p. 4</sup>
** Unit-Linked: EUR +0.7bn, primarily in 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>
 
== Ratings ==
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! class="col-m" style="text-align:right" | AXA's principal insurance subsidiaries
! class="col-m" style="text-align:right" | Outlook
! class="col-m" style="text-align:right" | Senior debt of the Company {{footnote|1=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA’s respective press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, each published on www.axa.com.}}
! class="col-m" style="text-align:right" | Senior debt of the Company▼
! class="col-m" style="text-align:right" | Short-term debt of the Company
|-
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== 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''' include: 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 valuecontractual service margin ('NBVNB CSM')''': isa the valuecomponent of newly issued contracts during the currentcarrying year, consistingamount of the sumasset ofor NBliability CSM, present value of future profits of Short-Term Businessfor newly issued insurance contracts (carriedduring bythe Life entitiesperiod, consideringrepresenting expectedthe renewals),unearned andprofit presentto valuebe ofrecognized futureas profitsinsurance of pure investment contracts accounted for under IFRS 9, net of cost of reinsurance, taxes,contract andservices minorityare interestsprovided <sup>p. 5</sup>
* '''New business value margin ('NBV Margin')''' is: the ratiovalue of NBVnewly issued contracts during the tocurrent PVEPyear <sup>p. 5</sup>
** '''PresentIt valueconsists of expectedthe premiumssum of ('PVEP'i)''' is the new businessNB volumeCSM, equal to(ii) the present value atof the timefuture profits of issueShort-Term ofBusiness newly issued contracts during the totalperiod premiums(carried by Life entities, considering expected torenewals), beand received(iii) overthe present value of the policyfuture termprofits of pure investment contracts accounted for under IFRS 9, discountednet atof (iv) the referencecost interestof ratereinsurance, and(v) representingtaxes, theand (vi) Groupminority shareinterests <sup>p. 5</sup>
* '''New business value margin ('NBV Margin')''': the ratio of (i) NBV (representing the value of newly issued contracts during the current year) to (ii) PVEP <sup>p. 5</sup>
* '''AM''': A.M. Best▼
* '''Present value of expected premiums ('PVEP')''': the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term <sup>p. 5</sup>
** PVEP is discounted at the reference interest rate and is Group share <sup>p. 5</sup>
* '''AA''': Senior Debt Rating
▲* '''AM''': A.M.AM Best
* '''AMF''': Autorité des Marchés Financiers
* '''APM''': Alternative Performance Measure
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* '''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
* '''GWP''': Gross Written Premiums
* '''IFRS''': International Financial Reporting Standards
* '''II''': Solvency II
* '''ISN FR''': International Securities Identification Number France
* '''LATAM''': Latin America
* '''LFL''': Like-for-Like
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== 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 Luxemburg (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 (are 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) <sup>p. 6</sup>
** Asia: China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (the bancassurance entity) are consolidated under the equity method and contribute 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-LATAMAfrica''': MexicoEgypt (insurance activities), Colombiaand (insurance activitiesholding), BrazilMorocco (insurance activities and holding), and TürkiyeNigeria (insurance activities and holding) (are fully consolidated); Russia (Reso) (insurance activities) (consolidated under equity method, contributing only to net income) <sup>p. 6</sup>
▲** '''AfricaEME-LATAM''': EgyptMexico (insurance activities), andColombia holding(insurance activities), MoroccoBrazil (insurance activities and holding), and NigeriaTürkiye (insurance activities and holding) (are fully consolidated) <sup>p. 6</sup>
▲** '''AXA Mediterranean Holdings''' <sup>p. 6</sup>
** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income <sup>p. 6</sup>
* '''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 <sup>p. 6</sup>▼
** Also includes AXA Mediterranean Holdings <sup>p. 6</sup>
* '''AXA Investment Managers''' disposal to BNP Paribas was completed on July 1, 2025 <sup>p. 6</sup>▼
▲* '''Transversal & Other''': includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (including the Group's internal reinsurance activity), and other Central Holdings <sup>p. 6</sup>
▲* '''AXA Investment Managers''': disposal to BNP Paribas was completed on July 1, 2025 <sup>p. 6</sup>
 
== Exchange rates ==
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== Notes ==
 
* '''Change in gross written premiums & other revenues, NBV, PVEP, and NBV Margin''' areis on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated <sup>p. 7</sup>.
* These terms are defined in the glossary section of the press release <sup>p. 7</sup>.
* The '''Solvency II ratio''' is estimated using AXA's internal model, calibrated forbased on an adverse 1/200 years shock <sup>p. 7</sup>.
* The Solvency II ratio includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026 <sup>p. 7</sup>.
* This theoretical amount is based on a 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 <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 from employee share offerings and stock-based compensation <sup>p. 7</sup>.
* Dividends and share buybacks are proposed by the Board, at its discretion, based on factors described in AXA's 2025 Universal Registration Document, and are subject to shareholder approval <sup>p. 7</sup>.
* The Solvency II ratioThis estimate should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year <sup>p. 7</sup>.
* 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 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 Group's current strategic plan <sup>p. 7</sup>.
* This guidance isassumes qualifiedno bysignificant cautionary statementsdeterioration in thecurrent pressoperating, releasepricing, regardingand forward-lookingmarket statementsconditions <sup>p. 7</sup>.
* It is based on a '''Nat Cat load''' of approximately 4.5 points, defined as normalized natural catastrophe losses expected in a year expressed as a percentage of gross earned premiums in the same year <sup>p. 7</sup>.
* '''General account''' is referenced <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>.
* This cessation was disclosed in AXA's press releases foron its 9M25 Activity Indicators and Full Year 2025 Earnings <sup>p. 7</sup>.
* Information about APMs used by AXA is provided in the 'Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures' section of this press release <sup>p. 7</sup>.
* '''Restricted Tier 1''' is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's <sup>p. 7</sup>.
* '''Tier 2''' is rated 'A' by Standard & Poor's and 'A1 (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''' calculations 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>.
* The '''AXA Group''' is a worldwide leader in insurance <sup>p. 8</sup>.
Line 408 ⟶ 423:
* 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 axa.com <sup>p. 8</sup>.
* Certain'''Forward-looking statements''' in thethis press release, areincluding '''forward-lookingthose statements'regarding expected underlying earnings per share ('UEPS') growth for 2026, includingare predictionsbased ofon futureManagement's events,current trends,views plans,and expectations,intentions and are subject orto objectiveschange <sup>p. 8</sup>.
* Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs like 'would' and 'could' <sup>p. 8</sup>.
* Statements regarding '''expected underlying earnings per share ('UEPS') growth for 2026''' are forward-looking statements providing one-off guidance for the last year of the Group's current strategic plan <sup>p. 8</sup>.
* These statements are based on Management's current views and intentions and are subject to change <sup>p. 8</sup>.
* 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 <sup>p. 8</sup>.
* Each forward-looking statement speaks only at the date of thethis press release <sup>p. 8</sup>.
* Refer to Part 5 'Risk Factors and Risk Management' of AXA's 2025 Universal Registration Document for the year ended December 31, 2025, for a description of important factors, risks, and uncertainties affecting AXA's business and/or results <sup>p. 8</sup>.
* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations <sup>p. 8</sup>.
* TheThis press release refers to '''non-GAAP financial measures''' (APMs)''' used by Management for analyzing operating trends, financial performance, and position <sup>p. 8</sup>.
* These 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 prepared in accordance with IFRS <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 issued in 2015 <sup>p. 8</sup>.
* AXA provides a reconciliation of such APMs to the most closely related line item in the financial statements in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' <sup>p. 8</sup>.
* FurtherFor more information on non-GAAP financial measures, is available insee the Glossary ofin 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 contactcontacts''': +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 is available at axa.com/en/about-us/strategy-commitments <sup>p. 8</sup>.
* '''SRI ratings''' information is available at axa.com/en/investor/sri-ratings-ethical-indexes <sup>p. 8</sup>.
Line 433 ⟶ 445:
! style="text-align:left" | EUR million
! colspan="3" style="text-align:center" | GWP & Other Revenues
! style="text-align:center" | Change on a reported basis vs. 1Q25 Adjusted
! style="text-align:center" | Change LFL
! colspan="2" style="text-align:center" | o/w P&C
Line 440 ⟶ 452:
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1Q25 Published
▲! class="col-ms" style="text-align:right" | Senior1Q25 debt of the CompanyAdjusted
! class="col-s" style="text-align:right" | 1Q25 Adjusted {{footnote|1=• 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.}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change
Line 507 ⟶ 519:
| style="text-align:right" | 443
| style="text-align:right" | 443
| style="text-align:right" | —-
| style="text-align:right" | n.m.
| style="text-align:right" | n.m.
Line 530 ⟶ 542:
* '''Banking revenues''' amounted to '''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>.
** '''1Q25 CLP premiums''': '''EUR 198m''', with(of which '''EUR 68m''' in P&C and '''EUR 130m''' in Life & Health) <sup>p. 9</sup>.
** '''1Q26 CLP premiums''': '''EUR 201m''', with(of which '''EUR 68m''' in P&C and '''EUR 132m''' in Life & Health) <sup>p. 9</sup>.
** '''1Q25 premiums''': '''EUR 319m''', with(of which '''EUR 104m''' in Life and '''EUR 215m''' in Health) <sup>p. 9</sup>.
** '''1Q26 premiums''': '''EUR 336m''', with(of which '''EUR 103m''' in Life and '''EUR 233m''' in Health) <sup>p. 9</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ 1Q25 and 1Q26 premiums by line of business and region. <sup>p. 10</sup>
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Commercial lines
Line 547 ⟶ 559:
! style="text-align:left" | —
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}
|-
| style="text-align:left" | France
Line 649 ⟶ 661:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Interest rates (5Y) for the discounting of P&C claims reserves. <sup>p. 10</sup>
! style="text-align:left" | —
! class="col-s" style="text-align:right" | FY25 {{footnote|1=Changes are at comparable basis (constant forex, scope, and methodology).}}
Line 683 ⟶ 695:
{| class="wikitable fintable"
|+ P&C price effect by country and business line. <sup>p. 11</sup>
|! style="text-align:left" | 1Q26 (in %)▼
! style="text-align:left" | P&C: Price effect i by country and business line {{footnote|1=Price effect calculated as a percentage of total gross written premiums in the prior year.}}
! class="col-s" style="text-align:right" | Commercial lines
! class="col-s" style="text-align:right" | Personal lines
! class="col-s" style="text-align:right" | AXA XL Reinsurance
|-
▲| style="text-align:left" | 1Q26 (in %)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | France
Line 699 ⟶ 706:
|-
| style="text-align:left" | Europe
| style="text-align:right" | —+3.0%
| style="text-align:right" | —+4.2%
| style="text-align:right" | —
|-
Line 728 ⟶ 735:
| style="text-align:right" | —
|-
| style="text-align:left" | Italy {{footnote|1=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}
| style="text-align:right" | +2.7%
| style="text-align:right" | +3.8%
Line 750 ⟶ 757:
</div>
 
* No facts in this section.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Total gross written premiums and other revenues by regionline of business. <sup>p. 12</sup>
! style="text-align:left" | EUR million
! colspan="2" style="text-align:center" | Total {{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 Protection
! colspan="2" style="text-align:center" | o/w G/A Savings {{footnote|1=General account.}}
! colspan="2" style="text-align:center" | o/w Unit-Linked
! colspan="2" style="text-align:center" | o/w Health
Line 764 ⟶ 771:
! style="text-align:left" | —
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | 1Q26
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
|-
| style="text-align:left" | France
Line 860 ⟶ 867:
</div>
 
* '''PVEP, NB CSM, NBV, and NBV margin''' for 1Q25, 1H25, and 9M25''' have been updated based on FY25 actuarial and financial assumptions <sup>p. 13</sup>.
 
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated 1Q25 PVEP, NB CSM, NBV, and NBV margin figuresfor 1Q25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! colspan="4" style="text-align:center" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
! style="text-align:left" | —
Line 958 ⟶ 965:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated 1H25 PVEP, NB CSM, NBV, and NBV margin figuresfor 1H25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! colspan="4" style="text-align:center" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
! style="text-align:left" | —
Line 1,052 ⟶ 1,059:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated 9M25 PVEP, NB CSM, NBV, and NBV margin figuresfor 9M25. <sup>p. 13</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | PVEP
Line 1,141 ⟶ 1,148:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated 1Q25 NB CSM to NBV figuresfor 1Q25. <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 {{footnote|1=Includes Health business written predominantly in Life entities.}}
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,171 ⟶ 1,178:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated 1H25 NB CSM to NBV figuresfor 1H25. <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 {{footnote|1=Includes Health business written predominantly in Life entities.}}
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,201 ⟶ 1,208:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ Updated 9M25 NB CSM to NBV figuresfor 9M25. <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 {{footnote|1=Includes Health business written predominantly in Life entities.}}
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,229 ⟶ 1,236:
</div>
 
* '''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"
|+ 1Q26 lifeLife and health new business metrics byfor region1Q26. <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" | HealthⁱHealth New Business Metrics 1Q26
! colspan="8" style="text-align:center" | TotalⁱTotal New Business Metrics 1Q26
|-
! style="text-align:left" | —
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NB CSM (pre-tax)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NBV (post-tax)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
! class="col-s" style="text-align:right" | NBV margin (%)
! class="col-s" style="text-align:right" | Change {{footnote|1=Changes are at comparable basis (constant forex, scope and methodology).}}
|-
| style="text-align:left" | Franceⁱⁱⁱ,ⁱᵛ
Line 1,399 ⟶ 1,406:
<div style="overflow-x:auto">
{| class="wikitable fintable"
|+ NB CSM to NBV figuresby life and health. <sup>p. 14</sup>
! style="text-align:left" | EUR million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health {{footnote|1=Includes Health business written predominantly in Life entities.}}
! class="col-s" style="text-align:right" | Total {{footnote|1=Includes Health business written predominantly in Life entities.}}
|-
| style="text-align:left" | NB CSM (pre-tax)
Line 1,452 ⟶ 1,459:
| style="text-align:right" | +0.7
|-
| style="text-align:left; padding-left:1.5em" | o/w traditional G/A {{footnote|1=General account.}}
| style="text-align:right" | -1.3
| style="text-align:right" | -1.5
Line 1,460 ⟶ 1,467:
| style="text-align:right" | +0.7
|-
| 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.}}
| style="text-align:right; font-weight:bold" | +2.5
| style="text-align:right; font-weight:bold" | +2.7
Line 1,466 ⟶ 1,473:
</div>
 
* A '''shareCapital repurchaselight agreementG/A''' forencompasses AXA'sall shareproducts buybackwith programno ofguarantees, upwith toguarantees '''EURat 1.25bn'''maturity wasonly, announcedor onwith Februaryguarantees 27,equal to or lower than 20260% <sup>p. 1615</sup>.
* 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 (July 31, 2026), AXA Investor Day (September 15, 2026), AXA Investor roundtable on the strategy for AXA key markets (September 21, 2026), 9M26 Activity Indicators (October 29, 2026) <sup>p. 16</sup>.
* '''Next main investor events''':
** HY26 Earnings Release (July 31, 2026) <sup>p. 16</sup>.
** AXA Investor Day (September 15, 2026) <sup>p. 16</sup>.
** AXA Investor roundtable on the strategy for AXA key markets (September 21, 2026) <sup>p. 16</sup>.
** 9M26 Activity Indicators (October 29, 2026) <sup>p. 16</sup>.
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