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AXA/2026/1Q activity indicators press release

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

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

1Q26 highlights

  • Gross written premiums & other revenues (1) were up +6% to EUR 38.0bn in 1Q26 vs. 1Q25 p. 1.
  • Property & Casualty premiums were up +4% to EUR 21.5bn p. 1.
    • Retail premiums were up +7%, driven by a +4% price effect and +3% from volumes p. 1.
    • Commercial premiums were up +3%, with equal contributions from price effect and volumes p. 1.
  • Life & Health premiums were up +8% to EUR 16.5bn p. 1.
    • Life premiums were up +8% p. 1.
    • Health premiums were up +8% p. 1.
  • Life & Health NB CSM was up +4% p. 1.
  • Net flows for Life & Health were EUR +2.7bn p. 1.
  • Solvency II ratio (2) was 211% as of March 31, 2026, a decrease of -4 points vs. January 1, 2026 (post-grandfathering period), 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 (4) 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," said Alban de Mailly Nesle, Chief Financial Officer of AXA. "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." 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

Press release

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

1Q26 key highlights

AXA's gross written premiums and other revenues for 1Q25 and 1Q26. 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.
AXA's Solvency II ratio for FY25, January 1, 2026, and 1Q26. p. 2
Key figures (in EUR billion, unless otherwise noted) 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 (1) were up +6% p. 2.
    • Property & Casualty was up +4% p. 2.
      • Personal lines were up +7%, driven by higher volumes and favorable price effect p. 2.
      • Commercial lines (5) were up +3%, driven by higher volumes (notably at AXA XL Insurance) and favorable price effect (6), mainly in the SME & Mid-market business in Europe and France p. 2.
      • AXA XL Reinsurance was down -7%, reflecting discipline in softening market conditions p. 2.
    • Life & Health was up +8% p. 2.
      • Life premiums were up +8%, driven by strong sales in Unit-Linked (+16%) and G/A (7) (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan p. 2.
      • Health premiums were up +8%, driven by favorable price effects across all geographies p. 2.
  • Solvency II ratio (2) 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 (8), which was -10 points vs. December 31, 2025 p. 2.
  • The Solvency II ratio decreased by -4 points vs. January 1, 2026, due to: p. 2.
    • A strong operating return (+7 points), 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
Key figures (EUR billion) 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 (1) for Property & Casualty were up +4% to EUR 21.5bn p. 3.
  • Personal lines grew by 7% to EUR 7.0bn, driven by: 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 by 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 remained 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 maintaining 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 (9) budget of approximately 4.5 points of combined ratio (10) is maintained p. 3.

Life & Health

Life & Health key figures including premiums, PVEP, NB CSM, and net flows. 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, reflecting their contribution to FY25 figures (see Appendix 5) p. 4.
  • Gross written premiums & other revenues (1) for Life & Health were up +8% to EUR 16.5bn p. 4.
  • Life premiums increased by 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 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 (1,11) was up +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) (1,11) 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) (1,11) was up +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 (1,11) decreased by 0.3 point to 4.4% p. 4.
  • Net flows (1,11) were EUR +2.7bn, compared to 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 products 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 credit ratings for AXA by various agencies. p. 5
Insurer financial strength ratings AXA's credit ratings
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 include insurance premiums collected during the period (risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business) and premiums/fees collected on non-insurance activities (banking, services, asset management) 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, comprising: (i) NB CSM, (ii) present value of future profits of Short-Term Business newly issued contracts by Life entities (considering expected renewals), (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 NBV to PVEP p. 5.
  • Present value of expected premiums ('PVEP') is the new business volume, equal to the present value at issue of total premiums expected over the policy term, discounted at the reference interest rate and is Group share p. 5.
  • AA: Rating
  • AM: AM Best
  • AMF: Autorité des marchés financiers
  • APM: Alternative Performance Measure
  • CLP: Credit and Lifestyle Protection
  • CSM: Contractual Service Margin
  • DJSI: Dow Jones Sustainability Index
  • DPF: Discretionary Participation Features
  • EME: Emerging Markets Europe
  • ESMA: European Securities and Markets Authority
  • GAAP: Generally Accepted Accounting Principles
  • GWP: Gross Written Premiums
  • IFRS: International Financial Reporting Standards
  • II: Solvency II
  • ISN FR: International Securities Identification Number France
  • LATAM: Latin America
  • LFL: Like-for-Like
  • NB CSM: New Business Contractual Service Margin
  • NBV: New Business Value
  • OTC QX: Over The Counter QX
  • PVEP: Present Value of Expected Premiums
  • SFCR: Solvency and Financial Condition Report
  • SME: Small and Medium-sized Enterprises
  • SRI: Socially Responsible Investment
  • UEPS: Underlying Earnings Per Share
  • UK: United Kingdom
  • UN: United Nations
  • UNEP FI: United Nations Environment Programme's Finance Initiative

Scope

  • France: includes insurance activities, banking activities, and holding p. 6.
  • Europe: includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxemburg (insurance and holding), United Kingdom and Ireland (insurance and holding), Spain (insurance and holding), Italy (insurance), Prima (13) (insurance), AXA Health International (insurance), and AXA Life Europe (insurance) p. 6.
  • AXA XL: includes insurance and reinsurance activities and holding p. 6.
  • Asia, Africa & EME-LATAM: p. 6.
    • Asia: Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, Indonesia L&S (excluding bancassurance), China P&C, South Korea, and Asia Holdings are fully consolidated p. 6. China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S (bancassurance) are consolidated under the equity method and contribute only to NBV, PVEP, underlying earnings, and net income p. 6.
    • Africa: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) are fully consolidated p. 6.
    • EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) are fully consolidated p. 6. Russia (Reso) (insurance) 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 Group's internal reinsurance activity), and other Central Holdings p. 6.
  • AXA Investment Managers: disposal to BNP Paribas completed on July 1, 2025 p. 6.

Exchange rates

End of period and average exchange rates for various currencies against the 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, 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 p. 7.
  • These and other terms are defined in the glossary section of this press release p. 7.
  • The Solvency II ratio (2) 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 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 disposals and in-force management, and 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 and submitted to shareholders for approval p. 7.
  • This estimate is not an indication of actual dividend and share buyback amounts for the 2026 financial year p. 7.
  • For information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on axa.com p. 7.
  • Expected underlying earnings per share ('UEPS') growth for 2026 (4) is a forward-looking statement providing one-off guidance for the last year of the current strategic plan, qualified by cautionary statements p. 7.
  • 'Commercial lines' (5) refers to P&C Commercial lines excluding AXA XL Reinsurance p. 7.
  • Price effect (6) is calculated as a percentage of total gross written premiums of the prior year p. 7.
  • G/A (7) 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 (8) p. 7.
  • Natural catastrophe charges (9) include natural catastrophe losses regardless of event size p. 7.
  • Combined ratio (10) is a non-GAAP financial measure (APM); refer to the 'Important legal information' section for details p. 7.
  • Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin (11) include Health business predominantly written in Life entities p. 7.
  • Restricted Tier 1 (12) is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's p. 7.
  • Tier 2 (12) 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 (13) 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 international SRI indexes like 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 this press release are forward-looking, including those regarding expected underlying earnings per share ('UEPS') growth for 2026 p. 8.
  • These statements are based on Management's current views and intentions and are subject to change, risks, and uncertainties p. 8.
  • AXA disclaims any obligation to update or revise forward-looking statements, except as required by law p. 8.
  • This press release refers to non-GAAP financial measures (APMs) used by Management, which may not be comparable to measures used by other companies p. 8.
  • These APMs 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 AMF's position statement p. 8.
  • Reconciliations of APMs are provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' p. 8.
  • Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com p. 8.
  • Individual Shareholder Relations contact: +33.1.40.75.48.43 p. 8.
  • Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com p. 8.
  • Corporate Responsibility strategy information: 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
Gross written premiums and other revenues by segment for 1Q26. p. 9
GWP & Other Revenues o/w P&C o/w Life & Health
in Euro million 1Q25 Published 1Q25 Adjusted 1Q26 Change Change LFL 1Q26 Change LFL 1Q26 Change LFL
in Euro million 1Q25 Published 1Q25 Adjusted ii,iii 1Q26 Change on a reported basis vs. 1Q25 Adjusted Change on a comparable basis 1Q26 Change on a comparable basis 1Q26 Change on a comparable basis
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 reallocated from France to Transversal p. 9.
    • 1Q25 CLP premiums: EUR 198m (of which EUR 68m in P&C and EUR 130m in Life & Health) p. 9.
    • 1Q26 CLP premiums: EUR 201m (of which EUR 68m in P&C and EUR 132m in Life & Health) p. 9.
  • International protection and health premiums previously reported in AXA France are now under AXA Health International, part of Europe p. 9.
    • 1Q25 premiums: EUR 319m (of which EUR 104m in Life and EUR 215m in Health) p. 9.
    • 1Q26 premiums: EUR 336m (of which EUR 103m in Life and EUR 233m in Health) p. 9.
Property & Casualty gross written premiums by business line and segment. p. 10
Commercial lines Personal lines AXA XL Reinsurance Total P&C
in Euro million Total Commercial Change Personal Motor Change Personal Non-Motor Change Total Personal Change Total Reinsurance Change 1Q26 Change
France 2,061 +6% 766 +10% 528 +4% 1,294 +8% — — 3,355 +6%
Europe 4,388 +1% 3,370 +10% 1,570 +2% 4,940 +7% — — 9,328 +4%
AXA XL 5,215 +2% — — — — — — 1,244 -7% 6,459 0%
Asia, Africa & EME-LATAM 952 +10% 577 +8% 190 +2% 767 +7% — — 1,719 +8%
Transversal 601 +8% — — — — — — — — 601 +8%
Total 13,217 +3% 4,712 +9% 2,288 +2% 7,001 +7% 1,244 -7% 21,462 +4%
  • Changes are on a comparable basis (constant forex, scope, and methodology) p. 10.
  • Interest Rates (5Y) are used for the Discounting of P&C Claims Reserves p. 10.
Exchange rates for various currencies against the Euro for FY25 and 1Q26. 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%
Property & Casualty price effect by country and business line for 1Q26. p. 11
1Q26 (in %) Commercial lines Personal lines AXA XL Reinsurance
France +3.5% +2.6% —
Europe +3.0% +4.2% —
Switzerland +4.0% +5.1% —
Germany +2.5% +4.2% —
Belgium & Luxembourg +2.2% +2.4% —
UK & Ireland +0.5% -0.9% —
Spain +5.7% +6.0% —
Italy +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%
Life & Health gross written premiums and other revenues by business line and segment. p. 12
GWP & Other Revenues Total o/w Protection o/w G/A Savings o/w Unit-Linked o/w Health
in Euro million 1Q26 Change 1Q26 Change 1Q26 Change 1Q26 Change 1Q26 Change
France 5,012 +4% 996 +3% 1,325 +1% 1,437 +7% 1,253 +4%
Europe 7,577 +9% 1,986 0% 1,263 +16% 1,044 +24% 3,283 +8%
AXA XL 29 -1% 15 +1% 14 -2% — — — —
Asia, Africa & EME-LATAM 3,684 +13% 1,764 +10% 319 +27% 224 +35% 1,377 +10%
Transversal 163 -2% 132 -1% — — — — 31 -5%
Total 16,464 +8% 4,893 +4% 2,922 +9% 2,705 +16% 5,944 +8%
o/w short-term 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.
Updated Life & Health figures for 1Q25 by segment. p. 13
EUR million Life Health Total
— PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%)
France 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%
Updated Life & Health figures for 1H25 by segment. p. 13
EUR million Life Health Total
— PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%)
France 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%
Updated PVEP, NB CSM, and NBV figures for 9M25 by segment. 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 (%)
— Life Health Total
Franceᶦᶦ,ᶦᶦᶦ 9,911 277 344 3.5% 4,788 — 116 2.4% 14,698 277 459 3.1%
Europeᶦᶦᶦ 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%
Transversalᶦᶦ 230 18 12 5.2% — — — — 230 18 12 5.2%
Total 27,448 1,345 1,312 4.8% 9,505 313 387 4.1% 36,953 1,659 1,698 4.6%
Updated NB CSM to NBV figures for 1Q25 by business line. p. 13
EUR million Life Health Total
NB CSM (pre-tax) 460 141 601
Other NBV (pre-tax) 133 82 215
Tax -141 -53 -194
Total NBV 452 170 623
Updated NB CSM to NBV figures for 1H25 by business line. p. 13
EUR million Life Health Total
NB CSM (pre-tax) 934 223 1,156
Other NBV (pre-tax) 258 144 402
Tax -288 -89 -377
Total NBV 904 278 1,182
Updated NB CSM to NBV figures for 9M25 by business line. p. 13
EUR million Life Health Total
NB CSM (pre-tax) 1,345 313 1,659
Other NBV (pre-tax) 384 198 583
Tax -418 -125 -543
Total NBV 1,312 387 1,698
  • Changes are compared to 1Q25 updated figures based on FY25 financial and actuarial assumptions p. 14.
Life, Health, and Total New Business Metrics for 1Q26 by segment. p. 14
Life New Business Metrics 1Q26 Health New Business Metrics 1Q26 Total New Business Metrics 1Q26
in Euro million PVEP Change NB CSM (pre-tax) Change NBV (post-tax) Change NBV margin (%) Change PVEP Change NB CSM (pre-tax) Change NBV (post-tax) Change NBV margin (%) Change PVEP Change NB CSM (pre-tax) Change NBV (post-tax) Change NBV margin (%) Change
Franceⁱⁱⁱ,ⁱᵛ 3,348 +11% 96 +2% 112 +8% 3.3% -0.1 pt 1,815 +16% — — 46 +5% 2.5% -0.3 pt 5,162 +12% 96 +2% 158 +7% 3.1% -0.1 pt
Europeⁱᵛ 3,287 +8% 187 -1% 156 -5% 4.8% -0.7 pt 1,707 +4% 89 +17% 77 +15% 4.5% +0.4 pt 4,994 +7% 275 +4% 233 0% 4.7% -0.3 pt
Asia, Africa & EME-LATAM 3,129 +11% 178 +13% 178 +7% 5.7% -0.2 pt 407 -26% 46 -22% 37 -32% 9.1% -0.8 pt 3,536 +5% 224 +4% 215 -2% 6.1% -0.5 pt
Transversalⁱⁱⁱ 67 +7% 5 +7% 3 +7% 5.2% 0.0 pt — — — — — — — — 67 +7% 5 +7% 3 +7% 5.2% 0.0 pt
Total 9,831 +10% 466 +5% 450 +3% 4.6% -0.3 pt 3,929 +4% 135 -1% 160 -4% 4.1% -0.4 pt 13,760 +8% 601 +4% 609 +1% 4.4% -0.3 pt
NB CSM to NBV figures for Life, Health, and Total business lines. p. 14
EUR million Life Health Total
NB CSM (pre-tax) 466 135 601
Other NBV (pre-tax) 125 73 198
Tax -142 -48 -190
NBV 450 160 609

Net flows by business line

Life & Health net flows by business line for 1Q25 and 1Q26. 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 includes business predominantly written in Life entities p. 15.
  • Capital light G/A encompasses products with no guarantees, guarantees at maturity only, or guarantees equal to or lower than 0% p. 15.
  • Investment contracts include those with no discretionary participation features ('DPF') p. 15.
  • Main transactions in 2026:
    • Execution of a share repurchase agreement announced on February 27, 2026, for up to EUR 1.25bn p. 16.
  • Next main investor events:
    • HY26 Earnings Release: July 31, 2026 p. 16.
    • AXA Investor Day: September 15, 2026 p. 16.
    • AXA Investor roundtable on the strategy for AXA key markets: September 21, 2026 p. 16.
    • 9M26 Activity Indicators: October 29, 2026 p. 16.
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