This article summarizes AXA's 1Q 2026 activity indicators press release, published on May 5, 2026.
| Document info |
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| Organization | AXA |
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| Year | 2026 |
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| Period | 1Q |
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| Period label | 1Q26 |
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| Document type | Press release |
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| Publication date | 2026-05-05 |
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| Market timing | Pre-market |
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| Language | English |
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| Pages | 16 |
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| Source | Original URL |
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| Archive | .md file |
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1Q26 highlights
- Gross written premiums & other revenues (1) were up +6% vs. 1Q25 to EUR 38.0bn p. 1.
- Property & Casualty premiums were up +4% to EUR 21.5bn p. 1.
- Retail premiums were up +7%, with +4% from 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 were EUR +2.7bn p. 1.
- Solvency II ratio (2) was 211% as of March 31, 2026, 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 (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. 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 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 key financial figures for 1Q25 and 1Q26. p. 2
| Key figures (EUR billion, 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.
|
AXA's Solvency II ratio for FY25, January 2026, and 1Q26. p. 2
| Key figures (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%, from both 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) (down -10 points vs. December 31, 2025) p. 2.
- The Solvency II ratio was down -4 points vs. January 1, 2026, reflecting: 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, unless otherwise noted)
|
1Q25
|
1Q26
|
Change LFL
|
1Q26 Price effect 6 (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 remains stable vs. 1Q25 p. 3.
- France (+6%), from both favorable price effect and higher volumes p. 3.
- Asia, Africa & EME-LATAM (+10%), mainly driven by higher average premiums in Türkiye p. 3.
- AXA XL Reinsurance decreased by 7% to EUR 1.2bn, reflecting lower volumes consistent with 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 (9) budget of approximately 4.5 points of combined ratio (10) is maintained p. 3.
Life & Health
Life & Health key figures for 1Q25 and 1Q26. p. 4
| Key figures (EUR billion, 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
|
| 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.
- All year-on-year changes are on a comparable basis vs. the updated 1Q25 figures 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 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 for AXA. 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'): 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: 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) p. 5.
- New business contractual service margin ('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 p. 5.
- New business value ('NBV'): the value of newly issued contracts during the current year, consisting 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 p. 5.
- New business value margin ('NBV Margin'): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP p. 5.
- Present value of expected premiums ('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 is Group share p. 5.
- AM: A.M. 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
- EUR: Euro
- GAAP: Generally Accepted Accounting Principles
- GBP: Pound Sterling
- HKD: Hong Kong Dollar
- IFRS: International Financial Reporting Standards
- JPY: Japanese Yen
- 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
- USD: United States Dollar
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 (13) (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 includes: 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 (fully consolidated); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (the bancassurance entity) (consolidated under the equity method, contributing 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) (fully consolidated) p. 6.
- EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated); Russia (Reso) (insurance activities) (consolidated under the equity method, contributing only 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 the 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
End of period and average exchange rates for various currencies. p. 6
| —
|
End of Period 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
|
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 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 further information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on axa.com p. 7.
- 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 Group's current strategic plan, qualified by cautionary statements in this press release 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.
- General account (7) p. 7.
- Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, when 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, or alternative performance measure ('APM') 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 on November 28, 2025 (13) 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 calculation are updated semi-annually at half year and full year p. 7.
- Financial figures and information in this press release have not been audited or subject to limited review by AXA's statutory auditors p. 7.
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 main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD p. 8.
- It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment p. 8.
- This press release and regulated information are available on the AXA Group website (axa.com) p. 8.
- Certain statements in this press release are forward-looking, including those regarding expected underlying earnings per share ('UEPS') growth for 2026 p. 8.
- These forward-looking statements are based on Management's current views and intentions and are subject to change, known and unknown risks, and uncertainties outside AXA's control p. 8.
- Undue reliance should not be placed on forward-looking statements, which speak only at the date of this press release p. 8.
- Refer to Part 5 'Risk Factors and Risk Management' of AXA's Universal Registration Document for the year ended December 31, 2025, for important factors, risks, and uncertainties 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, or alternative performance measures ('APMs'), used by Management for analyzing operating trends, financial performance, and position p. 8.
- These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies p. 8.
- None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS p. 8.
- 'Underlying earnings', UEPS ('underlying earnings per share'), 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement p. 8.
- AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology) in the 2025 Universal Registration Document, on the pages indicated in Section 2.3.3 'Alternative Performance Measures' p. 8.
- For further information on non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document p. 8.
- For Investor Relations, contact +33.1.40.75.48.42 or investor.relations@axa.com p. 8.
- For Individual Shareholder Relations, contact +33.1.40.75.48.43 p. 8.
- For Media Relations, contact +33.1.40.75.46.74 or ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com p. 8.
- For Corporate Responsibility strategy, visit axa.com/en/about-us/strategy-commitments p. 8.
- For SRI ratings, visit axa.com/en/investor/sri-ratings-ethical-indexes p. 8.
Appendix 1: Earnings
Caption: No information available to generate a caption. p. 9
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- 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 were EUR 319m in 1Q25, with EUR 104m in Life and EUR 215m in Health p. 9.
- These premiums were EUR 336m in 1Q26, with EUR 103m in Life and EUR 233m in Health p. 9.
P&C gross written premiums and other revenues by business line and region. p. 10
|
|
Commercial lines
|
Personal lines
|
AXA XL Reinsurance
|
Total P&C
|
|
| in Euro million
|
Total Commercial
|
Change LFL
|
Personal Motor
|
Change LFL
|
Personal Non-Motor
|
Change LFL
|
Total Personal
|
Change LFL
|
Total Reinsurance
|
Change LFL
|
1Q26
|
Change LFL
|
| 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.
- Interest Rates (5Y) are used for the Discounting of P&C Claims Reserves p. 10.
Exchange rates for various currencies in 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%
|
P&C 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 region. p. 12
| Gross written premiums & other revenues
|
Total i
|
o/w Protection
|
o/w G/A Savings
|
o/w Unit-Linked
|
o/w Health
|
| in Euro million
|
1Q26
|
Change LFL
|
1Q26
|
Change LFL
|
1Q26
|
Change LFL
|
1Q26
|
Change LFL
|
1Q26
|
Change LFL
|
| 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 region. p. 13
|
|
Life
|
Healthⁱ
|
Totalⁱ
|
| 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 (%)
|
| Franceⁱⁱ,ⁱⁱⁱ
|
3,026
|
94
|
103
|
3.4%
|
1,565
|
—
|
44
|
2.8%
|
4,591
|
94
|
147
|
3.2%
|
| Europeⁱⁱⁱ
|
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%
|
| Transversalⁱⁱ
|
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 region. p. 13
|
|
Life
|
Healthⁱ
|
Totalⁱ
|
| 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%
|
9M25 updated figures for Life & Health by region. p. 13
| EUR million
|
Life
|
Healthⁱ
|
Totalⁱ
|
| —
|
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 (%)
|
| Franceⁱⁱ,ⁱⁱⁱ
|
9,911
|
277
|
344
|
3.5%
|
4,788
|
—
|
116
|
2.4%
|
14,698
|
277
|
459
|
3.1%
|
| Europeⁱⁱⁱ
|
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%
|
| Transversalⁱⁱ
|
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%
|
- The document is marked GIE_AXA_Internal p. 13.
- The document is marked GIE_AXA_Secret p. 13.
NB CSM to NBV for Life and Health. p. 13
| EUR million
|
Life
|
Healthⁱ
|
Totalⁱ
|
| NB CSM (pre-tax)
|
460
|
141
|
601
|
| Other NBV (pre-tax)
|
133
|
82
|
215
|
| Tax
|
-141
|
-53
|
-194
|
| Total NBV
|
452
|
170
|
623
|
NB CSM to NBV for Life and Health. p. 13
| EUR million
|
Life
|
Healthⁱ
|
Totalⁱ
|
| 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 for Life and Health. p. 13
| EUR 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 is marked GIE_AXA_Internal p. 14.
- The document is marked GIE_AXA_Secret p. 14.
Life and Health new business metrics for 1Q26 by region. p. 14
|
|
Life New Business Metrics 1Q26
|
Health i New Business Metrics 1Q26
|
Total i New Business Metrics 1Q26
|
| in Euro million
|
PVEP
|
Change ii
|
NB CSM (pre-tax)
|
Change ii
|
NBV (post-tax)
|
Change ii
|
NBV margin (%)
|
Change ii
|
PVEP
|
Change ii
|
NB CSM (pre-tax)
|
Change ii
|
NBV (post-tax)
|
Change ii
|
NBV margin (%)
|
Change ii
|
PVEP
|
Change ii
|
NB CSM (pre-tax)
|
Change ii
|
NBV (post-tax)
|
Change ii
|
NBV margin (%)
|
Change ii
|
| 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 for Life and Health. p. 14
| EUR 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
|
- Health business written predominantly in Life entities is included p. 14.
- Changes are presented on a comparable basis (constant forex, scope, and methodology) p. 14.
- APPENDIX 9: OTHER APPENDIX 7: LIFE & HEALTH -NET FLOWS p. 15.
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 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 announced execution of a share repurchase agreement for AXA's share buyback program of up to EUR 1.25bn (February 27, 2026) p. 16.
- Next main investor events are:
- 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.