AXA/2026/Q1 earnings press release

Document info
Document info
Organization	AXA
Year	2026
Period	Q1
Period label	1Q26
Document type	Earnings press release
Publication date	2026-05-05
Market timing	Pre-market
Language	English
Pages	16
Source	Original URL
Archive	.md file

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

Gross written premiums & other revenues +6% vs. 1Q25 to EUR 38.0bn ^{p. 1}
- Property & Casualty premiums +4% to EUR 21.5bn ^{p. 1}
  - Retail premiums +7%, with +4% from price effect and +3% from volumes ^{p. 1}
  - Commercial premiums +3%, with equal contributions from price effect and volumes ^{p. 1}
- Life & Health premiums +8% to EUR 16.5bn ^{p. 1}
  - Life premiums +8% ^{p. 1}
  - Health premiums +8% ^{p. 1}
Life & Health NB CSM +4% ^{p. 1}
Net flows of EUR +2.7bn ^{p. 1}
Solvency II ratio at 211% as of March 31, 2026, -4 points vs. January 1, 2026 (post-grandfathering period) ^{p. 1}

Outlook 3

AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range ^{p. 1}
AXA will present its new strategic plan for 2027-2029 on September 15, 2026 ^{p. 1}
All footnotes for this press release are on page 7 ^{p. 1}
Press release issued on May 5, 2026 (5:45pm CET) ^{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." (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})

1Q26 key highlights

Gross written premiums and other revenues by segment 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.

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 +6% ^{p. 2}
- Property & Casualty +4% ^{p. 2}
  - Personal lines +7%, driven by higher volumes and favorable price effect ^{p. 2}
  - Commercial lines (excluding AXA XL Reinsurance) +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%), 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 other revenues by line of business. ^{p. 3}
EUR bn	1Q25	1Q26	Change on a comparable basis	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 P&C were up +4% to EUR 21.5bn ^{p. 3}
Personal lines grew +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 +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 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 -7% to EUR 1.2bn, reflecting lower volumes consistent with focus on profitability in a softer market, with pricing down -4% ^{p. 3}
Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget ^{p. 3}
The annual natural catastrophe budget of ca. 4.5 points of combined ratio is maintained ^{p. 3}

Life & Health

Life & Health gross written premiums and other revenues and new business metrics. ^{p. 4}
EUR bn	1Q25	1Q25 Updated*	1Q26	Change 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

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 up +8% to EUR 16.5bn ^{p. 4}
Life premiums increased +8% to EUR 10.5bn, driven by: ^{p. 4}
- Unit-Linked +16%, from continued positive sales momentum across geographies ^{p. 4}
- G/A Savings +9%, mainly from successful commercial campaigns in Spain, strong single-premium sales in Japan, good performance of G/A capital-light products in Italy, and positive momentum in Individual Savings in Switzerland ^{p. 4}
- Protection +4%, primarily from continued success of Protection with G/A savings in Hong Kong and Protection with Unit-Linked in Japan, as well as Individual Protection with Savings in Switzerland ^{p. 4}
Health premiums increased +8% to EUR 5.9bn, driven by favorable price effects across all geographies ^{p. 4}
PVEP 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) increased +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 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 decreased -0.3 points to 4.4% ^{p. 4}
Net flows 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 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. 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: ^{p. 6}
- Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. bancassurance entity), China P&C, South Korea, and Asia Holdings are fully consolidated ^{p. 6}
- Asia: 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}
- EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income ^{p. 6}
- EME-LATAM: AXA Mediterranean Holdings is included ^{p. 6}
Transversal & Other: includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (incl. 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 1 Euro against major currencies 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, 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 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 certain disposals and in-force management transactions, and 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 is not an indication of actual dividend and share buyback amounts for FY26 ^{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 www.axa.com ^{p. 7}
Expected underlying earnings per share ('UEPS') growth for 2026 is a forward-looking statement providing one-off guidance for the last year of the current strategic plan ^{p. 7}
"Commercial lines" refers to P&C Commercial lines excluding AXA XL Reinsurance ^{p. 7}
Price effect is calculated as a percentage of total gross written premiums of the prior year ^{p. 7}
General account is abbreviated as G/A ^{p. 7}
Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, ceasing 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 (alternative performance measure or '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 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 LATAM: Emerging Markets Europe and Latin America
EME: Emerging Markets Europe
ESMA: European Securities and Markets Authority
GAAP: Generally Accepted Accounting Principles
IFRS: International Financial Reporting Standards
II: Solvency II
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
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 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}
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 predictions of future events, trends, plans, expectations, or objectives, and are not historical information ^{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 current strategic plan ^{p. 8}
Forward-looking statements are subject to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially ^{p. 8}
AXA 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 (alternative performance measures or 'APMs') used by Management ^{p. 8}
Non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies ^{p. 8}
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements ^{p. 8}
'Underlying earnings', UEPS, 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and AMF's related position statement ^{p. 8}
AXA provides reconciliation of APMs 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 contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com ^{p. 8}
Corporate Responsibility strategy information: axa.com/en/about-us/strategy-commitments ^{p. 8}
SRI ratings information: axa.com/en/investor/sri-ratings-ethical-indexes ^{p. 8}

Appendix 1: Earnings

This section is Appendix 1: Gross Written Premiums & Other Revenues by Geography and Business Line ^{p. 9}.

Earnings by segment for 1Q25 and 1Q26. ^{p. 9}
EUR m	1Q25 Published	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	8,440	7,923	8,393	+6%	+5%	3,355	+6%	5,012	+4%
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	525	723	764	+6%	+6%	601	+8%	163	-2%
AXA Investment Managers	443	443	—	n.m.	n.m.	—	—	—	—
Total	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}.
- In 1Q25, these reallocated premiums totaled EUR 198m, with EUR 68m in P&C and EUR 130m in Life & Health ^{p. 9}.
- In 1Q26, these reallocated premiums totaled 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}.
- In 1Q25, these premiums totaled EUR 319m, with EUR 104m in Life and EUR 215m in Health ^{p. 9}.
- In 1Q26, these premiums totaled EUR 336m, with EUR 103m in Life and EUR 233m in Health ^{p. 9}.

Property & Casualty earnings by line of business 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 presented on a comparable basis (constant forex, scope, and methodology) ^{p. 10}.
This section includes Interest Rates (5Y) for the Discounting of P&C Claims Reserves ^{p. 10}.

Exchange rates for major currencies against the Euro for FY25 and 1Q26. ^{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, 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%

This section is blank ^{p. 12}.

Caption: Life & Health new business metrics by region for 1Q25. ^{p. 12}

| EUR m | 1Q25 Updated* PVEP | 1Q25 Updated* NB CSM (pre-tax) | 1Q25 Updated* NBV (post-tax) | 1Q25 Updated* NBV margin (%) | 1Q25 Updated* PVEP | 1Q25 Updated* NB CSM (pre-tax) | 1Q25 Updated* NBV (post-tax) | 1Q25 Updated* NBV margin (%) | 1Q25 Updated* Total PVEP | 1Q25 Updated* Total NB CSM (pre-tax) | 1Q25 Updated* Total NBV (post-tax) | 1Q25 Updated* Total NBV margin (%) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ---|------| | 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}.

Life & Health new business metrics by region for 1H25. ^{p. 13}
EUR m	1H25 Updated* PVEP	1H25 Updated* NB CSM (pre-tax)	1H25 Updated* NBV (post-tax)	1H25 Updated* NBV margin (%)	1H25 Updated* PVEP	1H25 Updated* NB CSM (pre-tax)	1H25 Updated* NBV (post-tax)	1H25 Updated* NBV margin (%)	1H25 Updated* Total PVEP	1H25 Updated* Total NB CSM (pre-tax)	1H25 Updated* Total NBV (post-tax)	1H25 Updated* Total NBV margin (%)
—	—	—	—	—	—	—	—	—	Total i	Total i	Total i	Total i
France	3,026	94	103	3.4%	1,565	—	44	2.8%	4,591	94	147	3.2%
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	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 for 9M25. ^{p. 13}
EUR m	9M25 Updated* PVEP	9M25 Updated* NB CSM (pre-tax)	9M25 Updated* NBV (post-tax)	9M25 Updated* NBV margin (%)	9M25 Updated* PVEP	9M25 Updated* NB CSM (pre-tax)	9M25 Updated* NBV (post-tax)	9M25 Updated* NBV margin (%)	9M25 Updated* Total PVEP	9M25 Updated* Total NB CSM (pre-tax)	9M25 Updated* Total NBV (post-tax)	9M25 Updated* Total NBV margin (%)
—	—	—	—	—	—	—	—	—	Total i	Total i	Total i	Total i
France	6,969	204	245	3.5%	3,261	—	82	2.5%	10,229	204	327	3.2%
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 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 NB CSM to NBV by region for 1Q25. ^{p. 13}
EUR m	1Q25 Updated* NB CSM to NBV Life	1Q25 Updated* NB CSM to NBV Health	1Q25 Updated* NB CSM to NBV 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%

GIE_AXA_Internal

GIE_AXA_Secret

Life & Health NB CSM to NBV for 1H25. ^{p. 13}
EUR m	1H25 Updated* NB CSM to NBV Life	1H25 Updated* NB CSM to NBV Health	1H25 Updated* NB CSM to NBV 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 NB CSM to NBV for 9M25. ^{p. 13}
EUR m	9M25 Updated* NB CSM to NBV Life	9M25 Updated* NB CSM to NBV Health	9M25 Updated* NB CSM to NBV 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

Life & Health NB CSM to NBV for 9M25. ^{p. 13}
9M25 Updated*	9M25 Updated*	9M25 Updated*	9M25 Updated*
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

This section is Appendix 9: Other Appendix 6: PVEP, NB CSM, NBV, and NBV margin ^{p. 14}.
Changes are compared against 1Q25 updated figures, which are based on FY25 financial and actuarial assumptions ^{p. 14}.

Life & Health new business metrics by region 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

Life & Health NB CSM to NBV for 1Q26. ^{p. 14}
EUR m	NB CSM to NBV Life	NB CSM to NBV Health	NB CSM to NBV 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

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

Net flows by business line

Net flows by business line for Health, Protection, and G/A Savings. ^{p. 15}
EUR bn	1Q25	1Q26
Health i	+0.8	+1.0
Protection	+1.8	+1.8
G/A Savings	-0.7	-0.8

Traditional G/A net flows for 1Q25 and 1Q26. ^{p. 15}
EUR bn	1Q25	1Q26
o/w traditional G/A	-1.3	-1.5

Total Life & Health net flows for 1Q25 and 1Q26. ^{p. 15}
EUR bn	1Q25	1Q26
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 announcement of a share repurchase agreement for AXA's share buyback program of up to EUR 1.25bn on February 27, 2026 ^{p. 16}.
Next main investor events are:
- - 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}.