AXA/2026/1Q/Activity indicators press release

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

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

1Q26 highlights

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 +EUR 2.7bn ^{p. 1}
Solvency II ratio at 211% as of March 31, 2026, -4 points vs. January 1, 2026 (post-grandfathering period), reflecting resilience in a volatile environment ^{p. 1}

Outlook

AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range (footnote: Expected underlying earnings per share (“UEPS”) growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group’s current strategic plan and is qualified by the cautionary statements in this press release regarding forward-looking statements. 5 “Commercial lines” refers to P&C Commercial lines excluding AXA XL Reinsurance.) ^{p. 1}
AXA will present its new strategic plan for 2027-2029 on September 15, 2026 ^{p. 1}

"AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy," said Alban de Mailly Nesle, Chief Financial Officer of AXA . "This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year's strong momentum." ^{p. 1}

"In the context of a volatile macro environment, we operate from a position of strength, supported by a robust balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident in our ability to deliver underlying earnings per share growth for 2026 at the top end of our target range and to sustain growth beyond the current plan." ^{p. 1}

"I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA ." ^{p. 1}

Press release issued from Paris, May 5, 2026 (5:45pm CET) ^{p. 1}
1Q26 Activity indicators show sustained revenue momentum ^{p. 1}

1Q26 key highlights

Key figures for gross written premiums and other revenues. ^{p. 2}
Key figures (EUR billion)	1Q25	1Q26	Change	Change LFL
Gross written premiums and other revenues (footnote: 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. These and other terms are defined in the glossary section of this press release.)	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. ^{p. 2}
Key figures (EUR billion)	FY25	January 1, 2026	1Q26	Change vs. January 1, 2026
Solvency II ratio (%) (footnote: The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. 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 Euro 2.32 per share to be paid in 2026 for FY25 and annual share buyback of Euro 1.25 billion announced on February 26, 2026. 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. Dividends and share buybacks are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2025 Universal Registration Document and then submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend and share buyback amounts, if any, for the 2026 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA’s website (www.axa.com).)	224%	215%	211%	-4pts

Activity indicators

Property & Casualty +4%, driven by: ^{p. 2}
- Personal lines +7%, from higher volumes and favorable price effect (footnote: Price effect is calculated as a percentage of total gross written premiums of the prior year.) ^{p. 2}
- Commercial lines +3%, from higher volumes (notably at AXA XL Insurance) and favorable price effect (mainly in SME & Mid-market business in Europe and France) ^{p. 2}
- AXA XL Reinsurance -7%, reflecting discipline in softening market conditions ^{p. 2}
Life & Health +8%, driven by: ^{p. 2}
- Life premiums +8%, from strong sales in Unit-Linked (+16%), 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%, from favorable price effects across all geographies ^{p. 2}
Solvency II ratio (footnote: The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. 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 Euro 2.32 per share to be paid in 2026 for FY25 and annual share buyback of Euro 1.25 billion announced on February 26, 2026. 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. Dividends and share buybacks are proposed by the Board, at its discretion based on a variety of factors described in AXA’s 2025 Universal Registration Document and then submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend and share buyback amounts, if any, for the 2026 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA’s website (www.axa.com).) was 211% as of March 31, 2026 ^{p. 2}
Solvency II ratio was 215% on January 1, 2026, 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 -4 points vs. January 1, 2026, reflecting: ^{p. 2}
- Strong operating return (+7 points) ^{p. 2}
- 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

Gross written premiums and other revenues for property & casualty. ^{p. 3}
Key figures (EUR billion)	1Q25	1Q26	Change LFL	1Q26 Price effect 6 (in %) (footnote: Price effect is calculated as a percentage of total gross written premiums of the prior year.)
Gross written premiums and other revenues (footnote: 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. These and other terms are defined in the glossary section of this press release.)	21.0	21.5	+4%	+1.9%
o/w Commercial lines 5	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%

Personal lines +7% to EUR 7.0bn, driven by: ^{p. 3}
- Europe +7%, from favorable price effects (except UK & Ireland) and higher volumes ^{p. 3}
- France +8%, with strong volume growth (direct business and proprietary agent networks) and favorable price effect ^{p. 3}
- Asia, Africa & EME LATAM +7%, mainly from higher average premiums in Türkiye and higher volumes in Mexico ^{p. 3}
Commercial lines +3% to EUR 13.2bn, mainly from: ^{p. 3}
- AXA XL Insurance +2%, from growth in Property and Specialty (attractive margins), partly offset by lower volumes in Casualty; pricing stable vs. 1Q25 ^{p. 3}
- France +6%, from favorable price effect and higher volumes ^{p. 3}
- Asia, Africa & EME-LATAM +10%, mainly from higher average premiums in Türkiye ^{p. 3}
AXA XL Reinsurance -7% to EUR 1.2bn, reflecting lower volumes consistent with focus on profitability in a softer market, with pricing -4% ^{p. 3}
Group natural catastrophe (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) experience in 1Q26 was slightly below the prorated annual budget ^{p. 3}
Annual natural catastrophe budget of ca. 4.5 points of combined ratio (footnote: Combined ratio is a non-GAAP 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 non-GAAP financial measures” in this press release for important information about APMs used by AXA.) is maintained ^{p. 3}

Life & Health

Gross written premiums and other revenues for life & health. ^{p. 4}
Key figures (EUR billion)	1Q25	1Q25 Updated (footnote: For the sake of comparability, please note that 1Q25 PVEP, NB CSM, NBV and NBV margin have all been updated based on FY25 financial and actuarial assumptions, to reflect their contribution to FY25 PVEP, NB CSM, NBV and NBV margin. All year- on-year changes are given on a comparable basis versus the updated 1Q25 figures. (See Appendix 5).)	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%
PVNBP	13.7	13.0	13.8	+8%
New business CSM (pre-tax)	0.6	0.6	0.6	+4%
New business value (post-tax)	0.7	0.6	0.6	+1%
New business value margin	4.9%	4.8%	4.4%	-0.3pt
Net flows	+2.5	—	+2.7	—

1Q25 PVEP (footnote: Change in gross written premiums & other revenues, new business value (“NBV”), present value of expected premiums (“PVEP”) and new business value margin (footnote: 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. These and other terms are defined in the glossary section of this press release.) (“NBV Margin”) is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms are defined in the glossary section of this press release.), NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability ^{p. 4}
Life premiums +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 +8% to EUR 5.9bn, driven by favorable price effects across all geographies ^{p. 4}
PVEP +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) (footnote: 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. These and other terms are defined in the glossary section of this press release.) +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) (footnote: 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. These and other terms are defined in the glossary section of this press release.) +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 -0.3 points to 4.4% ^{p. 4}
Net flows (footnote: 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. These and other terms are defined in the glossary section of this press release.) +EUR 2.7bn (prior: +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 AXA's credit ratings. ^{p. 5}
—	—	Insurer financial strength ratings			AXA's credit ratings (footnote: Restricted Tier 1: “A-” by Standard & Poor’s and “A3(hyb)” by Moody’s. Tier 2: “A” by Standard & Poor’s and “A1(hyb)” by Moody’s.)
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

Contractual service margin ('CSM') is a component of the carrying amount for a group of insurance contracts, representing unearned profit to be recognized as services are provided ^{p. 5}
Gross written premiums and other revenues include insurance premiums, pure investment contract premiums, fees, and revenues (net of commissions on assumed reinsurance), plus premiums and fees from non-insurance activities (banking, services, asset management) ^{p. 5}
New business contractual service margin ('NB CSM') is a component of the carrying amount for newly issued insurance contracts, representing unearned profit to be recognized as services are provided ^{p. 5}
New business value ('NBV') is the value of newly issued contracts during the current year, comprising NB CSM, present value of future profits of Short-Term Business contracts (considering renewals), present value of future profits of IFRS 9 pure investment contracts, net of reinsurance cost, taxes, and minority interests ^{p. 5}
New business value margin ('NBV Margin') is the ratio of NBV to PVEP ^{p. 5}
Present value of expected premiums ('PVEP') is the new business volume, equal to the present value of total premiums expected over the policy term, 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
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
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
PVNBP: Present Value of New Business Premiums
SFCR: Solvency and Financial Condition Report
SME: Small and Medium-sized Enterprises
SRI: Socially Responsible Investing
UEPS: Underlying Earnings Per Share
UK: United Kingdom
UN: United Nations
UNEP FI: United Nations Environment Programme's Finance Initiative

Scope

France includes insurance activities, banking activities, and holding ^{p. 6}
Europe includes Switzerland, Germany, Belgium, Luxembourg, UK & Ireland, Spain, Italy, Prima (acquired Nov 28, 2025), AXA Health International, and AXA Life Europe (all insurance activities and/or holding) ^{p. 6}
AXA XL includes insurance and reinsurance activities and holding ^{p. 6}
Asia, Africa & EME-LATAM includes: ^{p. 6}
- Asia: Japan, Hong Kong, Thailand P&C, Indonesia L&S (excl. bancassurance), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S (bancassurance) (equity method, contributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 6}
- Africa: Egypt, Morocco, Nigeria (fully consolidated) ^{p. 6}
- EME-LATAM: Mexico, Colombia, Brazil, Türkiye (fully consolidated); Russia (Reso) (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 internal reinsurance), 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 1 euro. ^{p. 6}
For 1 Euro	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

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}
Solvency II ratio is estimated using AXA's internal model calibrated based on an adverse 1/200 years shock ^{p. 7}
Solvency II ratio estimate 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 Feb 26, 2026) ^{p. 7}
Annual share buybacks exclude anti-dilutive buybacks related to disposals/in-force management and buybacks to offset dilutive effects from employee share offerings/stock-based compensation ^{p. 7}
Dividends and share buybacks are proposed by the Board and submitted to shareholders for approval ^{p. 7}
Solvency II ratio estimate is not an indication of actual dividend and share buyback amounts for FY26 ^{p. 7}
Further information on AXA's internal model and Solvency II disclosures is available in AXA Group's SFCR as of December 31, 2024, on www.axa.com ^{p. 7}
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}
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, after which they ceased to qualify as capital under Solvency II ^{p. 7}
Combined ratio is a non-GAAP financial measure (APM) ^{p. 7}
Restricted Tier 1 is rated 'A' by S&P and 'A3 (hyb)' by Moody's ^{p. 7}
Tier 2 is rated 'A' by S&P and 'A1 (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 are on a comparable basis for activity indicators (constant forex, scope, and methodology) ^{p. 7}
Actuarial and financial assumptions for NBV and PVEP are updated semi-annually (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

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}
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 main international SRI indexes (Dow Jones Sustainability Index, FTSE4GOOD) ^{p. 8}
AXA is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment ^{p. 8}
This press release and regulated information are available on the AXA Group website (axa.com) ^{p. 8}
Forward-looking statements are subject to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially ^{p. 8}
AXA specifically disclaims any obligation to publicly update or revise forward-looking statements, except as required by law ^{p. 8}
This press release refers to non-GAAP financial measures (APMs) used by Management for analyzing operating trends, financial performance, and position ^{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 position statement ^{p. 8}
Reconciliation of APMs is provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' ^{p. 8}

Appendix 1: Earnings

Gross written premiums & other revenues by geography and business line. ^{p. 9}
—	1Q25 Published	1Q25 Adjusted (footnote: • Portfolio of lifestyle and income protection (CLP) premiums reallocated from France to Transversal (Euro 198 million premiums in 1Q25 o/w Euro 68 million in P&C and Euro 130 million in Life & Health, Euro 201 million premiums in 1Q26 o/w Euro 68 million in P&C and Euro 132 million in Life & Health). • International protection and health premiums previously recorded in AXA France (Euro 319 million in 1Q25 o/w Euro 104 million in Life and Euro 215 million in Health, Euro 336 million in 1Q26 o/w Euro 103 million in Life and Euro 233 million in Health) are now reported under new carrier AXA Health International that is part of Europe.)	1Q26	Change vs. 1Q25 Adjusted	Change LFL	1Q26	Change LFL	1Q26	Change LFL
France (footnote: • Including Banking revenues amounting to Euro 26 million in 1Q26 and Euro 25 million in 1Q25. • Portfolio of lifestyle and income protection (CLP) premiums reallocated from France to Transversal (Euro 198 million premiums in 1Q25 o/w Euro 68 million in P&C and Euro 130 million in Life & Health, Euro 201 million premiums in 1Q26 o/w Euro 68 million in P&C and Euro 132 million in Life & Health). • International protection and health premiums previously recorded in AXA France (Euro 319 million in 1Q25 o/w Euro 104 million in Life and Euro 215 million in Health, Euro 336 million in 1Q26 o/w Euro 103 million in Life and Euro 233 million in Health) are now reported under new carrier AXA Health International that is part of Europe.)	8,440	7,923	8,393	+6%	+5%	3,355	+6%	5,012	+4%
Europe (footnote: International protection and health premiums previously recorded in AXA France (Euro 319 million in 1Q25 o/w Euro 104 million in Life and Euro 215 million in Health, Euro 336 million in 1Q26 o/w Euro 103 million in Life and Euro 233 million in Health) are now reported under new carrier AXA Health International that is part of 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 (footnote: Portfolio of lifestyle and income protection (CLP) premiums reallocated from France to Transversal (Euro 198 million premiums in 1Q25 o/w Euro 68 million in P&C and Euro 130 million in Life & Health, Euro 201 million premiums in 1Q26 o/w Euro 68 million in P&C and Euro 132 million in Life & Health).)	525	723	764	+6%	+6%	601	+8%	163	-2%
AXA Investment Managers	443	443	-	n.m.	n.m.	—	—	—	—
Total (footnote: Including Banking revenues amounting to Euro 26 million in 1Q26 and Euro 25 million in 1Q25.)	36,967	36,967	37,953	+3%	+6%	21,462	+4%	16,464	+8%

Banking revenues: EUR 26m in 1Q26 (prior: EUR 25m in 1Q25) ^{p. 9}
- 1Q25 CLP premiums: EUR 198m (EUR 68m P&C, EUR 130m Life & Health) ^{p. 9}
- 1Q26 CLP premiums: EUR 201m (EUR 68m P&C, EUR 132m Life & Health) ^{p. 9}
- 1Q25 International premiums: EUR 319m (EUR 104m Life, EUR 215m Health) ^{p. 9}
- 1Q26 International premiums: EUR 336m (EUR 103m Life, EUR 233m Health) ^{p. 9}

International premiums by business line. ^{p. 10}
EUR million	Commercial lines		Personal lines					AXA XL Reinsurance		Total P&C
—	Total Commercial	Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)	Personal Motor	Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)	Personal Non-Motor	Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)	Total Personal	Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)	Total Reinsurance	Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)	1Q26	Change (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)
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%

Interest rates (5Y) for the discounting of P&C claims reserves

Interest rates (5Y) for the discounting of P&C claims reserves. ^{p. 10}
—	FY25 (footnote: Changes are at comparable basis (constant forex, scope, and methodology).)	1Q26 (footnote: Average of monthly opening discount rates in 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%

P&C price effect by country and business line. ^{p. 11}
P&C: Price effect i by country and business line (footnote: Price effect calculated as a percentage of total gross written premiums in the prior year.)
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 (footnote: Price decrease on renewals at -0.2% in Insurance and -3.1% in Reinsurance. Price decrease on renewals calculated as a percentage of renewed premiums Page 11 GIE_AXA_Internal GIE_AXA_Secret.)	-0.2%	—	-3.9%
Asia, Africa & EME-LATAM	+0.4%	+5.6%	—
Total	+1.5%	+4.0%	-3.9%

Life & health gross written premiums & other revenues and growth by business line. ^{p. 12}
Gross written premiums & other revenues	Total (footnote: Including Euro 4,431 million gross written premiums in Employee Benefits (+5% vs. 1Q25). Employee Benefits include Group Protection and Group Health contracts.)		o/w Protection		o/w G/A Savings (footnote: General account.)		o/w Unit-Linked		o/w Health
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 (footnote: Short-term business refers to insurance activities measured using the Premium Allocation Approach (“PAA”). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period.)	5,436	+6%	1,183	+1%	—	—	—	—	4,253	+7%

PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions ^{p. 13}

Updated PVEP, NB CSM, NBV, and NBV margin for 1Q25. ^{p. 13}
EUR million	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
France (footnote: • Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal. • International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.)	3,026	94	103	3.4%	1,565	—	44	2.8%	4,591	94	147	3.2%
Europe (footnote: International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of 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 (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to 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%

Updated PVEP, NB CSM, NBV, and NBV margin for 1H25. ^{p. 13}
EUR million	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
France (footnote: • Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal. • International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.)	6,969	204	245	3.5%	3,261	—	82	2.5%	10,229	204	327	3.2%
Europe (footnote: International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of 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 (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.)	153	12	8	5.2%	—	—	—	—	153	12	8	5.2%
Total	18,934	934	904	4.8%	6,490	223	278	4.3%	25,424	1,156	1,182	4.6%

Updated PVEP, NB CSM, NBV, and NBV margin for 9M25. ^{p. 13}
EUR million	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)	PVEP	NB CSM (pre-tax)	NBV (post-tax)	NBV margin (%)
Franceii, (footnote: International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.)	9,911	277	344	3.5%	4,788	—	116	2.4%	14,698	277	459	3.1%
Europe (footnote: International protection and health Portfolio previously recorded in AXA France is now reported under new carrier AXA Health International that is part of Europe.)	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 (footnote: Portfolio of lifestyle and income protection (CLP) of AXA France reallocated to Transversal.)	230	18	12	5.2%	—	—	—	—	230	18	12	5.2%
Total	27,448	1,345	1,312	4.8%	9,505	313	387	4.1%	36,953	1,659	1,698	4.6%

Updated NB CSM to NBV for 1Q25. ^{p. 13}
EUR million	NB CSM (pre-tax)	NBV (pre-tax)	Total (footnote: Includes Health business written predominantly in Life entities.)
NB CSM (pre-tax)	460	141	601
Other NBV (pre-tax)	133	82	215
Tax	-141	-53	-194
Total NBV	452	170	623

Updated NB CSM to NBV for 1H25. ^{p. 13}
EUR million	NB CSM (pre-tax)	NBV (pre-tax)	Total (footnote: Includes Health business written predominantly in Life entities.)
NB CSM (pre-tax)	934	223	1,156
Other NBV (pre-tax)	258	144	402
Tax	-288	-89	-377
Total NBV	904	278	1,182

Updated NB CSM to NBV for 9M25. ^{p. 13}
EUR million	NB CSM (pre-tax)	NBV (pre-tax)	Total (footnote: Includes Health business written predominantly in Life entities.)
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

Change vs. 1Q25 figures are updated based on FY25 financial and actuarial assumptions ^{p. 14}

Life and health new business metrics for 1Q26. ^{p. 14}
EUR million	Life New Business Metrics 1Q26								Healthⁱ New Business Metrics 1Q26								Totalⁱ New Business Metrics 1Q26 (footnote: Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.)
—	PVEP	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NB CSM (pre-tax)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NBV (post-tax)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NBV margin (%)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	PVEP	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NB CSM (pre-tax)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NBV (post-tax)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NBV margin (%)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	PVEP	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NB CSM (pre-tax)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NBV (post-tax)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)	NBV margin (%)	Change (footnote: Changes are at comparable basis (constant forex, scope and methodology).)
Franceⁱⁱⁱ,ⁱᵛ	3,348	+11%	96	+2%	112	+8%	3.3%	-0.1 pt	1,815	+16%	—	—	46	+5%	2.5%	-0.3 pt	5,162	+12%	96	+2%	158	+7%	3.1%	-0.1 pt
Europeⁱᵛ	3,287	+8%	187	-1%	156	-5%	4.8%	-0.7 pt	1,707	+4%	89	+17%	77	+15%	4.5%	+0.4 pt	4,994	+7%	275	+4%	233	0%	4.7%	-0.3 pt
Asia, Africa & EME-LATAM	3,129	+11%	178	+13%	178	+7%	5.7%	-0.2 pt	407	-26%	46	-22%	37	-32%	9.1%	-0.8 pt	3,536	+5%	224	+4%	215	-2%	6.1%	-0.5 pt
Transversalⁱⁱⁱ	67	+7%	5	+7%	3	+7%	5.2%	0.0 pt	—	—	—	—	—	—	—	—	67	+7%	5	+7%	3	+7%	5.2%	0.0 pt
Total	9,831	+10%	466	+5%	450	+3%	4.6%	-0.3 pt	3,929	+4%	135	-1%	160	-4%	4.1%	-0.4 pt	13,760	+8%	601	+4%	609	+1%	4.4%	-0.3 pt

NB CSM to NBV. ^{p. 14}
EUR million	NB CSM (pre-tax)	NBV (pre-tax)	Total (footnote: Includes Health business written predominantly in Life entities.)
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}

Net flows by business line

Net flows by business line. ^{p. 15}
EUR billion	1Q25	1Q26
Health (footnote: Includes Health business written predominantly in Life entities.)	+0.8	+1.0
Protection	+1.8	+1.8
G/A Savings	-0.7	-0.8
o/w capital light (footnote: Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%.)	+0.6	+0.7
o/w traditional G/A	-1.3	-1.5
Unit-Linked (footnote: Including Investment contracts with no discretionary participation features (“DPF”).)	+0.5	+0.7
Total Life & Health i net flows (footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.)	+2.5	+2.7

Health business written predominantly in Life entities is included ^{p. 15}
Investment contracts with no discretionary participation features ('DPF') are included ^{p. 15}
Main transactions in 2026: Announced the 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: ^{p. 16}
- 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}