AXA/2026/1Q/Activity indicators press release

Document info
Document info
Organization	AXA
Year	2026
Period	1Q
Period label	1Q26
Document type	Press release
Publication date	2026-05-05
Market timing	Pre-market
Language	English
Pages	16
Source	Original URL
Archive file	.md file

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

1Q26 highlights

Gross written premiums & other revenues +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, -4 points vs. January 1, 2026 (post-grandfathering period) ^{p. 1}

Outlook 3

AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range ^{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. 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." ^{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." ^{p. 1}

This press release was issued on May 5, 2026, at 5:45 pm CET ^{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
Gross written premiums and other revenues	37.0	38.0	+3%	+6%
o/w Property & Casualty	21.0	21.5	+2%	+4%
o/w Life & Health	15.5	16.5	+7%	+8%
o/w Asset Management	0.4	n.m.	n.m.	n.m.

Solvency II ratio key figures. ^{p. 2}
Key figures (in EUR billion, unless otherwise noted)	FY25	January 1, 2026	1Q26	Change vs. January 1, 2026
Solvency II ratio (%) 2	224%	215%	211%	-4pts

Activity indicators

Total gross written premiums & other revenues +6% ^{p. 2}
- Property & Casualty +4% ^{p. 2}
  - Personal lines +7%, driven by higher volumes and favorable price effect ^{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 (+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 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 (-10 points vs. December 31, 2025) ^{p. 2}
The Solvency II ratio was down -4 points vs. January 1, 2026, reflecting a strong operating return (+7 points) less accrued dividend and annual share buyback for 1Q26 (-6 points), more than offset by unfavorable financial market movements (-4 points) from higher inflation expectations and elevated equity and interest rate volatility ^{p. 2}

Property & Casualty

Property & casualty gross written premiums and other revenues. ^{p. 3}
Key figures (EUR billion)	1Q25	1Q26	Change LFL	1Q26 Price effect 6 (%)
Gross written premiums and other revenues	21.0	21.5	+4%	+1.9%
o/w Commercial lines	13.2	13.2	+3%	+1.5%
o/w Personal lines	6.4	7.0	+7%	+4.0%
o/w AXA XL Reinsurance	1.4	1.2	-7%	-3.9%

Gross written premiums & other revenues +4% to EUR 21.5bn ^{p. 3}
- Personal lines +7% to EUR 7.0bn, driven by: ^{p. 3}
  - Europe (+7%), from favorable price effects (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, mainly from: ^{p. 3}
  - AXA XL Insurance (+2%), from growth in Property and Specialty where margins remain attractive, partly offset by lower volumes in Casualty; pricing overall remains stable vs. 1Q25 ^{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 consistent with focus on profitability in a softer market, with pricing down -4% ^{p. 3}
Group natural catastrophe 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 is maintained ^{p. 3}

Life & Health

Life & health key figures including PVEP, NB CSM, and NBV. ^{p. 4}
Key figures (EUR billion)	1Q25	1Q25 Updated*	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, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability ^{p. 4}
Gross written premiums & other revenues +8% to EUR 16.5bn ^{p. 4}
- Life premiums +8% to EUR 10.5bn, driven by: ^{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}
  - 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, driven by: ^{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) +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) +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 were EUR +2.7bn (prior: EUR +2.5bn in 1Q25), driven by: ^{p. 4}
- Protection (EUR +1.8bn), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product ^{p. 4}
- Unit-Linked (EUR +0.7bn), primarily in France ^{p. 4}
- G/A Savings (EUR -0.8bn), reflecting inflows in capital-light G/A savings (EUR +0.7bn) more than offset by outflows in traditional G/A Savings (EUR -1.5bn) ^{p. 4}
- Health (EUR +1.0bn), mostly from Germany, France and Japan ^{p. 4}

Ratings

Insurer financial strength and AXA's credit ratings. ^{p. 5}
		Insurer financial strength ratings			AXA's credit ratings 12
Agency	Date of last review	AXA SA	AXA's principal insurance subsidiaries	Outlook	Senior debt of the Company	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') 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 ^{p. 5}
Gross written premiums and other revenues are insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business) ^{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') 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 ^{p. 5}
New business value ('NBV') is the value of newly issued contracts during the current year, consisting of the sum of (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts carried by Life entities (considering expected renewals), and (iii) present value of future profits of pure investment contracts accounted for under IFRS 9, net of (iv) cost of reinsurance, (v) taxes, and (vi) minority interests ^{p. 5}
New business value margin ('NBV Margin') is the ratio of (i) NBV to (ii) PVEP ^{p. 5}
Present value of expected premiums ('PVEP') is the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term, discounted at the reference interest rate and representing Group share ^{p. 5}
AM: AM Best
AMF: Autorité des Marchés Financiers
CLP: Credit and Lifestyle Protection
CSM: Contractual Service Margin
DJSI: Dow Jones Sustainability Index
DPF: Discretionary Participation Features
EME: Emerging Markets Europe
ESMA: European Securities and Markets Authority
GAAP: Generally Accepted Accounting Principles
GWP: Gross Written Premiums
IFRS: International Financial Reporting Standards
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
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 includes: ^{p. 6}
- Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excluding bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (bancassurance entity) (consolidated under equity method, contributing 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) (fully consolidated) ^{p. 6}
- EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated); Russia (Reso) (insurance activities) (consolidated under equity method, contributing only to net income) ^{p. 6}
- AXA Mediterranean Holdings ^{p. 6}
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 ^{p. 6}
The disposal of AXA Investment Managers to BNP Paribas was completed on July 1, 2025 ^{p. 6}

Exchange rates

End of period and average exchange rates for various currencies. ^{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

Changes in gross written premiums & other revenues, new business value ('NBV'), present value of expected premiums ('PVEP'), and new business value margin ('NBV Margin') are on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated ^{p. 7}
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, based on the full-year dividend of EUR 2.32 per share for FY25 and an annual share buyback of EUR 1.25bn announced on February 26, 2026 ^{p. 7}
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 ^{p. 7}
Dividends and share buybacks are proposed by the Board and submitted to shareholders for approval ^{p. 7}
The estimate of the Solvency II ratio should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year ^{p. 7}
Information on AXA's internal model and Solvency II disclosures is available in AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on axa.com ^{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 current strategic plan ^{p. 7}
Commercial lines refers to P&C Commercial lines excluding AXA XL Reinsurance ^{p. 7}
Price effect is calculated as a percentage of total gross written premiums of the prior year ^{p. 7}
G/A refers to General account ^{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}
Natural catastrophe charges include natural catastrophe losses regardless of event size ^{p. 7}
Combined ratio is a non-GAAP financial measure ^{p. 7}
Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities ^{p. 7}
Restricted Tier 1 ratings are 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's ^{p. 7}
Tier 2 ratings are 'A' by Standard & Poor's and 'A (hyb)' by Moody's ^{p. 7}
AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 ^{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 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}

About the AXA Group

The AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries ^{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 the AXA Group website (axa.com) ^{p. 8}
Certain statements in this press release are forward-looking statements, subject to known and unknown risks and uncertainties, and should not be unduly relied upon ^{p. 8}
AXA specifically disclaims any obligation to publicly update or revise forward-looking statements, except as required by law ^{p. 8}
This press release refers to certain non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position ^{p. 8}
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 ^{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 ^{p. 8}
A reconciliation of APMs to financial statements is provided 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 contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{p. 8}
Corporate Responsibility strategy information: axa.com/en/about-us/strategy-commitments ^{p. 8}
SRI ratings information: axa.com/en/investor/sri-ratings-ethical-indexes ^{p. 8}

Appendix 1: Earnings

APPENDIX 1: Gross Written Premiums & Other Revenues by Geography and Business Line ^{p. 9}

GWP & other revenues for P&C and life & health by region. ^{p. 9}
EUR million	GWP & Other Revenues					P&C		Life & Health
—	1Q25 Published	1Q25 Adjusted ii,iii	1Q26	Change	Change LFL	1Q26	Change LFL	1Q26	Change LFL
France i,ii,iii	8,440	7,923	8,393	+6%	+5%	3,355	+6%	5,012	+4%
Europe iii	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 ii	525	723	764	+6%	+6%	601	+8%	163	-2%
AXA Investment Managers	443	443	-	n.m.	n.m.	—	—	—	—
Total i	36,967	36,967	37,953	+3%	+6%	21,462	+4%	16,464	+8%

Banking revenues were 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}.
- CLP premiums were EUR 198m in 1Q25, with EUR 68m in P&C and EUR 130m in Life & Health ^{p. 9}.
- CLP premiums were EUR 201m in 1Q26, with EUR 68m in P&C and EUR 132m in Life & Health ^{p. 9}.
International protection and health premiums previously reported under AXA France are now reported under AXA Health International, which is part of Europe ^{p. 9}.
- International protection and health premiums were EUR 319m in 1Q25, with EUR 104m in Life and EUR 215m in Health ^{p. 9}.
- International protection and health premiums were EUR 336m in 1Q26, with EUR 103m in Life and EUR 233m in Health ^{p. 9}.
APPENDIX 1: Earnings ^{p. 10}.
APPENDIX 2: Property & Casualty - Gross Written Premiums & Other Revenues by Business Line and Discount Rates ^{p. 10}.

P&C commercial and personal lines, and AXA XL reinsurance by region. ^{p. 10}
EUR million	Commercial lines		Personal lines					AXA XL Reinsurance		Total P&C
—	Total Commercial	Changeⁱ	Personal Motor	Changeⁱ	Personal Non-Motor	Changeⁱ	Total Personal	Changeⁱ	Total Reinsurance	Changeⁱ	1Q26	Changeⁱ
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%

Changes are on a comparable basis (constant forex, scope, and methodology) ^{p. 10}.

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

Interest rates (5Y) for discounting P&C claims reserves. ^{p. 10}
—	FY25 i	1Q26 ii
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%

APPENDIX 3: Underlying Earnings by Geography and by Business Line ^{p. 11}.
APPENDIX 3: Property & Casualty - Price Effect by Business Line ^{p. 11}.

P&C price effect by country and business line. ^{p. 11}
1Q26 (%)	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	+2.7%	+3.8%	—
AXA XL ii	-0.2%	—	-3.9%
Asia, Africa & EME-LATAM	+0.4%	+5.6%	—
Total	+1.5%	+4.0%	-3.9%

APPENDIX 4: Property & Casualty - Revenue Contribution & Growth by Business Line ^{p. 12}.
APPENDIX 4: Life & Health - Gross Written Premiums & Other Revenues and Growth by Business Line ^{p. 12}.

Life & health protection, G/A savings, and unit-linked by region. ^{p. 12}
EUR million	Total i		Protection		G/A Savings		Unit-Linked		Health
—	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii	1Q26	Change ii
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 iii	5,436	+6%	1,183	+1%	—	—	—	—	4,253	+7%

APPENDIX 4: Property & Casualty - Revenue Contribution & Growth by Business Line ^{p. 13}.
APPENDIX 5: Life & Health - Updated PVEP, NB CSM, NBV, and NBV margin ^{p. 13}.
PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions ^{p. 13}.

1Q25 updated figures for life and health by region. ^{p. 13}
EUR million	Life				Healthⁱ				Totalⁱ
—	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 ii,iii	3,026	94	103	3.4%	1,565	—	44	2.8%	4,591	94	147	3.2%
Europe iii	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 ii	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%

1H25 updated figures for life and health by region. ^{p. 13}
EUR million	Life				Healthᶦ				Totalᶦ
—	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 ii,iii	6,969	204	245	3.5%	3,261	—	82	2.5%	10,229	204	327	3.2%
Europe iii	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 ii	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%

9M25 updated figures for life and health by region. ^{p. 13}
EUR million	Life				Health i				Total i
—	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 ii,iii	9,911	277	344	3.5%	4,788	—	116	2.4%	14,698	277	459	3.1%
Europe iii	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 ii	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%

1Q25 updated figures for NB CSM and NBV. ^{p. 13}
EUR million	Life	Health i	Total i
NB CSM (pre-tax)	460	141	601
Other NBV (pre-tax)	133	82	215
Tax	-141	-53	-194
Total NBV	452	170	623

1H25 updated figures for NB CSM and NBV. ^{p. 13}
EUR million	Life	Health i	Total i
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

9M25 updated figures for NB CSM and NBV. ^{p. 13}
EUR million	Life	Health i	Total i
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

APPENDIX 9: Other ^{p. 14}.
APPENDIX 6: PVEP, NB CSM, NBV, and NBV margin ^{p. 14}.
Change vs. 1Q25 updated figures are based on FY25 financial and actuarial assumptions ^{p. 14}.

Life and health new business metrics for 1Q26 by region. ^{p. 14}
EUR million	Life New Business Metrics 1Q26								Healthⁱ New Business Metrics 1Q26								Totalⁱ New Business Metrics 1Q26
—	PVEP	Changeⁱⁱ	NB CSM (pre-tax)	Changeⁱⁱ	NBV (post-tax)	Changeⁱⁱ	NBV margin (%)	Changeⁱⁱ	PVEP	Changeⁱⁱ	NB CSM (pre-tax)	Changeⁱⁱ	NBV (post-tax)	Changeⁱⁱ	NBV margin (%)	Changeⁱⁱ	PVEP	Changeⁱⁱ	NB CSM (pre-tax)	Changeⁱⁱ	NBV (post-tax)	Changeⁱⁱ	NBV margin (%)	Changeⁱⁱ
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 for life and health. ^{p. 14}
EUR million	Life	Health i	Total i
NB CSM (pre-tax)	466	135	601
Other NBV (pre-tax)	125	73	198
Tax	-142	-48	-190
NBV	450	160	609

Health business written predominantly in Life entities is included ^{p. 14}.
Changes are on a comparable basis (constant forex, scope, and methodology) ^{p. 14}.
APPENDIX 9: Other ^{p. 15}.
APPENDIX 7: Life & Health - Net Flows ^{p. 15}.

Net flows by business line

Net flows by business line for life & health. ^{p. 15}
EUR billion	1Q25	1Q26
Health i	+0.8	+1.0
Protection	+1.8	+1.8
G/A Savings	-0.7	-0.8
o/w capital light ii	+0.6	+0.7
o/w traditional G/A	-1.3	-1.5
Unit-Linked iii	+0.5	+0.7
Total Life & Health i net flows	+2.5	+2.7

Health business written predominantly in Life entities is included ^{p. 15}.
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}.
Investment contracts with no discretionary participation features ('DPF') are included ^{p. 15}.
Main transactions in 2026: AXA announced the execution of a share repurchase agreement for its share buyback program of up to EUR 1.25bn on February 27, 2026 ^{p. 16}.
Next main investor events:
- HY26 Earnings Release on July 31, 2026 ^{p. 16}.
- AXA Investor Day on September 15, 2026 ^{p. 16}.
- AXA Investor roundtable on the strategy for AXA key markets on September 21, 2026 ^{p. 16}.
- 9M26 Activity Indicators on October 29, 2026 ^{p. 16}.
APPENDIX 9: Other ^{p. 16}.
APPENDIX 8: Main Transactions and Next Main Investor Events ^{p. 16}.