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AXA/2026/Q1 earnings press release

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Document info
OrganizationAXA
Year2026
PeriodQ1
Period label1Q26
Document typeEarnings press release
Publication date2026-05-05
Market timingPre-market
LanguageEnglish
Pages16
SourceOriginal URL

This article summarizes AXA's Q1 2026 earnings press release, published on 5 May 2026.

1Q26 highlights

  • Gross written premiums & other revenues +6% to EUR 38.0bn vs. 1Q25 p. 1.
    • Property & Casualty premiums +4% to EUR 21.5bn p. 1.
      • Retail premiums +7% (comprising +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 were EUR +2.7bn p. 1.
  • Solvency II ratio was 211% as of March 31, 2026, a decrease of -4 points vs. January 1, 2026, reflecting resilience in a volatile environment 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," — Alban de Mailly Nesle, Chief Financial Officer of AXA p. 1
  • This performance highlights the continued robust expansion of P&C businesses in both Retail and Commercial, with growth balanced between pricing and volumes p. 1.
  • Life & Health revenues reflect the continuation of strong momentum from the previous year 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 on May 5, 2026, at 5:45pm CET p. 1.
  • The 1Q26 activity indicators show sustained revenue momentum p. 1.
  • All footnotes for this press release are located on page 7 p. 1.

1Q26 key highlights

AXA Group's gross written premiums and other revenues for 1Q25 and 1Q26. p. 2
EUR bn 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.
AXA Group's Solvency II ratio for FY25, January 1, 2026, and 1Q26. p. 2
EUR bn FY25 January 1, 2026 1Q26 Change vs. January 1, 2026
Solvency II ratio (%) 224% 215% 211% -4pts

Activity indicators

  • Total gross written premiums & other revenues were +6% p. 2.
    • Property & Casualty +4% p. 2.
      • Personal lines +7% due to 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 the 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, which resulted in a -10 points decrease vs. December 31, 2025 p. 2.
  • The Solvency II ratio decreased by -4 points vs. January 1, 2026, due to:
    • A 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

Property & Casualty gross written premiums and other revenues for 1Q25 and 1Q26. p. 3
EUR bn 1Q25 1Q26 Change LFL 1Q26 Price effect (in %)
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 for Property & Casualty were +4% to EUR 21.5bn p. 3.
  • Personal lines grew by 7% to EUR 7.0bn p. 3.
    • Europe +7% from favorable price effects (except in 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 by 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; 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 decreased by 7% to EUR 1.2bn, reflecting lower volumes consistent with a 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.

6 ──

  • 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability, reflecting their contribution to FY25 figures p. 4.
  • All year-on-year changes are on a comparable basis vs. the updated 1Q25 figures p. 4.
  • Gross written premiums & other revenues for Life & Health were +8% to EUR 16.5bn p. 4.
  • Life premiums increased by 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 the 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 increased by 8% to EUR 5.9bn, driven by favorable price effects across all geographies p. 4.
  • PVEP was +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) increased by 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) was +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 by 0.3 point to 4.4% p. 4.
  • Net flows were EUR +2.7bn, compared to EUR +2.5bn in 1Q25 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.

Life & Health

Life & Health gross written premiums and other revenues and new business metrics. p. 4
EUR bn 1Q25 1Q25 Updated* 1Q26 Change vs. 1Q25 updated on a comparable basis
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

Ratings

AXA Group's insurer financial strength and credit ratings from various agencies. p. 5
Agency Date of last review Insurer financial strength ratings AXA SA Insurer financial strength ratings AXA's principal insurance subsidiaries Insurer financial strength ratings Outlook AXA's credit ratings 12 Senior debt of the Company AXA's credit ratings 12 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%.

Contractual service m argin ('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.

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). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities).

New business contractual service m argin ('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.

New business value ('NBV'): the value of newly issued contracts during the current year. 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.

New business value m argin ('NBV Margin'): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.

Present value of expected p remiums ('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. PVEP is discounted at the reference interest rate and PVEP is Group share.

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:
    • 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 are fully consolidated p. 6. China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (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. 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

Exchange rates for major currencies against the Euro for FY25, 1Q25, and 1Q26. p. 6
For 1 Euro 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

Glossary

  • 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.
  • 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.
  • It includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, 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 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.
  • This 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.
  • The guidance assumes no significant deterioration in current operating, pricing, and market conditions, and is based on a Natural Catastrophe load of approximately 4.5 points, defined as normalized natural catastrophe losses expected in a year expressed as a percentage of gross earned premiums p. 7.
  • Natural catastrophe charges include natural catastrophe losses regardless of event size 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.
  • '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, or alternative performance measure ('APM') 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 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 '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 calculation 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.
  • 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: Emerging Markets Europe
  • ESMA: European Securities and Markets Authority
  • GAAP: Generally Accepted Accounting Principles
  • 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

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 were EUR 115.5bn and underlying earnings were 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.
  • It 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 the press release are forward-looking, 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 guidance for the last year of the 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 2025 for a description of factors, risks, and uncertainties that may affect 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, or alternative performance 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.
  • None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS p. 8.
  • 'Underlying earnings', UEPS ('underlying earnings per share'), '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, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology) in the 2025 Universal Registration Document, on the pages indicated in Section 2.3.3 'Alternative Performance Measures' p. 8.
  • For further information on non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document p. 8.
  • For Investor Relations, contact +33.1.40.75.48.42 or investor.relations@axa.com p. 8.
  • For Individual Shareholder Relations, contact +33.1.40.75.48.43 p. 8.
  • For Media Relations, contact +33.1.40.75.46.74 or 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.
AXA Group's gross written premiums and other revenues by segment. p. 9
EUR m 1Q25 1Q25 Adjusted 1Q26 Change vs. 1Q25 Adjusted 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 in 1Q25 were EUR 198m, with EUR 68m in P&C and EUR 130m in Life & Health p. 9.
    • CLP premiums in 1Q26 were EUR 201m, 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.
    • These premiums were EUR 319m in 1Q25, with EUR 104m in Life and EUR 215m in Health p. 9.
    • These premiums were EUR 336m in 1Q26, with EUR 103m in Life and EUR 233m in Health p. 9.
AXA Group's Property & Casualty gross written premiums by segment and line. p. 10
EUR m Commercial lines Commercial lines Change Personal lines Personal lines Change Personal lines Personal lines Change Personal lines Personal lines Change AXA XL Reinsurance AXA XL Reinsurance Change 1Q26 Total P&C 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%
  • Changes are calculated on a comparable basis, accounting for constant forex, scope, and methodology p. 10.
AXA Group's gross written premiums and other revenues by currency. p. 10
EUR FY25 1Q26
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%
Property & Casualty price effect by country and business line for 1Q26. p. 11
P&C: Price effect by country and business line 1Q26 (in %) P&C: Price effect by country and business line Commercial lines P&C: Price effect by country and business line Personal lines
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%
Property & Casualty price effect for Spain and Italy, and AXA XL. p. 11
Spain +5.7% +6.0%
AXA XL ii -0.2% — -3.9%
Property & Casualty price effect for Asia, Africa & EME-LATAM. p. 11
Asia, Africa & EME-LATAM +0.4% +5.6% -3.9%
Total +1.5% +4.0% -3.9%
AXA Group's gross written premiums and other revenues by business line. p. 12
Gross written premiums & other revenues Total Total Change Protection Protection Change G/A Savings G/A Savings Change Unit-Linked Unit-Linked Change Health Health Change
in Euro million 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%
  • PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions p. 13.
AXA Group's 1Q25 updated figures for gross written premiums and other revenues. p. 13
1Q25 Updated figures 1Q25 Updated figures 1Q25 Updated figures 1Q25 Updated figures 1Q25 Updated figures 1Q25 Updated figures 1Q25 Updated figures 1Q25 Updated figures 1Q25 Updated figures Total Total Total Total
— — — — — — — — — Total i Total i Total i Total i
in Euro 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 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%
AXA Group's 1H25 updated figures for gross written premiums and other revenues. p. 13
1H25 Updated figures 1H25 Updated figures 1H25 Updated figures 1H25 Updated figures 1H25 Updated figures 1H25 Updated figures 1H25 Updated figures 1H25 Updated figures 1H25 Updated figures Total Total Total Total
— — — — — — — — — Total i Total i Total i Total i
in Euro 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 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%
AXA Group's 9M25 updated figures for gross written premiums and other revenues. p. 13
9M25 Updated figures 9M25 Updated figures 9M25 Updated figures 9M25 Updated figures 9M25 Updated figures 9M25 Updated figures 9M25 Updated figures 9M25 Updated figures 9M25 Updated figures Total Total Total Total
— Life Life Life Life — — — — Total i Total i Total i Total i
in Euro 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 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%

Caption: AXA Group's NB CSM to NBV for 1Q25 updated figures. p. 13

AXA Group's NB CSM to NBV for 1H25 updated figures. p. 13
NB CSM to NBV 1Q25 Updated figures NB CSM to NBV 1Q25 Updated figures NB CSM to NBV 1Q25 Updated figures NB CSM to NBV 1Q25 Updated figures
in Euro 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
AXA Group's NB CSM to NBV for 9M25 updated figures. p. 13
1H25 Updated figures NB CSM to NBV 1H25 Updated figures NB CSM to NBV 1H25 Updated figures NB CSM to NBV 1H25 Updated figures NB CSM to NBV
in Euro 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
NB CSM to NBV 9M25 Updated figures NB CSM to NBV 9M25 Updated figures NB CSM to NBV 9M25 Updated figures NB CSM to NBV 9M25 Updated figures
in Euro 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
  • Changes are compared against 1Q25 updated figures, which are based on FY25 financial and actuarial assumptions p. 14.
AXA Group's Life and Health new business metrics for 1Q26. p. 14
EUR m Life New Business Metrics 1Q26 PVEP Life New Business Metrics 1Q26 Change Life New Business Metrics 1Q26 NB CSM (pre-tax) Life New Business Metrics 1Q26 Change Life New Business Metrics 1Q26 NBV (post-tax) Life New Business Metrics 1Q26 Change Life New Business Metrics 1Q26 NBV margin (%) Life New Business Metrics 1Q26 Change Health New Business Metrics 1Q26 PVEP Health New Business Metrics 1Q26 Change Health New Business Metrics 1Q26 NB CSM (pre-tax) Health New Business Metrics 1Q26 Change Health New Business Metrics 1Q26 NBV (post-tax) Health New Business Metrics 1Q26 Change Health New Business Metrics 1Q26 NBV margin (%) Health New Business Metrics 1Q26 Change Total New Business Metrics 1Q26 PVEP Total New Business Metrics 1Q26 Change Total New Business Metrics 1Q26 NB CSM (pre-tax) Total New Business Metrics 1Q26 Change Total New Business Metrics 1Q26 NBV (post-tax) Total New Business Metrics 1Q26 Change Total New Business Metrics 1Q26 NBV margin (%) Total New Business Metrics 1Q26 Change
France iii,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
Europe iv 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
Transversal iii 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
AXA Group's NB CSM to NBV breakdown. p. 14
NB CSM to NBV NB CSM to NBV NB CSM to NBV NB CSM to NBV
in Euro 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
  • This includes Health business primarily written in Life entities p. 14.

Net flows by business line

AXA Group's net flows by business line for 1Q25 and 1Q26. p. 15
EUR bn 1Q25 1Q26
Health i +0.8 +1.0
Protection +1.8 +1.8
G/A Savings -0.7 -0.8
AXA Group's net flows for capital light and traditional G/A savings. p. 15
o/w capital light +0.6 +0.7
AXA Group's total Life & Health net flows for Unit-Linked. p. 15
Unit-Linked +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 without guarantees, with guarantees only at maturity, or with guarantees equal to or lower than 0% p. 15.
  • Investment contracts with no discretionary participation features ('DPF') are included p. 15.
  • AXA announced the execution of a share repurchase agreement for up to EUR 1.25bn on February 27, 2026 p. 16.
  • Upcoming investor events include:
    • 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.
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