1Q26 highlights
- Gross written premiums & other revenues +6% vs. 1Q25 to EUR 38.0bn p. 1
- Property & Casualty premiums +4% to EUR 21.5bn p. 1
- Retail premiums +7% (+4% from price effect, +3% from volumes) p. 1
- Commercial premiums +3% (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 of EUR +2.7bn p. 1
- Solvency II ratio was 211% as of March 31, 2026 p. 1
- Solvency II ratio decreased by -4 points vs. January 1, 2026 (post-grandfathering period) p. 1
Outlook 3
- AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range p. 1
- AXA will present its new strategic plan for 2027-2029 on September 15, 2026 p. 1
- > "AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy. This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year's strong momentum." — Alban de Mailly Nesle, Chief Financial Officer of AXA p. 1
- > "In the context of a volatile macro environment, we operate from a position of strength, supported by a robust balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident in our ability to deliver underlying earnings per share growth for 2026 at the top end of our target range and to sustain growth beyond the current plan." p. 1
- > "I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA." p. 1
Press release
- The press release was issued 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
Gross written premiums and revenues by business line for 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.
|
Solvency II ratio for FY25, January 1, 2026, and 1Q26. p. 3
| 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% (driven by higher volumes and favorable price effect) p. 2
- Commercial lines +3% (from higher volumes, notably at AXA XL Insurance, and favorable price effect mainly in SME & Mid-market business in Europe and France) p. 2
- AXA XL Reinsurance -7% (reflecting discipline in softening market conditions) p. 2
- Life & Health +8% p. 2
- Life premiums +8% (driven by strong sales in Unit-Linked (+16%) and G/A (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan) p. 2
- Health premiums +8% (driven by favorable price effects across all geographies) p. 2
- Solvency II ratio was 211% as of March 31, 2026 p. 2
- On January 1, 2026, the Solvency II ratio was 215% following the end of the grandfathering period (-10 points vs. December 31, 2025) p. 2
- Solvency II ratio was down -4 points vs. January 1, 2026, due to: p. 2
- 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 revenues for 1Q26. p. 4
| 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, 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 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 due to focus on maintaining profitability in a softer market environment, with pricing down -4% p. 3
- Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget p. 3
- The annual natural catastrophe budget of approximately 4.5 points of combined ratio is maintained p. 3
Life & Health
Life & Health gross written premiums, revenues, and new business metrics. p. 5
| EUR bn
|
1Q25
|
1Q25 Updated*
|
1Q26
|
Change vs. 1Q25 Updated* LFL
|
| Gross written premiums and other revenues
|
15.5
|
—
|
16.5
|
+8%
|
| o/w Life
|
9.8
|
—
|
10.5
|
+8%
|
| o/w Health
|
5.6
|
—
|
5.9
|
+8%
|
| PVEP
|
13.7
|
13.0
|
13.8
|
+8%
|
| NB CSM (pre-tax)
|
0.6
|
0.6
|
0.6
|
+4%
|
| NBV (post-tax)
|
0.7
|
0.6
|
0.6
|
+1%
|
| NBV margin
|
4.9%
|
4.8%
|
4.4%
|
-0.3pt
|
| Net flows
|
+2.5
|
—
|
+2.7
|
—
|
- 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability p. 4
- Gross written premiums & other revenues for Life & Health were +8% to EUR 16.5bn p. 4
- Life premiums increased by 8% to EUR 10.5bn, driven by: p. 4
- Unit-Linked (+16%) from continuation of positive sales momentum across geographies p. 4
- G/A Savings (+9%) mainly from successful commercial campaigns in Spain, strong single-premium sales in Japan, good performance of G/A capital-light products in Italy, and positive momentum in Individual Savings in Switzerland p. 4
- Protection (+4%) primarily from continued success of Protection with G/A savings in Hong-Kong and Protection with Unit-Linked in Japan, as well as Individual Protection with Savings in Switzerland p. 4
- Health premiums increased by 8% to EUR 5.9bn, driven by favorable price effects across all geographies p. 4
- PVEP was +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) 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 points to 4.4% p. 4
- Net flows were EUR +2.7bn (vs. EUR +2.5bn in 1Q25), driven by: p. 4
- Protection (EUR +1.8bn), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product p. 4
- Unit-Linked (EUR +0.7bn), primarily in France p. 4
- G/A Savings (EUR -0.8bn), reflecting inflows in capital-light G/A savings (EUR +0.7bn) more than offset by outflows in traditional G/A Savings (EUR -1.5bn) p. 4
- Health (EUR +1.0bn), mostly from Germany, France and Japan p. 4
Ratings
Insurer financial strength and credit ratings from S&P, Moody's, and AM Best. p. 6
| 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), Germany (insurance and holding), Belgium and Luxemburg (insurance and holding), UK and Ireland (insurance and holding), Spain (insurance and holding), Italy (insurance), Prima (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 includes: 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 (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S (bancassurance) (consolidated under equity method, contributing to NBV, PVEP, underlying earnings, and net income) p. 6
- Africa: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) (fully consolidated) p. 6
- EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) (fully consolidated); Russia (Reso) (insurance) (consolidated under equity method, contributing 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
Exchange rates for major currencies against the Euro. p. 9
| 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, NBV, PVEP, and NBV Margin are on a comparable basis (constant forex, scope, and methodology) unless otherwise indicated p. 7
- The Solvency II ratio is estimated using AXA's internal model calibrated based on an adverse 1/200 years shock p. 7
- The Solvency II ratio includes a theoretical amount for dividends and share buybacks accrued for 1Q26, based on a 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 should not be considered an indication of actual dividend and share buyback amounts for FY26 p. 7
- Expected underlying earnings per share ('UEPS') growth for 2026 is a forward-looking statement providing one-off guidance for the last year of the current strategic plan p. 7
- 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance p. 7
- Price effect is calculated as a percentage of total gross written premiums of the prior year p. 7
- G/A refers to General account p. 7
- Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026 p. 7
- Natural catastrophe charges include natural catastrophe losses regardless of event size p. 7
- Combined ratio is a non-GAAP financial 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
- AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 p. 7
- All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) p. 7
- Actuarial and financial assumptions for NBV and PVEP are updated semi-annually at half year and full year p. 7
- Financial figures and information in this press release have not been audited or subject to limited review by AXA's statutory auditors p. 7
- 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
- EME-LATAM: Emerging Markets Europe and Latin America
- 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
- 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 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) p. 8
- AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY p. 8
- The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD p. 8
- AXA is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment p. 8
- This press release and regulated information are available on the AXA Group website (axa.com) p. 8
- Forward-looking statements are subject to known and unknown risks and uncertainties, many outside AXA's control p. 8
- AXA specifically disclaims any obligation to publicly update or revise forward-looking statements, except as required by law p. 8
- This press release refers to non-GAAP financial measures (APMs) used by Management p. 8
- These non-GAAP financial measures generally have no standardized meaning and may not be comparable to measures used by other companies p. 8
- Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements p. 8
- 'Underlying earnings', UEPS, 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and AMF's position statement p. 8
- Reconciliations of APMs are provided in the 2025 Universal Registration Document p. 8
Appendix 1: Earnings
- This section is titled "APPENDIX 1: GROSS WRITTEN PREMIUMS & OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE" p. 9.
Earnings by segment for 1Q25 and 1Q26. p. 10
| EUR m
|
1Q25
|
1Q25 Adjusted
|
1Q26
|
Change
|
Change LFL
|
o/w Property & Casualty 1Q26
|
o/w Property & Casualty Change LFL
|
o/w Life & Health 1Q26
|
o/w Life & Health 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 recorded in AXA France are now reported under the new carrier AXA Health International, which is part of Europe p. 9.
- These premiums in 1Q25 were EUR 319m, with EUR 104m in Life and EUR 215m in Health p. 9.
- These premiums in 1Q26 were EUR 336m, with EUR 103m in Life and EUR 233m in Health p. 9.
Property & Casualty earnings by business line and region. p. 10
| EUR m
|
Commercial lines Total Commercial
|
Commercial lines Change
|
Personal lines Personal Motor
|
Personal lines Change
|
Personal lines Personal Non-Motor
|
Personal lines Change
|
Personal lines Total Personal
|
Personal lines Change
|
AXA XL Reinsurance Total Reinsurance
|
AXA XL Reinsurance Change
|
Total P&C 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, meaning constant forex, scope, and methodology p. 10.
- This section includes "Interest Rates (5Y) For the Discounting of P&C Claims Reserves" p. 10.
Currency breakdown of earnings for FY25 and 1Q26. p. 11
| —
|
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. 12
| 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
|
P&C: Price effect by country and business line 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%
|
- This section is titled "APPENDIX 4: PROPERTY & CASUALTY -REVENUE CONTRIBUTION & GROWTH BY BUSINESS LINE" p. 12.
- This section is also titled "APPENDIX 4: LIFE & HEALTH -GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE" p. 12.
Earnings by segment for 1Q26. p. 13
| EUR m
|
1Q26
|
Change
|
1Q26
|
Change
|
1Q26
|
Change
|
1Q26
|
Change
|
1Q26
|
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%
|
GIE_AXA_Internal
GIE_AXA_Secret
- This section is titled "APPENDIX 4: PROPERTY & CASUALTY -REVENUE CONTRIBUTION & GROWTH BY BUSINESS LINE" p. 13.
- This section is also titled "APPENDIX 5: LIFE & HEALTH -Updated PVEP, NB CSM, NBV, and NBV margin" p. 13.
- PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions p. 13.
Life & Health new business metrics by region. p. 13
| EUR m
|
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 (%)
|
| —
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
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%
|
Life & Health new business metrics by region. p. 13
| EUR m
|
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 (%)
|
| —
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
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%
|
Life & Health new business metrics by region. p. 13
| EUR m
|
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
|
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: Life & Health new business value components. p. 13
Life & Health new business value components. p. 13
| EUR m
|
Life
|
Health
|
Total
|
| 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
|
Life & Health new business value components. p. 14
| EUR m
|
Life
|
Health
|
Total
|
| 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
|
| EUR m
|
Life
|
Health
|
Total
|
| 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.
- The document mentions "GIE_AXA_Internal" p. 14.
- The document mentions "GIE_AXA_Secret" p. 14.
Life, Health, and Total New Business Metrics for 1Q26 by region. 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
|
Life & Health new business value components. p. 15
| EUR m
|
Life
|
Health
|
Total
|
| 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
|
- The figures include Health business predominantly written in Life entities p. 14.
- Changes are presented on a comparable basis, accounting for constant forex, scope, and methodology p. 14.
- This section is titled "APPENDIX 9: OTHER APPENDIX 7: LIFE & HEALTH -NET FLOWS" p. 15.
Net flows by business line
Net flows by business line for 1Q25 and 1Q26.
| EUR bn
|
1Q25
|
1Q26
|
| Health i
|
+0.8
|
+1.0
|
| Protection
|
+1.8
|
+1.8
|
| G/A Savings
|
-0.7
|
-0.8
|
| o/w capital light ii
|
+0.6
|
+0.7
|
| o/w traditional G/A
|
-1.3
|
-1.5
|
| Unit-Linked iii
|
+0.5
|
+0.7
|
| Total Life & Health i net flows
|
+2.5
|
+2.7
|
- Health business written predominantly in Life entities is included p. 15.
- Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% p. 15.
- Investment contracts with no discretionary participation features ('DPF') are included p. 15.
- Main transactions in 2026 include the execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.25bn, announced on February 27, 2026 p. 16.
- Next main 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.
- This section is titled "APPENDIX 9: OTHER APPENDIX 8: MAIN TRANSACTIONS AND NEXT MAIN INVESTOR EVENTS" p. 16.