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AXA/2026/1Q/Activity indicators press release

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Document info
OrganizationAXA
Year2026
Period1Q
Period label1Q26
Document typePress release
Publication date2026-05-05
Market timingPost-market
LanguageEnglish
Pages16
SourceOriginal URL
Archive file.md file

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

1Q26 highlights

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

"AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy," (Alban de Mailly Nesle, Chief Financial Officer of AXA p. 1)

"This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year's strong momentum." (Alban de Mailly Nesle, Chief Financial Officer of AXA p. 1)

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

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

Press release

  • The press release was issued in Paris on May 5, 2026, at 5:45pm CET p. 1
  • All footnotes for this press release are on page 7 p. 1

1Q26 key highlights

Key figures for gross written premiums and other revenues. p. 2
Key figures (EUR billion) 1Q25 1Q26 Change Change LFL (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
Gross written premiums and other revenues (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.) 37.0 38.0 +3% +6%
o/w Property & Casualty 21.0 21.5 +2% +4%
o/w Life & Health (footnote: Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 15.5 16.5 +7% +8%
o/w Asset Management 0.4 n.m. n.m. n.m.
Solvency II ratio in EUR billion. p. 2
Key figures (in EUR billion, unless otherwise noted) FY25 January 1, 2026 1Q26 Change vs. January 1, 2026
Solvency II ratio (%) (footnote: 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).) 224% 215% 211% -4pts

Activity indicators

  • Total gross written premiums & other revenues (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.) +6% p. 2
    • Property & Casualty +4% p. 2
      • Personal lines +7%, driven by higher volumes and favorable price effect (footnote: Price effect is calculated as a percentage of total gross written premiums of the prior year.) p. 2
      • Commercial lines +3%, from higher volumes (notably at AXA XL Insurance) and favorable price effect (mainly in SME & Mid-market business in Europe and France) p. 2
      • AXA XL Reinsurance -7%, reflecting discipline in softening market conditions p. 2
    • Life & Health +8% p. 2
      • Life premiums +8%, driven by strong sales in Unit-Linked (+16%) and G/A (footnote: General account.) (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan p. 2
      • Health premiums +8%, driven by favorable price effects across all geographies p. 2
  • Solvency II ratio (footnote: 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
    • On January 1, 2026, the Solvency II ratio was 215% following the end of the grandfathering period (footnote: 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) p. 2
    • Solvency II ratio was down -4 points vs. January 1, 2026, reflecting: p. 2
      • Strong operating return (+7 points) p. 2
      • Less accrued dividend and annual share buyback for 1Q26 (-6 points) p. 2
      • Unfavorable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility p. 2

Property & Casualty

Gross written premiums and other revenues for property & casualty. p. 3
Key figures (EUR billion) 1Q25 1Q26 Change LFL 1Q26 Price effect (in %) (footnote: Price effect calculated as a percentage of total gross written premiums in the prior year.)
Gross written premiums and other revenues (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.) 21.0 21.5 +4% +1.9%
o/w Commercial lines 5 13.2 13.2 +3% +1.5%
o/w Personal lines 6.4 7.0 +7% +4.0%
o/w AXA XL Reinsurance (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) 1.4 1.2 -7% -3.9%
  • Gross written premiums & other revenues (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.) +4% to EUR 21.5bn p. 3
  • Personal lines +7% to EUR 7.0bn p. 3
    • Europe +7%, from favorable price effects across geographies (except UK & Ireland) and higher volumes p. 3
    • France +8%, with strong volume growth from direct business and proprietary agent networks, combined with favorable price effect p. 3
    • Asia, Africa & EME LATAM +7%, mainly driven by higher average premiums in Türkiye and higher volumes in Mexico p. 3
  • Commercial lines +3% to EUR 13.2bn p. 3
    • AXA XL Insurance +2%, from growth in Property and Specialty where margins remain attractive, partly offset by lower volumes in Casualty p. 3
      • Pricing overall remains stable versus 1Q25 p. 3
    • France +6%, from both favorable price effect and higher volumes p. 3
    • Asia, Africa & EME-LATAM +10%, mainly driven by higher average premiums in Türkiye p. 3
  • AXA XL Reinsurance -7% to EUR 1.2bn, reflecting lower volumes and a focus on maintaining profitability in a softer market environment p. 3
    • Pricing in AXA XL Reinsurance was down -4% p. 3
  • Group natural catastrophe (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) experience in 1Q26 was slightly below the prorated annual budget p. 3
  • The annual natural catastrophe budget of approximately 4.5 points of combined ratio (footnote: 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 p. 3

Life & Health

Gross written premiums and other revenues for life & health. p. 4
Key figures (EUR billion) 1Q25 1Q25 Updated (footnote: For the sake of comparability, please note that 1Q25 PVEP, NB CSM, NBV and NBV margin have all been updated based on FY25 financial and actuarial assumptions, to reflect their contribution to FY25 PVEP, NB CSM, NBV and NBV margin. All year- on-year changes are given on a comparable basis versus the updated 1Q25 figures. (See Appendix 5).) 1Q26 Change vs. 1Q25 updated LFL
Gross written premiums and other revenues 15.5 — 16.5 +8%
o/w Life 9.8 — 10.5 +8%
o/w Health 5.6 — 5.9 +8%
PVEP 13.7 13.0 13.8 +8%
NB CSM (pre-tax) 0.6 0.6 0.6 +4%
NBV (post-tax) 0.7 0.6 0.6 +1%
NBV margin 4.9% 4.8% 4.4% -0.3pt
Net flows +2.5 — +2.7 —
  • 1Q25 PVEP (footnote: 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
  • All year-on-year changes are on a comparable basis versus the updated 1Q25 figures p. 4
  • Gross written premiums & other revenues (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.) +8% to EUR 16.5bn p. 4
  • Life premiums +8% to EUR 10.5bn p. 4
    • Unit-Linked +16%, from continuation of positive sales momentum across geographies p. 4
    • G/A Savings +9%, mainly from successful commercial campaigns in Spain, strong single-premium sales in Japan, good performance of G/A capital-light products in Italy, and positive momentum in Individual Savings in Switzerland p. 4
    • Protection +4%, primarily from continued success of Protection with G/A savings in Hong-Kong and Protection with Unit-Linked in Japan, as well as Individual Protection with Savings in Switzerland p. 4
  • Health premiums +8% to EUR 5.9bn, driven by favorable price effects across all geographies p. 4
  • PVEP +8% to EUR 13.8bn p. 4
    • Life +10%, reflecting strong sales across geographies in both Savings (+14%) and Protection (+6%), partly offset by lower Group Life sales in Switzerland p. 4
    • Health +4%, mainly due to higher Group business volumes in France, partly offset by Japan p. 4
  • NB CSM (pre-tax) (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.) +4% to EUR 0.6bn, driven by strong Savings and Protection sales across most geographies, partly offset by unfavorable mix (including lower Group Life sales in Switzerland and Health sales in Japan) p. 4
  • NBV (post-tax) (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.) +1% to EUR 0.6bn, as NB CSM growth was partly offset by lower sales and a less favorable mix in Joint Ventures in Thailand and China p. 4
  • NBV margin -0.3 points to 4.4% p. 4
  • Net flows (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.) EUR +2.7bn (prior: EUR +2.5bn in 1Q25) p. 4
    • Protection EUR +1.8bn, mainly in Hong Kong and Switzerland (Individual Life) and Japan (Protection with Unit-Linked product) p. 4
    • Unit-Linked EUR +0.7bn, primarily in France p. 4
    • G/A Savings EUR -0.8bn, reflecting inflows in capital-light G/A savings (EUR +0.7bn) more than offset by outflows in traditional G/A Savings (EUR -1.5bn) p. 4
    • Health EUR +1.0bn, mostly from Germany, France and Japan p. 4

Ratings

Insurer financial strength and AXA's credit ratings. p. 5
Insurer financial strength ratings AXA's credit ratings (footnote: 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.)
Agency Date of last review AXA SA AXA's principal insurance subsidiaries Outlook Senior debt of the Company (footnote: 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.) Short-term debt of the Company
S&P Global Ratings March 11, 2026 AA- AA Stable AA- A-1+
Moody's Investor Service October 8, 2025 Aa2 Aa2 Stable Aa3 P-1
AM Best October 9, 2025 A+ Superior — Stable aa Superior —

Glossary

  • Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% p. 5
  • Contractual service margin ('CSM'): 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 p. 5
  • Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business) p. 5
    • Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities) p. 5
  • New business contractual service margin ('NB CSM'): a component of the carrying amount of 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 p. 5
  • New business value ('NBV'): the value of newly issued contracts during the current year p. 5
    • It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests p. 5
  • 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 p. 5
  • 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 p. 5
    • PVEP is discounted at the reference interest rate and is Group share p. 5
  • AA: Senior Debt Rating
  • AM: AM Best
  • AMF: Autorité des Marchés Financiers
  • APM: Alternative Performance Measure
  • CLP: Credit and Lifestyle Protection
  • CSM: Contractual Service Margin
  • DJSI: Dow Jones Sustainability Index
  • DPF: Discretionary Participation Features
  • EME LATAM: Emerging Markets Europe and Latin America
  • EME: Emerging Markets Europe
  • ESMA: European Securities and Markets Authority
  • 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
  • NB CSM: New Business Contractual Service Margin
  • NBV: New Business Value
  • OTC QX: Over The Counter QX
  • PVEP: Present Value of Expected Premiums
  • SFCR: Solvency and Financial Condition Report
  • SME: Small and Medium-sized Enterprises
  • SRI: Socially Responsible Investment
  • UEPS: Underlying Earnings Per Share
  • UK: United Kingdom
  • UN: United Nations
  • UNEP FI: United Nations Environment Programme's Finance Initiative

Scope

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

Exchange rates

End of period and average exchange rates for 1 euro. p. 6
For 1 Euro End of Period Exchange rate Average Exchange rate
— FY25 1Q26 1Q25 1Q26
USD 1.17 1.15 1.05 1.17
CHF 0.93 0.93 0.95 0.92
GBP 0.87 0.87 0.84 0.87
JPY 184 183 160 184
HKD 9.14 9.03 8.19 9.14

Notes

  • Change in gross written premiums & other revenues, NBV, PVEP, and NBV Margin is on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated p. 7.
  • These terms are defined in the glossary section of the press release p. 7.
  • The Solvency II ratio is estimated using AXA's internal model, calibrated based on an adverse 1/200 years shock p. 7.
  • The Solvency II ratio includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026 p. 7.
  • 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 p. 7.
  • 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 p. 7.
  • This estimate should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year p. 7.
  • For 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 p. 7.
  • 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 p. 7.
  • This guidance assumes no significant deterioration in current operating, pricing, and market conditions p. 7.
  • 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 p. 7.
  • General account is referenced p. 7.
  • Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, after which they ceased to qualify as capital under Solvency II p. 7.
  • This was disclosed in AXA's press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings p. 7.
  • 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 p. 7.
  • Restricted Tier 1 is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's p. 7.
  • Tier 2 is rated 'A' by Standard & Poor's and 'A1 (hyb)' by Moody's p. 7.
  • All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) p. 7.
  • Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year p. 7.
  • Financial figures and information in this press release have not been audited or subject to limited review by AXA's statutory auditors p. 7.
  • The AXA Group is a worldwide leader in insurance p. 8.
  • AXA has 156,000 employees serving over 92 million clients in 52 countries p. 8.
  • In 2025, revenues amounted to EUR 115.5bn and underlying earnings to EUR 8.4bn p. 8.
  • 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) p. 8.
  • AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY p. 8.
  • The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD p. 8.
  • AXA is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment p. 8.
  • This press release and regulated information are available on axa.com p. 8.
  • Forward-looking statements in this press release, including those regarding expected underlying earnings per share ('UEPS') growth for 2026, are based on Management's current views and intentions and are subject to change p. 8.
  • Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially p. 8.
  • Each forward-looking statement speaks only at the date of this press release p. 8.
  • Refer to Part 5 'Risk Factors and Risk Management' of AXA's 2025 Universal Registration Document for a description of important factors, risks, and uncertainties p. 8.
  • AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations p. 8.
  • This press release refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position p. 8.
  • These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies p. 8.
  • Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS p. 8.
  • 'Underlying earnings', UEPS, 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015 p. 8.
  • 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' p. 8.
  • For more information on non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document p. 8.
  • Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com p. 8.
  • Individual Shareholder Relations contact: +33.1.40.75.48.43 p. 8.
  • Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com p. 8.
  • Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments p. 8.
  • SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes p. 8.
GWP & other revenues by region. p. 9
EUR million GWP & Other Revenues Change on a reported basis vs. 1Q25 Adjusted Change LFL o/w P&C o/w Life & Health
— 1Q25 Published 1Q25 Adjusted 1Q26 Change Change LFL 1Q26 Change LFL 1Q26 Change LFL
France (footnote: • Including Banking revenues amounting to Euro 26 million in 1Q26 and Euro 25 million in 1Q25. • 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). • 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.) 8,440 7,923 8,393 +6% +5% 3,355 +6% 5,012 +4%
Europe (footnote: 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.) 15,289 15,608 16,905 +8% +6% 9,328 +4% 7,577 +9%
AXA XL 6,984 6,984 6,488 -7% 0% 6,459 0% 29 -1%
Asia, Africa & EME-LATAM 5,286 5,286 5,403 +2% +11% 1,719 +8% 3,684 +13%
Transversal (footnote: 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).) 525 723 764 +6% +6% 601 +8% 163 -2%
AXA Investment Managers 443 443 - n.m. n.m. — — — —
Total (footnote: Including Banking revenues amounting to Euro 26 million in 1Q26 and Euro 25 million in 1Q25.) 36,967 36,967 37,953 +3% +6% 21,462 +4% 16,464 +8%
  • Banking revenues amounted to EUR 26m in 1Q26 and EUR 25m in 1Q25 p. 9.
  • Portfolio of lifestyle and income protection (CLP) premiums were reallocated from France to Transversal p. 9.
    • 1Q25 CLP premiums: EUR 198m (of which EUR 68m in P&C and EUR 130m in Life & Health) p. 9.
    • 1Q26 CLP premiums: EUR 201m (of which EUR 68m in P&C and EUR 132m in Life & Health) p. 9.
    • 1Q25 premiums: EUR 319m (of which EUR 104m in Life and EUR 215m in Health) p. 9.
    • 1Q26 premiums: EUR 336m (of which EUR 103m in Life and EUR 233m in Health) p. 9.
1Q25 and 1Q26 premiums by line of business. p. 10
EUR million Commercial lines Personal lines AXA XL Reinsurance Total P&C
— Total Commercial Change Personal Motor Change Personal Non-Motor Change Total Personal Change Total Reinsurance Change 1Q26 Change
France 2,061 +6% 766 +10% 528 +4% 1,294 +8% — — 3,355 +6%
Europe 4,388 +1% 3,370 +10% 1,570 +2% 4,940 +7% — — 9,328 +4%
AXA XL 5,215 +2% — — — — — — 1,244 -7% 6,459 0%
Asia, Africa & EME-LATAM 952 +10% 577 +8% 190 +2% 767 +7% — — 1,719 +8%
Transversal 601 +8% — — — — — — — — 601 +8%
Total 13,217 +3% 4,712 +9% 2,288 +2% 7,001 +7% 1,244 -7% 21,462 +4%

Interest rates (5Y) for the discounting of P&C claims reserves

Interest rates for discounting P&C claims reserves. p. 10
— FY25 (footnote: Changes are at comparable basis (constant forex, scope, and methodology).) 1Q26 (footnote: Average of monthly opening discount rates in 1Q26.)
EUR 2.6% 2.7%
USD 4.2% 4.0%
JPY 1.0% 1.6%
GBP 4.3% 4.2%
CHF 0.2% 0.2%
HKD 3.2% 2.8%
P&C price effect by country and business line. p. 11
1Q26 (in %) Commercial lines Personal lines AXA XL Reinsurance
France +3.5% +2.6% —
Europe +3.0% +4.2% —
Switzerland +4.0% +5.1% —
Germany +2.5% +4.2% —
Belgium & Luxembourg +2.2% +2.4% —
UK & Ireland +0.5% -0.9% —
Spain +5.7% +6.0% —
Italy (footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.) +2.7% +3.8% —
AXA XL (footnote: Price decrease on renewals at -0.2% in Insurance and -3.1% in Reinsurance. Price decrease on renewals calculated as a percentage of renewed premiums Page 11 GIE_AXA_Internal GIE_AXA_Secret.) -0.2% — -3.9%
Asia, Africa & EME-LATAM +0.4% +5.6% —
Total +1.5% +4.0% -3.9%
  • No facts.
Total gross written premiums and other revenues by line of business. p. 12
EUR million Total o/w Protection o/w G/A Savings (footnote: General account.) o/w Unit-Linked o/w Health
— 1Q26 Change 1Q26 Change 1Q26 Change 1Q26 Change 1Q26 Change
France 5,012 +4% 996 +3% 1,325 +1% 1,437 +7% 1,253 +4%
Europe 7,577 +9% 1,986 0% 1,263 +16% 1,044 +24% 3,283 +8%
AXA XL 29 -1% 15 +1% 14 -2% — — — —
Asia, Africa & EME-LATAM 3,684 +13% 1,764 +10% 319 +27% 224 +35% 1,377 +10%
Transversal 163 -2% 132 -1% — — — — 31 -5%
Total 16,464 +8% 4,893 +4% 2,922 +9% 2,705 +16% 5,944 +8%
o/w short-term (footnote: Short-term business refers to insurance activities measured using the Premium Allocation Approach (“PAA”). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.) 5,436 +6% 1,183 +1% — — — — 4,253 +7%
  • PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions p. 13.
Updated PVEP, NB CSM, NBV, and NBV margin for 1Q25. p. 13
EUR million Life Health Total
— PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%)
France (footnote: • Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal. • International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.) 3,026 94 103 3.4% 1,565 — 44 2.8% 4,591 94 147 3.2%
Europe (footnote: International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.) 2,982 183 161 5.4% 1,627 74 66 4.0% 4,609 257 227 4.9%
Asia, Africa & EME-LATAM 3,128 178 185 5.9% 612 67 61 9.9% 3,740 245 246 6.6%
Transversal (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.) 63 5 3 5.2% — — — — 63 5 3 5.2%
Total 9,199 460 452 4.9% 3,805 141 170 4.5% 13,003 601 623 4.8%
Updated PVEP, NB CSM, NBV, and NBV margin for 1H25. p. 13
EUR million Life Health Total
— PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%)
France (footnote: • Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal. • International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.) 6,969 204 245 3.5% 3,261 — 82 2.5% 10,229 204 327 3.2%
Europe (footnote: International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.) 5,585 328 271 4.8% 2,109 83 76 3.6% 7,694 410 347 4.5%
Asia, Africa & EME-LATAM 6,228 389 380 6.1% 1,120 140 120 10.7% 7,347 529 500 6.8%
Transversal (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.) 153 12 8 5.2% — — — — 153 12 8 5.2%
Total 18,934 934 904 4.8% 6,490 223 278 4.3% 25,424 1,156 1,182 4.6%
Updated PVEP, NB CSM, NBV, and NBV margin for 9M25. p. 13
EUR million PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%)
France (footnote: • Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal. • International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.) 9,911 277 344 3.5% 4,788 — 116 2.4% 14,698 277 459 3.1%
Europe (footnote: International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.) 7,900 450 365 4.6% 3,215 114 104 3.2% 11,115 564 469 4.2%
Asia, Africa & EME-LATAM 9,408 600 592 6.3% 1,502 199 167 11.1% 10,910 799 759 7.0%
Transversal (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.) 230 18 12 5.2% — — — — 230 18 12 5.2%
Total 27,448 1,345 1,312 4.8% 9,505 313 387 4.1% 36,953 1,659 1,698 4.6%
Updated NB CSM to NBV for 1Q25. p. 13
EUR million Life Health Total
NB CSM (pre-tax) 460 141 601
Other NBV (pre-tax) 133 82 215
Tax -141 -53 -194
Total NBV 452 170 623
Updated NB CSM to NBV for 1H25. p. 13
EUR million Life Health Total
NB CSM (pre-tax) 934 223 1,156
Other NBV (pre-tax) 258 144 402
Tax -288 -89 -377
Total NBV 904 278 1,182
Updated NB CSM to NBV for 9M25. p. 13
EUR million Life Health Total
NB CSM (pre-tax) 1,345 313 1,659
Other NBV (pre-tax) 384 198 583
Tax -418 -125 -543
Total NBV 1,312 387 1,698
  • Change vs. 1Q25 updated figures are based on FY25 financial and actuarial assumptions p. 14.
Life and health new business metrics for 1Q26. p. 14
EUR million Life New Business Metrics 1Q26 Health New Business Metrics 1Q26 Total New Business Metrics 1Q26
— PVEP Change NB CSM (pre-tax) Change NBV (post-tax) Change NBV margin (%) Change PVEP Change NB CSM (pre-tax) Change NBV (post-tax) Change NBV margin (%) Change PVEP Change NB CSM (pre-tax) Change NBV (post-tax) Change NBV margin (%) Change
Franceⁱⁱⁱ,ⁱᵛ 3,348 +11% 96 +2% 112 +8% 3.3% -0.1 pt 1,815 +16% — — 46 +5% 2.5% -0.3 pt 5,162 +12% 96 +2% 158 +7% 3.1% -0.1 pt
Europeⁱᵛ 3,287 +8% 187 -1% 156 -5% 4.8% -0.7 pt 1,707 +4% 89 +17% 77 +15% 4.5% +0.4 pt 4,994 +7% 275 +4% 233 0% 4.7% -0.3 pt
Asia, Africa & EME-LATAM 3,129 +11% 178 +13% 178 +7% 5.7% -0.2 pt 407 -26% 46 -22% 37 -32% 9.1% -0.8 pt 3,536 +5% 224 +4% 215 -2% 6.1% -0.5 pt
Transversalⁱⁱⁱ 67 +7% 5 +7% 3 +7% 5.2% 0.0 pt — — — — — — — — 67 +7% 5 +7% 3 +7% 5.2% 0.0 pt
Total 9,831 +10% 466 +5% 450 +3% 4.6% -0.3 pt 3,929 +4% 135 -1% 160 -4% 4.1% -0.4 pt 13,760 +8% 601 +4% 609 +1% 4.4% -0.3 pt
NB CSM to NBV by life and health. p. 14
EUR million Life Health Total
NB CSM (pre-tax) 466 135 601
Other NBV (pre-tax) 125 73 198
Tax -142 -48 -190
NBV 450 160 609

Net flows by business line

Net flows by business line. p. 15
EUR billion 1Q25 1Q26
Health (footnote: Includes Health business written predominantly in Life entities.) +0.8 +1.0
Protection +1.8 +1.8
G/A Savings -0.7 -0.8
o/w capital light (footnote: Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%.) +0.6 +0.7
o/w traditional G/A -1.3 -1.5
Unit-Linked (footnote: Including Investment contracts with no discretionary participation features (“DPF”).) +0.5 +0.7
Total Life & Health net flows +2.5 +2.7
  • Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% p. 15.
  • 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 (July 31, 2026) p. 16.
    • AXA Investor Day (September 15, 2026) p. 16.
    • AXA Investor roundtable on the strategy for AXA key markets (September 21, 2026) p. 16.
    • 9M26 Activity Indicators (October 29, 2026) p. 16.
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