| Document info |
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| Organization | AXA |
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| Year | 2026 |
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| Period | 1Q |
|---|
| Period label | 1Q26 |
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| Document type | Press release |
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| Publication date | 2026-05-05 |
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| Market timing | Post-market |
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| Language | English |
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| Pages | 16 |
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| Source | Original URL |
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| Archive file | .md file |
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This article summarizes AXA's 1Q 2026 activity indicators press release, published on May 5, 2026.
1Q26 highlights
- 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
- Net flows for Life & Health: 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
|
| 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
|
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 (%) (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
- 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 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 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 (in %) (footnote: Price effect is calculated as a percentage of total gross written premiums of 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
|
1.4
|
1.2
|
-7%
|
-3.9%
|
- Personal lines grew +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 grew +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 decreased -7% to EUR 1.2bn, reflecting lower volumes consistent with focus on profitability in a softer market environment p. 3
- Pricing for 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
Life & health gross written premiums and other revenues. 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
|
—
|
- For comparability, 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 to reflect their contribution to FY25 figures p. 4
- All year-on-year changes are on a comparable basis versus the updated 1Q25 figures p. 4
- Life premiums +8% to EUR 10.5bn 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 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 decreased -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.) were EUR +2.7bn (compared to 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
|
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
- 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 include insurance premiums collected (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 (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 NB CSM, present value of future profits of Short-Term Business newly issued contracts (carried by Life entities, considering expected renewals), and present value of future profits of pure investment contracts accounted for under IFRS 9, net of cost of reinsurance, taxes, and minority interests p. 5
- New business value margin ('NBV Margin') is the ratio of NBV to 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 the Group share p. 5
- AM: A.M. 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: Emerging Markets Europe
- ESMA: European Securities and Markets Authority
- GWP: Gross Written Premiums
- IFRS: International Financial Reporting Standards
- 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 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, 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
- AXA Investment Managers disposal to BNP Paribas was 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 are 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 for 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.
- 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 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.
- The Solvency II ratio estimate should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year p. 7.
- 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 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 is qualified by cautionary statements in the press release regarding forward-looking statements 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 cessation was disclosed in AXA's press releases for 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.
- 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 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.
- Certain statements in the press release are forward-looking statements, including predictions of future events, trends, plans, expectations, or objectives p. 8.
- Forward-looking statements are identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs like 'would' and 'could' p. 8.
- 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 p. 8.
- These statements 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 the press release p. 8.
- Refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2025, for a description of factors, risks, and uncertainties affecting AXA's business and/or results p. 8.
- AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations p. 8.
- The 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.
- Further information on non-GAAP financial measures is available in the Glossary of 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 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 vs. 1Q25 Adjusted
|
Change LFL
|
o/w P&C
|
o/w Life & Health
|
| —
|
1Q25 Published
|
1Q25 Adjusted (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).
• 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.)
|
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, with EUR 68m in P&C and EUR 130m in Life & Health p. 9.
- 1Q26 CLP premiums: EUR 201m, with EUR 68m in P&C and EUR 132m in Life & Health p. 9.
- 1Q25 premiums: EUR 319m, with EUR 104m in Life and EUR 215m in Health p. 9.
- 1Q26 premiums: EUR 336m, with EUR 103m in Life and EUR 233m in Health p. 9.
1Q25 and 1Q26 premiums by line of business and region. p. 10
| EUR million
|
Commercial lines
|
Personal lines
|
AXA XL Reinsurance
|
Total P&C
|
|
| —
|
Total Commercial
|
Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)
|
Personal Motor
|
Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)
|
Personal Non-Motor
|
Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)
|
Total Personal
|
Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)
|
Total Reinsurance
|
Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)
|
1Q26
|
Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)
|
| 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 (5Y) for the discounting of 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
| P&C: Price effect i by country and business line (footnote: Price effect calculated as a percentage of total gross written premiums in the prior year.)
|
Commercial lines
|
Personal lines
|
AXA XL Reinsurance
|
| 1Q26 (in %)
|
—
|
—
|
—
|
| France
|
+3.5%
|
+2.6%
|
—
|
| Europe
|
—
|
—
|
—
|
| 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 (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 in this section.
Total gross written premiums and other revenues by region. p. 12
| EUR million
|
Total (footnote: Including Euro 4,431 million gross written premiums in Employee Benefits (+5% vs. 1Q25). Employee Benefits include Group Protection and Group Health contracts.)
|
o/w Protection
|
o/w G/A Savings
|
o/w Unit-Linked
|
o/w Health
|
| —
|
1Q26
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
1Q26
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
1Q26
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
1Q26
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
1Q26
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
| 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 1Q25 PVEP, NB CSM, NBV, and NBV margin figures. p. 13
| EUR million
|
Life
|
Health (footnote: Includes Health business written predominantly in Life entities.)
|
Total (footnote: Includes Health business written predominantly in Life entities.)
|
| —
|
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 1H25 PVEP, NB CSM, NBV, and NBV margin figures. p. 13
| EUR million
|
Life
|
Health (footnote: Includes Health business written predominantly in Life entities.)
|
Total (footnote: Includes Health business written predominantly in Life entities.)
|
| —
|
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 9M25 PVEP, NB CSM, NBV, and NBV margin figures. 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 1Q25 NB CSM to NBV figures. p. 13
| EUR million
|
Life
|
Health (footnote: Includes Health business written predominantly in Life entities.)
|
Total (footnote: Includes Health business written predominantly in Life entities.)
|
| NB CSM (pre-tax)
|
460
|
141
|
601
|
| Other NBV (pre-tax)
|
133
|
82
|
215
|
| Tax
|
-141
|
-53
|
-194
|
| Total NBV
|
452
|
170
|
623
|
Updated 1H25 NB CSM to NBV figures. p. 13
| EUR million
|
Life
|
Health (footnote: Includes Health business written predominantly in Life entities.)
|
Total (footnote: Includes Health business written predominantly in Life entities.)
|
| 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 9M25 NB CSM to NBV figures. p. 13
| EUR million
|
Life
|
Health (footnote: Includes Health business written predominantly in Life entities.)
|
Total (footnote: Includes Health business written predominantly in Life entities.)
|
| 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.
1Q26 life and health new business metrics by region. p. 14
| EUR million
|
Life New Business Metrics 1Q26
|
Healthⁱ New Business Metrics 1Q26
|
Totalⁱ New Business Metrics 1Q26
|
| —
|
PVEP
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NB CSM (pre-tax)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NBV (post-tax)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NBV margin (%)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
PVEP
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NB CSM (pre-tax)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NBV (post-tax)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NBV margin (%)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
PVEP
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NB CSM (pre-tax)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NBV (post-tax)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
NBV margin (%)
|
Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
|
| 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 figures. p. 14
| EUR million
|
Life
|
Health (footnote: Includes Health business written predominantly in Life entities.)
|
Total (footnote: Includes Health business written predominantly in Life entities.)
|
| 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 (footnote: General account.)
|
-1.3
|
-1.5
|
| Unit-Linked (footnote: Including Investment contracts with no discretionary participation features (“DPF”).)
|
+0.5
|
+0.7
|
| Total Life & Health i net flows (footnote: Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.)
|
+2.5
|
+2.7
|
- A share repurchase agreement for AXA's share buyback program of up to EUR 1.25bn was announced on February 27, 2026 p. 16.
- 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) p. 16.
