AXA/2026/Q1 earnings press release

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

Document info
Organization	AXA
Year	2026
Period	1Q
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

1Q26 highlights

• Gross written premiums & other revenues up +6% vs. 1Q25 to EUR 38.0bn ^{p. 1}
  • Property & Casualty premiums up +4% to EUR 21.5bn ^{p. 1}
    • Retail premiums up +7%, with +4% from price effect and +3% from volumes ^{p. 1}
    • Commercial premiums up +3%, with equal contributions from price effect and volumes ^{p. 1}
  • Life & Health premiums up +8% to EUR 16.5bn ^{p. 1}
    • Life premiums up +8% ^{p. 1}
    • Health premiums up +8% ^{p. 1}
• Life & Health NB CSM up +4% ^{p. 1}
• Net flows of EUR +2.7bn ^{p. 1}
• Solvency II ratio at 211% as of March 31, 2026 ^{p. 1}
• Solvency II ratio down -4 points vs. January 1, 2026 (post-grandfathering period), 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}
• All footnotes for this press release can be found on page 7 ^{p. 1}
• AXA delivered a strong start to the year with topline growth across all business lines, aligned with its organic growth strategy ^{p. 1}
• The performance highlights 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}
• AXA operates from a position of strength in a volatile macro environment, supported by a robust balance sheet, a Solvency II ratio of 211%, and a high-quality investment portfolio ^{p. 1}
• This provides strong resilience and flexibility ^{p. 1}
• AXA is confident in its ability to deliver underlying earnings per share growth for 2026 at the top end of its 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 5:45pm CET ^{p. 1}
• 1Q26 Activity indicators show sustained revenue momentum ^{p. 1}

1Q26 key highlights

1Q26 Key Figures: Gross Written Premiums and Other Revenues by Segment ^{p. 2}

Key figures (in EUR bn, unless otherwise noted)	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 Evolution (FY25, January 1, 2026, and 1Q26) ^{p. 2}

Key figures (in EUR bn, 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 were up +6% ^{p. 2}
  • Property & Casualty: +4% ^{p. 2}
    • Personal lines: +7%, driven by higher volumes and favorable price effect ^{p. 2}
    • Commercial lines (footnote: 'Commercial lines' refers to P&C 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%) and G/A (footnote: General account.) (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan ^{p. 2}
    • Health premiums: +8%, driven by favorable price effects across all geographies ^{p. 2}
• Solvency II ratio was 211% as of March 31, 2026 ^{p. 2}
• On January 1, 2026, the Solvency II ratio was 215% following the end of the grandfathering period (footnote: Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's respective press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, each published on www.axa.com.) (-10 points vs. December 31, 2025) ^{p. 2}
• Solvency II ratio was down -4 points vs. January 1, 2026, 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 Price Effect by Line ^{p. 3}

Key figures (in EUR bn, unless otherwise noted)	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 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 ^{p. 3}
  • Pricing overall for AXA XL Insurance remains stable versus 1Q25 ^{p. 3}
  • France: +6%, from both favorable price effect and higher volumes ^{p. 3}
  • Asia, Africa & EME-LATAM: +10%, mainly driven by higher average premiums in Türkiye ^{p. 3}
• AXA XL Reinsurance decreased by 7% to EUR 1.2bn, reflecting lower volumes consistent with focus on maintaining profitability in a softer market environment ^{p. 3}
• Pricing in AXA XL Reinsurance was down -4% ^{p. 3}
• Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget ^{p. 3}
• The annual natural catastrophe (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) budget of approximately 4.5 points of combined ratio (footnote: Combined ratio is a nonGAAP financial measure, or alternative performance measure ('APM'). Please see the paragraph 'Important legal information and cautionary statements concerning forward-looking statements and the use of nonGAAP financial measures' i n this press release for important information about APMs used by AXA.) is maintained ^{p. 3}

Life & Health

Life & Health Key Figures: Premiums, PVEP, NB CSM, and NBV ^{p. 4}

Key figures (in EUR bn, unless otherwise noted)	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

• 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 versus the updated 1Q25 figures ^{p. 4}
• Gross written premiums & other revenues 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 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 (footnote: Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) 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 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 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 by 0.3 point 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 (Individual Life) and Japan (Protection with Unit-Linked product) ^{p. 4}
  • Unit-Linked: EUR +0.7bn, primarily in France ^{p. 4}
  • G/A Savings: EUR -0.8bn, reflecting inflows in capital-light G/A savings (EUR +0.7bn) more than offset by outflows in traditional G/A Savings (EUR -1.5bn) ^{p. 4}
  • Health: EUR +1.0bn, mostly from Germany, France, and Japan ^{p. 4}

Ratings

Insurer Financial Strength and Credit Ratings by Agency ^{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%.

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 (footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.) (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 (excluding the 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 (the 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}
  • 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

End of Period and Average Exchange Rates for Major Currencies ^{p. 6}

For 1 Euro	End of Period Exchange rate	End of Period Exchange rate	Average Exchange rate	Average Exchange rate
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

• 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 is estimated primarily 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 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, at its discretion, and submitted to AXA's 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 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 Group's current strategic plan ^{p. 7}
• This statement is qualified by cautionary statements in the press release regarding forward-looking statements ^{p. 7}
• Price effect is calculated as a percentage of total gross written premiums of the prior year ^{p. 7}
• Restricted Tier 1 is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's ^{p. 7}
• Tier 2 is rated 'A' by Standard & Poor's and 'A1 (hyb)' by Moody's ^{p. 7}
• All comments and changes are on a comparable basis for activity indicators (constant forex, scope, and methodology) ^{p. 7}
• Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year ^{p. 7}
• Financial figures and information in this press release have not been audited or subjected to any 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
• GWP: Gross Written Premiums
• IFRS: International Financial Reporting Standards
• II: Solvency II
• LFL: Like-for-Like
• NB CSM: New Business Contractual Service Margin
• NBV: New Business Value
• OTC QX: OTC QX platform
• PVEP: Present Value of Expected Premiums
• SFCR: Solvency and Financial Condition Report
• SME: Small and Medium-sized Enterprises
• SRI: Socially Responsible Investing
• UEPS: Underlying Earnings Per Share
• UN: United Nations
• UNEP FI: UN Environment Programme's Finance Initiative

About the AXA Group

• AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries ^{p. 8}.
• In 2025, AXA's revenues were Euro 115.5bn and underlying earnings were Euro 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}.
• 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 in this press release, including those regarding expected underlying earnings per share ('UEPS') growth for 2026, 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, as detailed in Part 5 'Risk Factors and Risk Management' of AXA's 2025 Universal Registration Document ^{p. 8}.
• AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations ^{p. 8}.
• This press release refers to non-GAAP financial measures (Alternative Performance Measures or 'APMs') used by Management for analyzing operating trends, financial performance, and position ^{p. 8}.
• Non-GAAP financial measures like 'Underlying earnings', UEPS, 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined by ESMA's guidelines and AMF's position statement ^{p. 8}.
• Reconciliations of APMs to IFRS financial statements are provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' ^{p. 8}.
• For more information, Investor Relations can be reached at +33.1.40.75.48.42 or investor.relations@axa.com ^{p. 8}.
• Individual Shareholder Relations can be reached at +33.1.40.75.48.43 ^{p. 8}.
• Media Relations can be reached at +33.1.40.75.46.74 or via 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}.

Gross Written Premiums by Geography and Business Line ^{p. 9}

in EUR m	GWP 1Q25 Published	GWP 1Q25 Adjusted	GWP 1Q26	GWP Change vs. 1Q25 Adjusted	GWP Change LFL	o/w P&C 1Q26	o/w P&C Change LFL	o/w L&H 1Q26	o/w L&H 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 Euro 26m in 1Q26 and Euro 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 Euro 198m (Euro 68m in P&C, Euro 130m in Life & Health) ^{p. 9}.
  • CLP premiums in 1Q26 were Euro 201m (Euro 68m in P&C, Euro 132m in Life & Health) ^{p. 9}.
• International protection and health premiums previously reported in AXA France are now reported under AXA Health International, part of Europe ^{p. 9}.
  • These premiums were Euro 319m in 1Q25 (Euro 104m in Life, Euro 215m in Health) ^{p. 9}.
  • These premiums were Euro 336m in 1Q26 (Euro 103m in Life, Euro 233m in Health) ^{p. 9}.

Property & Casualty Premiums by Commercial, Personal, and Reinsurance Lines ^{p. 10}

	Commercial lines		Personal lines					AXA XL Reinsurance		Total P&C
in EUR m	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 calculated on a comparable basis (constant forex, scope, and methodology) ^{p. 10}.

Currency Exchange Rates (FY25 and 1Q26) ^{p. 10}

—	FY25	1Q26
EUR	2.6%	2.7%
USD	4.2%	4.0%
JPY	1.0%	1.6%
GBP	4.3%	4.2%
CHF	0.2%	0.2%
HKD	3.2%	2.8%

Property & Casualty Price Effect by Country and Business Line ^{p. 11}

P&C: Price effect by country and business line
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%

• This section refers to appendices for Property & Casualty and Life & Health revenue contribution and growth by business line ^{p. 12}.

Life & Health Gross Written Premiums by Product Type and Geography ^{p. 12}

GWP	Total		o/w Protection		o/w G/A Savings		o/w Unit-Linked		o/w Health
in EUR m	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}.

1Q25 Updated Figures for Life & Health by Geography ^{p. 13}

1Q25 Updated figures
									Total
in 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 (%)
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%

1H25 Updated Figures for Life & Health by Geography ^{p. 13}

1H25 Updated figures
									Total
in 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 (%)
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%

9M25 Updated Figures for Life & Health by Geography ^{p. 13}

9M25 Updated figures
	Life								Total
in 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 (%)
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: 1Q25 Updated NB CSM to NBV Reconciliation ^{p. 13}

1H25 Updated NB CSM to NBV Reconciliation ^{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
NB CSM (pre-tax)	460	141	601
Other NBV(pre-tax)	133	82	215
Tax	-141	-53	-194
Total NBV	452	170	623

9M25 Updated NB CSM to NBV Reconciliation ^{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
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
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}.

1Q26 Life and Health New Business Metrics by Geography ^{p. 14}

	Life New Business Metrics 1Q26								Health New Business Metrics 1Q26							Total New Business Metrics 1Q26
in EUR m	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
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

NB CSM to NBV Reconciliation ^{p. 14}

NB CSM to NBV	NB CSM to NBV	NB CSM to NBV	NB CSM to NBV
NB CSM (pre-tax)	466	135	601
Other NBV(pre-tax)	125	73	198
Tax	-142	-48	-190
NBV	450	160	609

• This section includes Health business predominantly written in Life entities ^{p. 14}.
• Changes are calculated on a comparable basis (constant forex, scope, and methodology) ^{p. 14}.

Net flows by business line

1Q25 and 1Q26 Net Flows by Life & Health Business Line ^{p. 15}

in Euro 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 written predominantly in Life entities is included ^{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 with no discretionary participation features ('DPF') are included ^{p. 15}.
• A share repurchase agreement for up to Euro 1.25bn was announced 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 strategy for key markets on September 21, 2026 ^{p. 16}.
    • 9M26 Activity Indicators on October 29, 2026 ^{p. 16}.